Press Release, Update 180106

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3 Ja nua ry 2012

PRESS RELEASE

DISTRIBUTION OF RESPONSIBILITIES AMONG THE MEMBERS OF THE
EXECUTIVE BOARD OF THE ECB

The Exec utive Boa rd of the Europea n C entra l Ba nk (EC B) a greed toda y, within the fra mework of its c ollec tive responsibility, on the following distribution of responsibilities a mong its members, with immedia te effec t unless otherwise sta ted:

In a ddition to his sta tutory duties a s President of the Exec utive Boa rd, the

G overning C ounc il a nd the G enera l C ounc il, the President, Mr Mario Draghi, will

rema in responsible for C ommunic a tions; the C ounsel to the Exec utive Boa rd; the ESRB Sec reta ria t; Interna l Audit; a nd Sec reta ria t a nd La ngua ge Servic es.

In a ddition to his sta tutory duties a s deputy to the President, the Vic e-President,

Mr Vítor Constâncio, will rema in responsible for Administra tion (with the

exc eption of the New EC B Premises Projec t) a nd Fina nc ia l Sta bility. In a ddition, he will be responsible for the Oversight of Pa yment Systems.

Mr Jörg Asmussen will be responsible for Interna tiona l a nd Europea n Rela tions.

In a ddition to his role a s the EC B’s representa tive a t interna tiona l meetings, he will represent the EC B in meetings of the Euro Working G roup a nd the Ec onomic a nd Fina nc ia l C ommittee a nd, will a ttend with the President or the Vic ePresident the meetings of the Eurogroup, EC OFIN a nd the Hea ds of Sta te or G overnment a t the EU a nd euro a rea level. Moreover, he will be responsible for Lega l Servic es, the New EC B Premises Projec t a nd the Perma nent Representa tion in Wa shington, DC .

Mr Benoît Cœuré will be responsible, a s of 1 Ma rc h 2012, for Ma rket Opera tions

a nd, with immedia te effec t, for Informa tion Systems a nd Pa yments a nd Ma rket Infra struc ture.

Mr José Manuel González-Páramo will be responsible, until 29 Februa ry 2012, for

the Ma rket Opera tions a nd, with immedia te effec t, for Resea rc h, Sta tistic s a nd Ba nknotes.

Mr Peter Praet will be responsible for Ec onomic s, Huma n Resourc es, Budget a nd

Orga nisa tion a nd the TARG ET2-Sec urities Progra mme.

European Central Bank:

Direc tora te C ommunic a tions, Press a nd Informa tion Division
Ka iserstra sse 29, D-60311 Fra nkfurt a m Ma in Tel.: +49 69 1344 7455, Fa x: +49 69 1344 7404
Internet: http://www.ec b.eu r o pa .eu

Reproduction is permitted provided that the source is acknowledged.

3 January 2012

Distribution of responsibilities among the Members of the Executive Board

Mario Draghi, President

- Communications - Counsel to the Executive Board - ESRB Secretariat - Internal Audit - Secretariat and Language Services

Vítor Constâncio, Vice-President

- Administration (with the exception of the New ECB Premises Project) - Financial Stability - Oversight of Payment Systems

Jörg Asmussen

- International and European Relations - Legal Services - New ECB Premises Project - Permanent Representation in Washington, DC

Benoît Coeuré

- Information Systems

- Market Operations as of 1 March 2012

- Payments & Market Infrastructure

José Manuel González-Páramo

- Banknotes

- Market Operations until 29 February 2012

- Research - Risk Management Office - Statistics

Peter Praet

- Economics - Human Resources, Budget & Organisation - TARGET2-Securities

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18 December 2012 PRESS RELEASE DISTRIBUTION OF RESPONSIBILITIES AMONG THE MEMBERS OF THE EXECUTIVE BOARD OF THE ECB The Executive Board of the European Central Bank (ECB) agreed today, within the framework of its collective responsibility, on the following distribution of responsibilities among its members, with immediate effect: In addition to his statutory duties as President of the Executive Board, the Governing Council and the General Council, the President, Mr Mario Draghi, will remain responsible for Communications, the Counsel to the Executive Board, the ESRB Secretariat, Internal Audit, and Secretariat and Language Services1. In addition to his statutory duties as deputy to the President, the Vice-President, Mr Vítor Constâncio, will remain responsible for Administration (with the exception of the New ECB Premises Project), Financial Stability, Oversight of Payment Systems and, together with Mr Yves Mersch, the Banking Union Project. Mr Jörg Asmussen will remain responsible for International and European Relations. In addition to his role as the ECB’s representative at international meetings, he will continue to represent the ECB in meetings of the Eurogroup Working Group and the Economic and Financial Committee and will attend with the President or the Vice-President the meetings of the Eurogroup, ECOFIN and the Heads of State or Government at the EU and euro area level. He will remain responsible for Legal Services, the New ECB Premises Project and the Permanent Representation in Washington, DC. Mr Benoît Cœuré will remain responsible for Market Operations, Payments and Market Infrastructure, and Research. Mr Yves Mersch will be responsible for Banknotes, Information Systems, Risk Management, TARGET2-Securities and, together with Mr Vítor Constâncio, the Banking Union Project.
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Above, but Close to Two Percent. Evidence on the ECB’S Inflation Target Using Text Mining

Joint Discussion Paper Series in Economics by the Universities of Aachen ∙ Gießen ∙ Göttingen Kassel ∙ Marburg ∙ Siegen ISSN 1867-3678 No. 46-2020 Johannes Zahner Above, but close to two percent. Evidence on the ECB’s inflation target using text mining This paper can be downloaded from http://www.uni-marburg.de/fb02/makro/forschung/magkspapers Coordination: Bernd Hayo • Philipps-University Marburg School of Business and Economics • Universitätsstraße 24, D-35032 Marburg Tel: +49-6421-2823091, Fax: +49-6421-2823088, e-mail: [email protected] Nr. 2020/05 Above, but close to two percent. Evidence on the ECB’s inflation target using text mining Johannes Zahner MACIE, Philipps-Universität Marburg Marburg Centre for Institutional Economics • Coordination: Prof. Dr. Elisabeth Schulte c/o Research Group Institutional Economics • Barfuessertor 2 • D-35037 Marburg Phone: +49 (0) 6421-28-23196 • Fax: +49 (0) 6421-28-24858 • www.uni-marburg.de/fb02/MACIE • [email protected] Above, but close to two percent. Evidence on the ECB’s inflation target using text mining* Johannes Zahner† October 1, 2020 Abstract Due to its official mandate, the European Central Bank (ECB) is assumed to maximize an implied objective function that leads it to pursue inflation with a subordinate focus on supporting the general economic policy of the European Union. This objective is – by its very nature – difficult to quantify. My paper tries to decipher information regarding the ECB’s objective through the use of text mining on all public speeches between 2002 and 2020. The estimation of a sentiment index through a ’bag-of-words’-approach yields the following results.