Effectiveness of European Central Bank Monetary Policy Announcements

The European Central Bank is the main regulator and shaper of monetary policy in the Eurozone. It is, therefore, very interesting to examine to what extent her measures and announcements have an impact on the various economic figures. This investigation covers the period from March 2020 to December 2022. Using the event analysis methodology based on non-standard returns to study the impact of various ECB announcements on government bonds, it is found that significant market reactions occurred. These reactions are more intense for announcements of important monetary policies and less intense for publications of already available information.

Keywords: Efficiency, Monetary Policy, Central Bank, Fact Analysis.