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Anonymous Eurosystem leaks – minor nuisance or major problem?
The effects of unattributed communication about monetary policy are not well understood. They may, for instance, move markets in the run-up to policy meetings and thereby reduce policy flexibility, or more generally harm a central bank’s credibility.[ 2 ] To study their possible impact we identified and analysed 368 leaks from Eurosystem insiders from 2002 to 2021. Chart 1 shows how the number of leaks each year has evolved over time. In the second half of the sample, we observe many more leaks on average, but see a decline in 2020 and 2021. The data also reveal a change in the typical timing of leaks. In the early ... (full story)