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Gabriel Glöckler

Communications

Current Position: Principal Adviser
Fields of interest: Public Economics,Other Special Topics
Email: gabriel.glockler@ecb.europa.eu

Biography

Other current responsibilities: 2020-
Member of the Executive Committee of the Research and Policy Network on central bank communications of the Centre for Economic Policy Research (CEPR); 2013-
Visiting Professor, College of Europe, Bruges, Belgium
Education: 1996-1997
M.A. European Studies, College of Europe, Bruges, Belgium; 1993-1996
M.A. (Oxon) Philosophy, Politics, and Economics, St Edmund Hall, University of Oxford, United Kingdom
Professional experience: 2016-
Senior Manager (Principal Adviser), Directorate General Communications, European Central Bank; 2013-2016
Head of Division, Directorate General Secretariat, European Central Bank, Assistant Secretary to the ECB's Executive Board and Governing Council; 2009-2013
Deputy Head of Division, EU Institutions Division, Directorate General International and European Relations, European Central Bank; 2011-2013
Member of the Economic Policy Committee of the EU; 2003-2009
Counsellor to the Vice-President, Counsel to the Executive Board, European Central Bank; 1999-2003
(Senior) Economist, European Relations Division, Directorate General International and European Relations, European Central Bank; 1997-1998
Academic Assistant, College of Europe, Bruges, Belgium
Teaching experience: 2013-
EMU and Euro Area Governance, Department of European Political and Governance Studies, College of Europe, Bruges, Belgium; 2017
Oxford University Business Economics Programme; 2003
University of of Applied Sciences of Deutsche Bundesbank

ECB publications

13 October 2022

THE ECB BLOG

A plain-speaking central bank: contradiction in terms?

English

24 August 2022

THE ECB BLOG

Can the ECB gain credibility by explaining its strategy?

English

12 January 2022

ECONOMIC BULLETIN - ARTICLE

ECB Communication with the wider public

Economic Bulletin Issue 8, 2021

English

Abstract: How central banks communicate matters. Communication has become a key instrument to make policy more effective and improve central banks’ transparency and accountability, ultimately helping to build trust among the wider public whom they serve. As part of its recent strategy review, the ECB analysed how its communication, in particular with the wider public, can be improved. This article further complements the findings of the strategy review. The article aims to provide a better understanding of the ECB’s audiences among the wider public, what matters to them, and what happens between the sending and the receiving end of ECB communication. The findings point to possible avenues to make the ECB’s monetary policy communication more effective.
JEL Code: E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies

21 September 2021

OCCASIONAL PAPER SERIES - No. 274

Clear, consistent and engaging: ECB monetary policy communication in a changing world

English

Abstract: This paper examines the importance of central bank communication in ensuring the effectiveness of monetary policy and in underpinning the credibility, accountability and legitimacy of independent central banks. It documents how communication has become a monetary policy tool in itself; one example of this being forward guidance, given its impact on inflation expectations, economic behaviour and inflation. The paper explains why and how consistent, clear and effective communication to expert and non-expert audiences is essential in an environment of an ever-increasing need by central banks to reach these audiences. Central banks must also meet the demand for more understandable information about policies and tools, while at the same time overcoming the challenge posed by the wider public’s rational inattention. Since the European Central Bank was established, the communications landscape has changed dramatically and continues to evolve. This paper outlines how better communication, including greater engagement with the wider public, could help boost people’s understanding of and trust in the Eurosystem.
JEL Code: E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies

4 July 2013

OCCASIONAL PAPER SERIES - No. 150

"Loose lips sinking markets?": the impact of political communication on sovereign bond spreads

English

Abstract: Taking a cue from the assertion that "loose lips sink markets" (Carmassi and Micossi, 2010), this paper investigates to what extent and why political communication has had an impact on the sovereign bond spreads of selected euro area countries over the German Bund. Drawing on 25,000 news media releases between January 2009 and October 2011, it empirically compares political communication across various political actors at the supranational and national levels in the euro area. It finds empirical evidence that, in the short term, certain types of political communication have a quantifiable effect on sovereign bond spreads. This effect can be positive or negative depending on the type of communication, possibly fuelling self-reinforcing feedback loops between markets and policy actions. Subsequently, this paper explores possible reasons for this observed phenomenon. It analyses the specific economic, political and institutional context in which political communication works in Europe and finds that the potential for miscommunication is structurally higher in the euro area than in other nation-based currency areas. Finally, the paper identifies avenues to make communication policy more effective and puts forward possible measures to mitigate the risks of miscommunication.
JEL Code: C22 : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models &bull Diffusion Processes
D70 : Microeconomics→Analysis of Collective Decision-Making→General
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E61 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Policy Objectives, Policy Designs and Consistency, Policy Coordination
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G14 : Financial Economics→General Financial Markets→Information and Market Efficiency, Event Studies, Insider Trading
F50 : International Economics→International Relations, National Security, and International Political Economy→General

22 September 2011

OCCASIONAL PAPER SERIES - No. 127

Beyond the economics of the euro - analysing the institutional evolution of EMU 1999-2010

English

Abstract: This Occasional Paper examines how and why the institutional framework governing EMU has evolved since the creation of the euro. Building on theories of institutionalism, the paper in particular investigates to what extent functional spillovers from the single currency into other policy domains, like macroeconomic policies or financial regulation, met with an adequate institutional response, and to what extent the existing institutional framework conditioned the response to the financial crisis. The interaction between policy requirements and institutional capabilities is examined both in
JEL Code: E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
D84 : Microeconomics→Information, Knowledge, and Uncertainty→Expectations, Speculations

External publications

2021

Jahrbuch der Europäischen Integration 2021

Währungspolitik