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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 preparation of the survey’s questions.

The survey runs eight times a year. The survey’s pilot phase began in April 2019 and is expected to last until the end of 2020. During the pilot phase, the questionnaire will be published on the ECB website. Results will be published after the pilot phase.

About the survey

The ECB Survey of Monetary Analysts (SMA) runs eight times a year. Its frequency is aligned to the six-week cycle of the Governing Council’s monetary policy meetings. 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 intentions to undertake any particular policy action in the future.

Survey respondents are selected from financial institutions participating in the ECB Market Contact Groups (i.e. the Money Market, Bond Market, and Foreign Exchange Contact Groups). Selection of survey respondents is based on the fulfilment of the following criteria: market relevance, geographic diversity, commitment to regular participation in subsequent rounds of the survey, and whether the institution is active in the field that is being surveyed.

The survey’s pilot phase began in April 2019 and has been extended until the end of 2020. The questionnaire is published on the ECB’s website at the same time that it is being distributed to the survey participants. The ECB will publish the results after the pilot phase. The selection of respondents and the questionnaire will be reviewed at the end of the pilot phase.

List of survey respondents
  • Bank of Ireland
  • Barclays
  • Bayerische Landesbank
  • BBVA
  • Belfius Bank
  • BNP Paribas
  • BPCE/Natixis
  • Caixa Geral de Depósitos
  • Caixabank
  • Citigroup
  • Commerzbank
  • Credit Agricole CIB
  • Credit Suisse
  • Deutsche Bank
  • DZ Bank
  • Erste Bank
  • Goldman Sachs
  • HSBC
  • ING
  • Intesa Sanpaolo
  • LBBW
  • Mediobanca
  • Morgan Stanley
  • Muzinich
  • Nomura
  • Nordea
  • Santander
  • Société Générale
  • State Street
  • Unicredit

Last updated 25 September 2019

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