MNI's ECB Hawk-Dove Spectrum provides an assessment of ECB Governing Council policymakers' views on the outlook for the Eurozone central bank's monetary policy stance. This allows us to put ECB members' public comments into context and assess their potential impact on market rate pricing.

Here is the latest matrix (last updated October 22, 2025):

image

 

What Are "Hawks" And "Doves"? The terms "hawk" and "dove" are used to describe individual members of the ECB Governing Council (GC) and their attitudes about how best to calibrate policy to achieve the ECB's mandate of price stability, defined as aiming for 2% inflation over the medium term.

  • "Hawk" commonly denotes a policymaker who is more likely to favour a relatively tight stance of monetary policy in order to keep inflation and inflation expectations anchored.
  • "Dove" refers to a policymaker who is perceived as generally biased toward looser monetary policy.

"Influence" and "Hawkishness/Dovishness": MNI's ECB Hawk-Dove Spectrum attempts to categorize participants in the ECB decision-making process by the degree
to which they are relatively likely to pursue easing or tightening, both in absolute terms and relatively versus their colleagues.

  • The y-axis runs from Most Dovish (-10) to Most Hawkish (+10), where each extreme represents MNI's qualitative assessment of the degree to which the participant is
    hawkish/dovish. A score of +10 would imply that the member believes that aggressive monetary tightening is warranted, both in absolute terms and compared with
    colleagues; -10 would denote the opposite. A score of between -2 and +2 is considered relatively neutral.
  • The x-axis "influence" scale assigns a score of 0 to 10, based on the participant's role on the Governing Council and the relative importance (i.e size) of the Eurozone economy they represent. The GC consists of 26 members, including 6 on the Executive Board. There is a rotation of voting rights on the GC, but it is not utilised formally as with the Federal Reserve. Rate decisions are generally made as a consensus decision, with vote tallies amongst those policymakers with voting rights not usually recorded.
  • The President of the ECB receives a 10 on the "influence" scale, with the remainder of the Executive Board receiving between 6 and 9.

MNI ECB Hawk-Dove Spectrum

Last updated at:Oct-23 13:23By: Emil Lundh
European Central Bank+ 1

MNI's ECB Hawk-Dove Spectrum provides an assessment of ECB Governing Council policymakers' views on the outlook for the Eurozone central bank's monetary policy stance. This allows us to put ECB members' public comments into context and assess their potential impact on market rate pricing.

Here is the latest matrix (last updated October 22, 2025):

image

 

What Are "Hawks" And "Doves"? The terms "hawk" and "dove" are used to describe individual members of the ECB Governing Council (GC) and their attitudes about how best to calibrate policy to achieve the ECB's mandate of price stability, defined as aiming for 2% inflation over the medium term.

  • "Hawk" commonly denotes a policymaker who is more likely to favour a relatively tight stance of monetary policy in order to keep inflation and inflation expectations anchored.
  • "Dove" refers to a policymaker who is perceived as generally biased toward looser monetary policy.

"Influence" and "Hawkishness/Dovishness": MNI's ECB Hawk-Dove Spectrum attempts to categorize participants in the ECB decision-making process by the degree
to which they are relatively likely to pursue easing or tightening, both in absolute terms and relatively versus their colleagues.

  • The y-axis runs from Most Dovish (-10) to Most Hawkish (+10), where each extreme represents MNI's qualitative assessment of the degree to which the participant is
    hawkish/dovish. A score of +10 would imply that the member believes that aggressive monetary tightening is warranted, both in absolute terms and compared with
    colleagues; -10 would denote the opposite. A score of between -2 and +2 is considered relatively neutral.
  • The x-axis "influence" scale assigns a score of 0 to 10, based on the participant's role on the Governing Council and the relative importance (i.e size) of the Eurozone economy they represent. The GC consists of 26 members, including 6 on the Executive Board. There is a rotation of voting rights on the GC, but it is not utilised formally as with the Federal Reserve. Rate decisions are generally made as a consensus decision, with vote tallies amongst those policymakers with voting rights not usually recorded.
  • The President of the ECB receives a 10 on the "influence" scale, with the remainder of the Executive Board receiving between 6 and 9.