December 9, 2023

Leaks related to the ECB’s monetary policy have been frequent and “have had a considerable impact on financial markets,” ECB research published on May 19 found.

Authors Michael Ehrmann, Phillipp Gnan and Kilian Rieder note that it is common for media reports to cite unnamed sources discussing details of ECB policy. “(Leaks) tend to run counter to the prevailing trend in short-term interest rates and can trigger significant market reactions, even if they often do not provide information about upcoming decisions,”