ECB presidents’ displays of emotion affect markets – study
Research says leaders’ facial expressions and tones of voice amplify effects of their policy statements
The facial expressions and tones of voice adopted by European Central Bank (ECB) presidents can intensify the impact of the ECB’s monetary policy decisions on the wider markets, a new study shows.
Researchers at the University of Giessen in Germany examined 100 press conferences by Christine Lagarde, the bank’s current president, and Mario Draghi, her immediate predecessor, between 2012 and 2023. Their aim was to measure the emotions reflected in the presidents’ facial and vocal expressions while
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