Last month, Isabel Schnabel, a member of the executive board at the European Central Bank, tweeted out a thread of what she considers the “most relevant” speeches given by the central bank. A number of them are speeches given by Isabel herself so be aware that opinion likely plays a sizable role in the classification of “relevent.”
We performed some basic natural language processing on the speeches in question to see what the ECB focused on. Below are the 20 most common words in this group of transcripts. Stopwords (like “the” or “with”) are not included in this count. Interestingly, “Transitory” only appears 8 times in all 24 speeches which is perhaps in-part why these were selected. Not surprsingly, inflation, price stability, markets, etc. are at the top. A bit more of a surprise is how high up “climate change” is. Some argue addressing climate change is outside the perview of monetary policy. “Pandemic” and “Covid” also rank highly.
