Monetary Analysis Contact Group (MACG)

About the MACG

The Monetary Analysis Contact Group (MACG) is a forum for interaction between the ECB and financial institutions active in the euro area. The key objective of the MACG is to further enhance the understanding of the transmission of monetary policy via financial institutions to the broader financing conditions in the euro area, with a particular focus on credit creation. The MACG also discusses structural changes in the financial sector which may have implications for how monetary policy is transmitted to the broader economy. The MACG meets twice per year.

Mandate of the MACG

Composition

The MACG has been established under the sponsorship of the ECB Executive Board member acting as Chief Economist. It is composed of the ECB’s Director General Monetary Policy, senior representatives with expertise relevant to the objectives of the MACG from financial institutions active in the euro area and senior ECB staff, mainly from the Directorate General Monetary Policy.

The financial institutions are selected with a view to achieving diverse representation in terms of relevance for the euro area market, geographical location, financial industry segments and expertise in topics of interest to the MACG.

MACG meetings are chaired by the ECB’s Director General Monetary Policy or one of his or her alternates.

The composition of the MACG is reviewed on a regular basis. The participation of members is on an institutional basis. The ECB is an inclusive institution, and we strive to reflect the diversity of the population we serve. We therefore encourage the nomination of representatives irrespective of age, disability, ethnicity, gender, gender identity, race, religious beliefs, sexual orientation or other characteristics. Institutions are invited to express their interest in joining the MACG by submitting an application form by 16 May 2025. 

Observers

Representatives from other ECB business areas and from euro area national central banks that are closely involved in Eurosystem financial and economic analysis related to monetary policy transmission may follow the group’s discussions in an observer capacity.

Meetings