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Talking about growth, the discourse of the European Central Bank, 1997-2021

Author

Listed:
  • Eric Dehay

    (RIME-Lab - Recherche Interdisciplinaire en Management et Économie Lab - ULR 7396 - UA - Université d'Artois - Université de Lille)

Abstract

The text proposes an analysis of the way the European Central Bank (ECB) considers the notion of economic growth or its limits and how the question of envi-ronmental risk has become an issue for it. For this purpose, an analysis of the speeches of the members of its board is carried out over the period 1997-2021. An automated statistical analysis of the corpus reveals the standard approach to growth adopted by the ECB. This is followed by a more qualitative reading of the discourse, which shows that the notions of sustainability and the climate crisis are becoming increasingly important in the rhetoric of the ECB, without leading to a radical revision of the way growth is conceived or to a questioning of its limits. In order to expand its discourse and action in the climate field, the ECB is rather pro-ceeding by superimposition, adding new ideas rather than replacing its initial paradigm. In doing so, it protects the legitimacy of its mandate and its epistemic credibility.

Suggested Citation

  • Eric Dehay, 2022. "Talking about growth, the discourse of the European Central Bank, 1997-2021," Post-Print hal-03788323, HAL.
    • Handle: RePEc:hal:journl:hal-03788323
    DOI: 10.3280/SPE2022-001004
    Note: View the original document on HAL open archive server: https://univ-artois.hal.science/hal-03788323
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    More about this item

    Keywords

    E58; textual analysis; growth; climate change; European central bank (ECB);
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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