This project has received
funding from the European Union's
Seventh Framework Programme


The Effect of Political Communication on European Financial Markets during the Sovereign Debt Crisis


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This paper quantifies all statements by major European politicians reported by Reuters during the August 2011 to December 2011 period and show that political communication significantly affects European stock and bond markets as well as the EUR-USD exchange rate.

Communication with respect to Italy induces the strongest market reactions. Financial markets consider the German bond market a safe haven.

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