In this analysis, the informational content of central bank rhetoric is assessed based on the experience with the ECB since 1999. Among the ECB’s communication channels we focus on the monthly press conferences. Based on a counting of certain signal words we construct a wording indicator...

With the introduction of the Euro, a single European money market has emerged. Further wholesale financial markets are considered to be highly integrated within the European Union. However, integration in retail financial markets is less advanced. For measuring financial market integration this...