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(Series Information) European Papers - A Journal on Law and Integration, 2020 5(1), 671-685 | European Forum Insight of 26 June 2020 | (Table of Contents) I. Introduction. - II. The Pandemic Emergency Purchase Programme (PEPP). - III. A message from Karlsruhe: is the PEPP on the verge of monetary financing? - IV. Conclusions. | (Abstract) After describing the measures adopted by the European Central Bank (ECB) to mitigate the crisis caused by the COVID-19 pandemic in the euro area, the Insight focusses on the repercussions of the controversial judgment adopted by the German Federal Constitutional Court (BVerfG) on 5 May 2020. It is contended that the criteria adopted by the BVerfG to assess the consistency of the Public Sector Purchase Programme with the monetary financing prohibition might lead to a future finding that the PEPP programme indeed circumvents the prohibition. While the BVerfG judgment is putting sand in the wheels of the ECB and is exposing the limits of the current legal framework, it might also prompt a leap forward in the European integration process.

The European Central Bank (ECB) has received a lot of criticism for its too little, too late performance to ease market pressures during the economic crisis. At the same time, the ECB and the Federal Reserve (FED) have managed the new economic realities that have emerged in the international context differently. Despite the criticisms, the European Central Bank is the European Union institution that has assumed more control due to the new model of economic governance of the EU. Why did the Federal Reserve act so nimbly and quickly to calm the markets, while the ECB was so cautious in managing monetary policy? The aim of this paper is to perform a comparative analysis of the management of interest rates and other monetary policy measures undertaken by the Central Bank and the Federal Reserve during the economic crisis, as well as to understand the changes in the context of the ECB and the emergence of its authority within the European Union’s economic governance model since 2011. Thus, in order to carry out a scrupulous exposition, we will also limit the time frame of this study to the 2007-2014 period.

To assess and comprehend the communication strategy used by the European Central Bank (ECB) throughout the Covid-19 pandemic and war in Ukraine, this study considers the crisis communication tactics of the ECB. The study analyzes 11,781 tweets from the ECB's official Twitter account using sentiment analysis to look at how the Bank interacts with the public and how it uses adaptive communication strategies in these trying times. This research innovatively employs the AFINN and NRC sentiment analysis methods to evaluate the ECB's crisis communication. NRC's use of a comprehensive lexicon for emotional identification complements the pre-computed sentiment ratings of AFINN. The ECB's use of positive, clear communication built public trust and underlines sentiment analysis's utility in strategic crisis communication. The study's detailed investigation offers insights for improving crisis communication plans for better public engagement and economic stability.