By employing Text Mining methods such as Structural Topic Modeling to examine all 2,135 speeches by ECB Executive Board members between February 1997 and October 2019, this paper identifies and analyses a significant semantic change that occurred in ECB communication in the transition from Great...

This paper provides a chronology of the main financial events over the last 15 years, spanning three main crises. The first is the global financial crisis in 2008-09, and the second is the euro area sovereign debt crisis in 2010-12. Both events heralded significant reforms of the EU’s...