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May 01, 2023

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Introduction

A central bank can be referred to as a public institution that is involved in managing a country’s or a group of countries’ currency and controlling the supply of money that the amount of money circulated. Ensuring price stability is the main objective of central banking. In some countries, law requires the central banks to act to support full employment. Setting the interest rate is one of the primary tools used by any central bank, and it can be regarded as the cost of money that is a key part of the monetary policy. A central bank cannot be considered as a commercial bank. It is not possible for an individual to open an account at a central bank. A central bank is such a public body that is not motivated by profit. A central bank acts as a bank to the commercial banks and this is the manner in which it influence the money flow and credit in the economy to attain price stability (ecb.europa.eu 2022).

Discussion:Qualitative Interpretation Of Central Bank Discussion Papers

Sentiment analysis can be regarded as a process used for ascertaining whether a piece of writing is positive, negative or neutral. Such analysis helps in gauging different types of opinions. Analysis of the central bank discussion papers by using the sentiment analysis shows that certain key words have been used by the central bank for expressing positive and negative financial and economic situations. The positive words include achieve, benefit, outperform, efficiency, progress, stabilize, versatility, strength, favourable, enhance, upgraded, improve, strengthened and smooth. The negative words are corrupt, bottleneck, bankruptcy, fallout, downgrade, stagnant, imbalance, monopolize, challenge, adverse, deteriorate, escalate, stagnation, worsen and vulnerability (bbvaresearch.com 2022). A discussion paper of the European Central Bank is “Product market structure and monetary policy: evidence from the Euro Area” (ecb.europa.eu 2022). In this paper, the words ‘stressed countries’ are used for several times. Since ‘stress’ is a negative word, the tone of this discussion paper can be considered as negative. Another discussion paper of the Central European Bank is “Monetary policy in a low interest rate environment: reversal rate and risk-taking” where the word ‘benefit’ is used for many times indicating that the tone one of this paper is positive since ‘benefit’ is a positive word (ecb.europa.eu 2022).

Enterprise Data Governance Framework

The European Central Bank has adopted a specific approach for the enterprise data governance framework which is supported by the Office of the Chief Data Officer (OCDO). This framework include the Board Data Council which consists of seven voting members and ten liaisons, Data Governance Committee which consists of the Chief Data Steward, Enterprise Data Domain Data Steward Team which consists of the Chief DS, Business DS, Source DS and Technical DS, and Data Management team (ecb.europa.eu 2022). Each committee and team is interconnected to each other. The Data Management team is responsible for data architecture and modelling, fulfilling requirements, metadata, data quality, data and content management, data security and access, and data operations (ecb.europa.eu 2022). The Board Data Council and Data Governance Committee come under the strategic aspects of the framework whereas the Enterprise Data Domain Data Steward Team comes under tactical aspect. The Data Management team comes under the functional aspect of the enterprise data governance framework (ecb.europa.eu 2022).

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