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This page is the DICTIONARY. It says what each code MEANS — the definition the coder applies, and what the code includes and excludes — so you can decide whether it is the right one. For the full value list and how the codes nest, use the complete event taxonomy.
Macroeconomic, monetary, fiscal, trade, capital flow, and market stress events Filter with GET /api/v2/events?family=cameoplus&cameoplus_domain=ECONOMIC, or on a specific subcategory code below. Every code in this domain starts EC. Goldstein does not apply to this domain — see the domain index. How the metrics read in this domain. magnitude is an impact tier (routine release 1-3 → major/systemic 7-8 → collapse 9-10); market_sensitivity is typically highest here, since a rate decision or tariff schedule can set the TERMS of a traded claim

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EC01

MACROECONOMIC INDICATOR RELEASE A significant economic data release that meets a record-breaking or crisis threshold: GDP contraction exceeding -2% in a single quarter, inflation print at a multi-decade high or exceeding the central bank’s target by ≥3×, unemployment rate spike of ≥2 percentage points in a single release, flash PMI below 45 (deep contraction territory), or industrial output collapse ≥10%. Routine releases — even mildly surprising figures — are SKIP. Code only when the release itself constitutes a discrete market shock or policy-forcing event that would alone trigger an emergency central bank response or crisis-level coverage. Also covers
  • quarterly GDP contraction of -3.5% confirming recession
  • inflation hitting 9.1% (40-year high, triple the 2% target)
  • flash PMI at 42.8 confirming deep contraction
  • unemployment rate spikes from 4.1% to 6.3% in a single month

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EC02

MONETARY POLICY ACTION A central bank or monetary authority takes a concrete policy action: interest rate decision (hike, cut, hold at turning point), quantitative easing launch or tapering, liquidity injection into banking system, emergency discount window expansion, currency market intervention. The decision must have been MADE, not merely discussed. Also covers
  • Fed raises rates 75 bps
  • ECB launches emergency bond-buying program
  • PBOC cuts reserve requirement ratio
  • Bank of Japan abandons yield curve control
Does not cover
  • A central bank currency intervention is EC02; an uncontrolled crisis devaluation is EC06.

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EC03

FISCAL POLICY ACTION A government enacts or announces a concrete fiscal measure: stimulus package passage, austerity budget signed, major tax reform enacted, debt ceiling suspension or breach, emergency spending authorization. The action must be TAKEN (passed, signed, enacted), not just proposed. Also covers
  • $1.9T stimulus bill signed
  • eurozone austerity package approved
  • debt ceiling suspended by legislation
Does not cover
  • EC04 > EC03 (a trade measure enacted via emergency fiscal authority codes as EC04).

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EC04

TRADE POLICY ACTION A government implements a concrete trade measure: tariff imposed or removed, export control enacted, import restriction (quota, ban), FDI restriction or approval, trade deal signed or ratified, sanction package with economic components. The action must be implemented, not just announced for the future. Also covers
  • 25% tariff on steel imports imposed
  • semiconductor export controls enacted
  • US-China Phase 1 deal signed
  • agricultural import ban imposed
Does not cover
  • Economic sanctions as part of a diplomatic package → EC04 if the mechanism is tariffs or export controls; POLITICAL (163) if the primary mechanism is diplomatic.

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EC05

MARKET STRESS EVENT A discrete financial system disruption event: bank run (confirmed large-scale withdrawals), bank failure or closure, liquidity crisis in credit markets, capital controls imposed, significant credit rating downgrade of a major institution or sovereign at a threshold level. Distinguished from daily market volatility — must be a structural event. Also covers
  • Silicon Valley Bank run and FDIC takeover
  • credit freeze in interbank markets
  • country imposes capital controls on currency outflows
  • major bank placed under government conservatorship
Does not cover
  • “Markets fell 3%” is not an EC05 event. “Third-largest bank collapsed” is.
  • EC07 > EC05 (a sovereign default that triggers a banking crisis codes as EC07).

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EC06

CURRENCY EVENT A discrete foreign exchange or monetary system event: government/central bank devalues official rate, currency peg broken or reset, currency crisis (rapid uncontrolled depreciation >15% in a short period), hyperinflation milestone (>50%/month or official declaration), dollarization decision. Also covers
  • Argentine peso devalued 50%
  • Swiss franc peg abandoned
  • Turkish lira loses 30% in a day
  • Zimbabwe announces currency reform
Does not cover
  • A central bank currency intervention is EC02; an uncontrolled crisis devaluation is EC06.
  • EC05 > EC06 (a banking crisis that triggers a currency run codes primarily as EC05).

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EC07

SOVEREIGN DEBT EVENT A government debt crisis or restructuring event: sovereign default (failure to make scheduled payment), debt restructuring or haircut agreement, IMF bailout program approved (board-level approval), credit rating agency downgrades sovereign to junk/selective default, debt ceiling breach with payment interruption. Also covers
  • Greece defaults on IMF payment
  • Argentina restructures $65B in bonds
  • IMF approves $44B SBA for Pakistan
  • Zambia achieves debt restructuring agreement