Here's a ranking of the European Central Bank's hawks and doves
REUTERS/Kai Pfaffenbach, REUTERS/Hannibal Hanschke, Stefano Pozzebon/Business Insider
There are 25 people who sit on the European Central Bank's governing council. The big players, like ECB President Mario Draghi and Bundesbank chief Jens Weidmann, are well-known. But there are dozens of other council members whose views have a huge impact on the central bank's decisions.We've judged each member's importance on a scale of 1-5 (based on things such as the size of the country they represent and whether they sit on the executive board) and presented them in order from the most hawkish to the most dovish. ITC Markets and Credit Suisse produced similar rankings in the past.
Doves are typically members who often want more monetary easing from the central bank. They're usually the first in favour of interest rate cuts and more positive about the beneficial potential of quantitative easing (QE), which means buying up government bonds to try and boost the economy.
Hawks are the opposite. They're more sceptical of QE and typically favour higher interest rates and often express concerns about financial instability caused by easy money. These are the policymakers who typically focus on supply-side remedies to make economies more competitive, and are more critical of the impact of loose monetary policy.