The German Central Bank's artificial intelligence model confirms: The European Central Bank has been in a dovish stance for over a decade.

On March 19, Jinshi Data reported that economists from the German Central Bank used their own artificial intelligence to filter about 50,000 sentences from statements and speeches of the European Central Bank’s monetary policy, and requested Meta’s multilingual large language model to analyze the hawkish stance of this Central Bank’s wording since 2011. The study found that since then, the tone of the European Central Bank has been ‘mainly dovish’, meaning that interest rate setters are not overly concerned about inflation risks, but instead emphasize economic weakness and signal monetary easing. Even after the wording was strengthened when inflation began to rise in 2021, the Central Bank’s policy remained dovish.