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ECB Insight: Pereira’s ‘No Dove’ Claim Is More Optics Than Doctrine

ECB Insight: Pereira’s ‘No Dove’ Claim Is More Optics Than Doctrine

By David Barwick – FRANKFURT (Econostream) – Incoming European Central Bank Governing Council member Álvaro Santos Pereira’s insistence that he is “definitely not a dove” invites a natural question: if not a dove, then what? The answer, at least for now, is that the new Banco de Portugal governor’s self-characterization looks more rhetorical than substantive — a positioning move rather than a signal of hawkish conviction.

9 October 2025

ECB Tone Meter

Entire Governing Council

26 Members
Very Dovish
Very Hawkish

Executive Board

6 Members
Very Dovish
Very Hawkish

Evolution

Governing Council vs. Executive Board

As of 23 October 2025

ECB Tone Meter

Meeting Bias

ECB Governing Council Meeting