Survey of Monetary Analysts

The ECB Survey of Monetary Analysts (SMA) collects information on market participants’ expectations about the future evolution of key monetary policy parameters, financial market variables, and the economy. It is formulated by ECB staff; members of the ECB’s decision-making bodies are not involved in the formulation of the survey.

Following a pilot phase which began in April 2019, ECB staff have been carrying out the survey regularly since June 2021. The questionnaire is published on the ECB’s website at the same time as it is distributed to survey participants. The results for each round are published in aggregate form on the Monday of the week following the Governing Council meeting.

The Survey of Monetary Analysts: an introduction

About the survey

The ECB conducts the SMA eight times a year, corresponding with the monetary policy meeting cycle of the Governing Council. The survey questionnaire aims to gather regular and systematic information on market participants’ expectations about the future evolution of monetary policy instruments and initiatives that the ECB has already announced, as well as about financial markets and the economy. Questions never presume or signal an intention to undertake any particular policy action in the future.

The selection of financial institutions to participate in the survey depends on the following criteria: market relevance, geographic diversity, commitment to regular participation and whether the institution is active in the field that is being surveyed.

List of survey respondents

For further information please contact ecb-sma@ecb.europa.eu.