Publications on Monetary policy

05/05/2016
Focus: Harmonised Index of Consumer Prices - Easter effects and improved seasonal adjustment
Economic Bulletin 3/2016
05/05/2016
Focus: Recent wage trends in the euro area
Economic Bulletin 3/2016
05/05/2016
Focus: The second series of targeted longer-term refinancing operations (TLTRO II)
Economic Bulletin 3/2016
05/05/2016
Economic Bulletin 3/2016
04/05/2016
Article: Government debt reduction strategies in the euro area
Economic Bulletin 3/2016
03/05/2016
Article: The slowdown in emerging market economies and its implications for the global economy
Economic Bulletin 3/2016
02/05/2016
Focus: Rebalancing in euro area portfolio investment flows
Economic Bulletin 3/2016
07/04/2016
Annual Report 2015
24/03/2016
Focus: The 2016 macroeconomic imbalance procedure and the implementation of the 2015 country-specific recommendations
Economic Bulletin 2/2016
24/03/2016
Focus: The relationship between HICP inflation and HICP inflation excluding energy and food
Economic Bulletin 2/2016
24/03/2016
Focus: The impact of the oil price decline on the current account surplus of the euro area
Economic Bulletin 2/2016
24/03/2016
Focus: Factors behind the comparatively strong actvity in euro area services
Economic Bulletin 2/2016
24/03/2016
Focus: Liquidity conditions and monetary policy operations in the period from 28 October 2015 to 26 January 2016
Economic Bulletin 2/2016
24/03/2016
Focus: Current oil price trends
Economic Bulletin 2/2016
24/03/2016
Focus: The slowdown in US labour productivity growth - stylised facts and economic implications
Economic Bulletin 2/2016
24/03/2016
Economic Bulletin 2/2016
23/03/2016
Article: Transmission of output shocks - the role of cross-border production chains
Economic Bulletin 2/2016
22/03/2016
Focus: Oil prices and euro area consumer energy prices
Economic Bulletin 2/2016
21/03/2016
Article: Public investment in Europe
Economic Bulletin 2/2016
10/03/2016
ECB staff macroeconomic projections for the euro area - March 2016
04/02/2016
Economic Bulletin 1/2016
04/02/2016
Focus: A closer look at differences between industrial gross value added and industrial production
Economic Bulletin 1/2016
04/02/2016
Focus: What is driving Brazil's economic downturn?
Economic Bulletin 1/2016
02/02/2016
Article: Recent developments in the composition and cost of bank funding in the euro area
Economic Bulletin 1/2016
01/02/2016
Focus: Eurosystem publishes more detailed criteria for accepting rating agencies
Economic Bulletin 1/2016
12/01/2016
Research Bulletin No. 23
17/12/2015
Article: New features in monetary and financial statistics
Economic Bulletin 8/2015
17/12/2015
Focus: Liquidity conditions and monetary policy operations in the period from 22 July to 27 October 2015
Economic Bulletin 8/2015
17/12/2015
Focus: The role of base effects in the projected path of HICP inflation
Economic Bulletin 8/2015
17/12/2015
Focus: The creation of competitiveness boards in the context of striving towards a genuine economic union
Economic Bulletin 8/2015
17/12/2015
Focus: Review of draft budgetary plans for 2016
Economic Bulletin 8/2015
17/12/2015
Economic Bulletin 8/2015
16/12/2015
Focus: Downward wage rigidity and the role of structural reforms in the euro area
Economic Bulletin 8/2015
16/12/2015
Focus: Wages, productivity and competitiveness: a granular approach
Economic Bulletin 8/2015
14/12/2015
Focus: What is behind the low investment in the euro area? Responses from a survey of large euro area firms
Economic Bulletin 8/2015
14/12/2015
Article: What is behind the recent rebound in euro area employment?
Economic Bulletin 8/2015
03/12/2015
Eurosystem staff macroeconomic projections for the euro area
[online only]
05/11/2015
Article: European statistics: cooperation between the European System of Central Banks and the European Statistical System
Economic Bulletin 7/2015
05/11/2015
Focus: Explaining the drivers of the recent increase in oil price volatility
Economic Bulletin 7/2015
05/11/2015
Focus: An assessment of recent euro area consumption growth
Economic Bulletin 7/2015
05/11/2015
Focus: New data on loans to the private sector adjusted for sales and securitisation
Economic Bulletin 7/2015
05/11/2015
Focus: The creation of a European Fiscal Board
Economic Bulletin 7/2015
05/11/2015
Economic Bulletin 7/2015
03/11/2015
Article: The transmission of the ECB's recent non-standard monetary policy measures
Economic Bulletin 7/2015
02/11/2015
Article: The short-term fiscal implications of structural reforms
Economic Bulletin 7/2015
17/09/2015
Focus: Liquidity conditions and monetary policy operations in the period from 22 April to 21 July 2015
Economic Bulletin 6/2015
17/09/2015
Focus: The usefulness of TARGET2 transaction data for the analysis of the unsecured overnight money market
Economic Bulletin 6/2015
17/09/2015
Focus: Publication of TARGET balances
Economic Bulletin 6/2015
17/09/2015
Focus: Recent developments in euro area food prices
Economic Bulletin 6/2015
17/09/2015
Focus: Country-specific recommendations for fiscal policies under the 2015 European Semester
Economic Bulletin 6/2015
17/09/2015
Economic Bulletin 6/2015
16/09/2015
Article: The fiscal impact of financial sector support during the crisis
Economic Bulletin 6/2015
16/09/2015
Focus: Revised trade weights for the effective exchange rates of the euro reflect the increasing importance of emerging market economies
Economic Bulletin 6/2015
15/09/2015
Focus: A survey-based measure of slack for the euro area
Economic Bulletin 6/2015
15/09/2015
Article: The state of the house price cycle in the euro area
Economic Bulletin 6/2015
14/09/2015
Focus: Recent developments and outlook for non-oil commodity prices
Economic Bulletin 6/2015
03/09/2015
ECB staff macroeconomic projections for the euro area
30/07/2015
Economic Bulletin 5/2015
30/07/2015
Focus: Why has growth in emerging market economies slowed?
Economic Bulletin 5/2015
30/07/2015
Focus: Does consumer confidence predict private consumption?
Economic Bulletin 5/2015
30/07/2015
Focus: Recent developments in extra-euro area trade: the role of emerging market economies
Economic Bulletin 5/2015
29/07/2015
Article: Real convergence in the euro area: evidence, theory and policy implications
Economic Bulletin 5/2015
28/07/2015
Focus: The impact of negative short-term rates on the money market fund industry
Economic Bulletin 5/2015
27/07/2015
Focus: Has underlying inflation reached a turning point?
Economic Bulletin 5/2015
24/07/2015
Research Bulletin No. 22
07/07/2015
Financial Risk Management of Eurosystem Monetary Policy Operations, July 2015
18/06/2015
Economic Bulletin 4/2015
18/06/2015
Focus: The rise to prominence of India’s economy
Economic Bulletin 4/2015
18/06/2015
Focus: Liquidity conditions and monetary policy operations in the period from 28 January 2015 to 21 April 2015
Economic Bulletin 4/2015
18/06/2015
Focus: Recent equity price developments in the euro area and the United States
Economic Bulletin 4/2015
18/06/2015
Focus: Monitoring the exchange rate pass-through to HICP inflation
Economic Bulletin 4/2015
18/06/2015
Focus: The 2015 Ageing Report: how costly will ageing in Europe be?
Economic Bulletin 4/2015
18/06/2015
Focus: The effectiveness of the medium-term budgetary objective as an anchor of fiscal policies
Economic Bulletin 4/2015
18/06/2015
Article: IMF surveillance of the euro area and its member countries
Economic Bulletin 4/2015
18/06/2015
Article: Forecasting the price of oil
Economic Bulletin 4/2015
17/06/2015
Focus: Non-bank financing for euro area NFCs during the crisis
Economic Bulletin 4/2015
16/06/2015
Focus: Recent current account developments in euro area countries with large pre-crisis deficits
Economic Bulletin 4/2015
15/06/2015
Article: The role of the central bank balance sheet in monetary policy
Economic Bulletin 4/2015
03/06/2015
Eurosystem staff macroeconomic projections for the euro area
[online only]
30/04/2015
Economic Bulletin 3/2015
30/04/2015
Focus: Recent developments in the consumption of durable goods
Economic Bulletin 3/2015
30/04/2015
Focus: What has been driving consumer confidence?
Economic Bulletin 3/2015
30/04/2015
Focus: Developments in longer-term inflation expectations in the euro area
Economic Bulletin 3/2015
29/04/2015
Article: Understanding the weakness in world trade
Economic Bulletin 3/2015
28/04/2015
Focus: Broad money and lending in the United States during the implementation of the Federal Reserve's large-scale asset purchase programmes
Economic Bulletin 3/2015
20/04/2015
Annual Report 2014
19/03/2015
Article: Who holds what? New information on securities holdings
Economic Bulletin 2/2015
19/03/2015
Focus: Assessing US inflation developments using the Phillips curve
Economic Bulletin 2/2015
19/03/2015
Focus: Liquidity conditions and monetary policy operations in the period from 12 November 2014 to 27 January 2015
Economic Bulletin 2/2015
19/03/2015
Focus: Factors behind recent household saving patterns in the euro area
Economic Bulletin 2/2015
19/03/2015
Focus: The 2015 macroeconomic imbalance procedure
Economic Bulletin 2/2015
19/03/2015
Focus: Follow-up to the review of draft budgetary plans for 2015
Economic Bulletin 2/2015
19/03/2015
Economic Bulletin 2/2015
17/03/2015
Focus: Effects of e-commerce on inflation
Economic Bulletin 2/2015
17/03/2015
Focus: Recent movements in the effective exchange rate of the euro
Economic Bulletin 2/2015
16/03/2015
Article: Progress with structural reforms across the euro area and their possible impacts
Economic Bulletin 2/2015
05/03/2015
ECB staff macroeconomic projections for the euro area, March 2015
[online only]
05/02/2015
Focus: Recent developments in the labour force participation rate in the euro area
Economic Bulletin 1/2015
05/02/2015
Economic Bulletin 1/2015
04/02/2015
Article: Grocery prices in the euro area: findings from the analysis of a disaggregated price dataset
Economic Bulletin 1/2015
11/12/2014
Article: December 2014 Eurosystem staff macroeconomic projections for the euro area
Monthly Bulletin 12/2014
11/12/2014
Focus: Recent developments in the financial account of the euro area balance of payments
Monthly Bulletin 12/2014
11/12/2014
Focus: Liquidity conditions and monetary policy operations in the period from 13 August to 11 November 2014
Monthly Bulletin 12/2014
11/12/2014
Focus: Indirect effects of oil price developments on euro area inflation
Monthly Bulletin 12/2014
11/12/2014
Focus: The current weakness in euro area investment compared with past crisis episodes
Monthly Bulletin 12/2014
11/12/2014
Focus: New statistical indicators on government debt securities and their use in fiscal analysis and surveillance
Monthly Bulletin 12/2014
11/12/2014
Focus: The review of draft budgetary plans for 2015
Monthly Bulletin 12/2014
04/12/2014
Eurosystem staff macroeconomic projections for the euro area
[online only]
01/12/2014
Monthly Bulletin, December 2014
13/11/2014
Monthly Bulletin, November 2014
13/11/2014
Focus: Cyclical improvements in the labour markets of non-euro area EU countries
Monthly Bulletin 11/2014
13/11/2014
Focus: Understanding the recent decline in oil prices
Monthly Bulletin 11/2014
13/11/2014
Focus: The results of the euro area bank lending survey for the third quarter of 2014
Monthly Bulletin 11/2014
13/11/2014
Focus: Survey on the access to finance of enterprises in the euro area: April to September 2014
Monthly Bulletin 11/2014
13/11/2014
Focus: Integrated euro area accounts for the second quarter of 2014
Monthly Bulletin 11/2014
13/11/2014
Focus: Results of the ECB survey of professional forecasters for the fourth quarter of 2014
Monthly Bulletin 11/2014
13/11/2014
Focus: Recent revisions to projections of euro area HICP inflation
Monthly Bulletin 11/2014
13/11/2014
Focus: The impact of the European System of Accounts 2010 on euro area macroeconomic
Monthly Bulletin 11/2014
13/11/2014
Focus: A closer look at the recovery in euro area services
Monthly Bulletin 11/2014
09/10/2014
Monthly Bulletin, October 2014
09/10/2014
Article: The impact of the economic crisis on euro area labour markets
Monthly Bulletin 10/2014
09/10/2014
Article: The assessment of fiscal effort
Monthly Bulletin 10/2014
09/10/2014
Focus: The targeted longer-term refinancing operation of September 2014
Monthly Bulletin 10/2014
09/10/2014
Focus: Developments in consumer gas prices in the euro area
Monthly Bulletin 10/2014
09/10/2014
Focus: What lies behind the recent decline in economic sentiment?
Monthly Bulletin 10/2014
04/09/2014
ECB staff macroeconomic projections for the euro area
[online only]
01/09/2014
Monthly Bulletin, September 2014
01/09/2014
Article: September 2014 ECB staff macroeconomic projections for the euro area
Monthly Bulletin 9/2014
01/09/2014
Focus: Recent economic developments in Japan
Monthly Bulletin 9/2014
01/09/2014
Focus: Recent developments in the financial account of the euro area balance of payments
Monthly Bulletin 9/2014
01/09/2014
Focus: Estimating expected liquidity conditions in the euro area
Monthly Bulletin 9/2014
01/09/2014
Focus: Liquidity conditions and monetary policy operations in the period from 14 May to 12 August 2014
Monthly Bulletin 9/2014
01/09/2014
Focus: The responsiveness of HICP items to changes in economic slack
Monthly Bulletin 9/2014
01/09/2014
Focus: The structural balance as an indicator of the underlying fiscal position
Monthly Bulletin 9/2014
01/09/2014
Focus: Country-specific recommendations for fiscal policies under the 2014 European Semester
Monthly Bulletin 9/2014
14/08/2014
Monthly Bulletin, August 2014
14/08/2014
Article: Experience with foreign currency liquidity-providing central bank swaps
Monthly Bulletin 8/2014
14/08/2014
Focus: The introduction of the euro in Lithuania on 1 January 2015
Monthly Bulletin 8/2014
14/08/2014
Focus: The results of the euro area bank lending survey for the second quarter of 2014
Monthly Bulletin 8/2014
14/08/2014
Focus: Integrated euro area accounts for the first quarter of 2014
Monthly Bulletin 8/2014
14/08/2014
Focus: House prices and the rent component of the HICP in the euro area
Monthly Bulletin 8/2014
14/08/2014
Focus: Results of the ECB Survey of Professional Forecasters for the third quarter of 2014
Monthly Bulletin 8/2014
14/08/2014
Focus: A new indicator on euro area capacity utilisation in services
Monthly Bulletin 8/2014
10/07/2014
Monthly Bulletin, July 2014
10/07/2014
Article: Euro area risk-free interest rates: measurement issues, recent developments and relevance to monetary policy
Monthly Bulletin 7/2014
10/07/2014
Article: SME access to finance in the euro area: barriers and potential policy remedies
Monthly Bulletin 7/2014
10/07/2014
Article: The Phillips curve relationship in the euro area
Monthly Bulletin 7/2014
10/07/2014
Focus: Understanding global trade elasticities: what has changed?
Monthly Bulletin 7/2014
10/07/2014
Focus: Commodity price developments and their implications for global inflation
Monthly Bulletin 7/2014
10/07/2014
Focus: Real interest rates in the euro area: a longer-term perspective
Monthly Bulletin 7/2014
10/07/2014
Focus: Inflation risk premia in market-based measures of inflation expectations
Monthly Bulletin 7/2014
10/07/2014
Focus: Recent developments in inflation forecasts and shorter and longer-term inflation expectations in the euro area
Monthly Bulletin 7/2014
10/07/2014
Focus: Predicting the strength of recoveries
Monthly Bulletin 7/2014
10/07/2014
Focus: The macroeconomic effects of structural reforms
Monthly Bulletin 7/2014
12/06/2014
Monthly Bulletin, June 2014
12/06/2014
Article: June 2014 Eurosystem staff macroeconomic projections for the euro area
Monthly Bulletin 6/2014
12/06/2014
Focus: Recent developments in MFI loans to non-financial corporations, broken down by economic sector
Monthly Bulletin 6/2014
12/06/2014
Focus: Recent developments in the financial account of the euro area balance of payments
Monthly Bulletin 6/2014
12/06/2014
Focus: Liquidity conditions and monetary policy operations in the period from 12 February 2014 to 13 May
Monthly Bulletin 6/2014
12/06/2014
Focus: The role of global factors in recent developments in euro area inflation
Monthly Bulletin 6/2014
12/06/2014
Focus: Risk of deflation?
Monthly Bulletin 6/2014
12/06/2014
Focus: Recent trends in household real disposable income
Monthly Bulletin 6/2014
12/06/2014
Focus: Survey evidence on investment developments across SMEs and large firms
Monthly Bulletin 6/2014
12/06/2014
Focus: Fiscal councils in EU countries
Monthly Bulletin 6/2014
06/06/2014
Research Bulletin No. 21
[online only]
05/06/2014
Eurosystem staff macroeconomic projections for the euro area
[online only]
04/06/2014
Convergence Report 2014
26/05/2014
Correspondent central banking model (CCBM) - Procedures for Eurosystem counterparties
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[online only]
15/05/2014
Monthly Bulletin, May 2014
15/05/2014
Article: Euro area sectoral activity since 2008
Monthly Bulletin 5/2014
15/05/2014
Article: The determinants of euro area sovereign bond yield spreads during the crisis
Monthly Bulletin 5/2014
15/05/2014
Focus: The results of the euro area bank lending survey for the first quarter of 2014
Monthly Bulletin 5/2014
15/05/2014
Focus: Survey on the access to finance of small and medium-sized enterprises in the euro area: October 2013 to March 2014
Monthly Bulletin 5/2014
15/05/2014
Focus: Integrated euro area accounts for the fourth quarter of 2013
Monthly Bulletin 5/2014
15/05/2014
Focus: Calendar effects in recent inflation developments
Monthly Bulletin 5/2014
15/05/2014
Focus: Results of the ECB Survey of Professional Forecasters for the second quarter of 2014
Monthly Bulletin 5/2014
15/05/2014
Focus: Recent developments in the consumption of durable goods in the euro area
Monthly Bulletin 5/2014
10/04/2014
Monthly Bulletin, April 2014
10/04/2014
Article: The ECB's forward guidance
Monthly Bulletin 4/2014
10/04/2014
Article: Fiscal multipliers and the timing of consolidation
Monthly Bulletin 4/2014
10/04/2014
Focus: Is the unemployment rate a sound gauge of labour market developments in the United States?
Monthly Bulletin 4/2014
10/04/2014
Focus: Recent developments in debt securities issued by non-financial corporations in the euro area
Monthly Bulletin 4/2014
10/04/2014
Focus: Eurosystem Credit Assessment Framework for monetary policy operations
Monthly Bulletin 4/2014
10/04/2014
Focus: Potential measurement issues in consumer price indices
Monthly Bulletin 4/2014
10/04/2014
Focus: Slack in the euro area economy
Monthly Bulletin 4/2014
10/04/2014
Focus: Factors behind the fall and recovery in business investment
Monthly Bulletin 4/2014
10/04/2014
Focus: Euro area sectoral value added growth and the Purchasing Managers' Index
Monthly Bulletin 4/2014
07/04/2014
Annual Report 2013
13/03/2014
Monthly Bulletin, March 2014
13/03/2014
Article: March 2014 ECB Staff macroeconomic projections for the euro area
Monthly Bulletin 3/2014
13/03/2014
Focus: Repercussions of the recent financial market tensions in emerging market economies
Monthly Bulletin 3/2014
13/03/2014
Focus: Recent developments in the financial account of the euro area balance of payments
Monthly Bulletin 3/2014
13/03/2014
Focus: Liquidity conditions and monetary policy operations in the period from 13 November 2013 to 11 February 2014
Monthly Bulletin 3/2014
13/03/2014
Focus: Debt of non-financial corporations: consolidated and non-consolidated measures
Monthly Bulletin 3/2014
13/03/2014
Focus: Impact of services and non-energy industrial goods prices on the recent decline in HICP inflation
Monthly Bulletin 3/2014
13/03/2014
Focus: Key challenges for the surveillance of economic and fiscal policies under the 2014 European Semester
Monthly Bulletin 3/2014
06/03/2014
ECB staff macroeconomic projections for the euro area
[online only]
21/02/2014
ELA procedures
[online only]
Governing Council decisions (21 Feb 2014)
13/02/2014
Monthly Bulletin, February 2014
13/02/2014
Article: Extensions to the models for assessing money and credit
Monthly Bulletin 2/2014
13/02/2014
Article: Deleveraging patterns in the euro area corporate sector
Monthly Bulletin 2/2014
13/02/2014
Focus: Drivers of recent global inflation developments
Monthly Bulletin 2/2014
13/02/2014
Focus: Current account adjustment in the EU Member States of central and eastern Europe
Monthly Bulletin 2/2014
13/02/2014
Focus: The Latvian MFI sector and its impact on monetary statistics for the euro area
Monthly Bulletin 2/2014
13/02/2014
Focus: The results of the euro area bank lending survey for the fourth quarter of 2013
Monthly Bulletin 2/2014
13/02/2014
Focus: Integrated euro area accounts for the third quarter of 2013
Monthly Bulletin 2/2014
13/02/2014
Focus: Base effects from the volatile components of the HICP and their impact on HICP inflation in 2014
Monthly Bulletin 2/2014
13/02/2014
Focus: Experimental indicators of commercial property prices
Monthly Bulletin 2/2014
13/02/2014
Focus: Results of the ECB Survey of Professional Forecasters for the first quarter of 2014
Monthly Bulletin 2/2014
13/02/2014
Focus: Developments in youth unemployment in euro area countries since the onset of the crisis
Monthly Bulletin 2/2014
12/02/2014
Research Bulletin No 20
[online only]
16/01/2014
Article: Recent developments in excess liquidity and money market rates
Monthly Bulletin 1/2014
16/01/2014
Article: Medium-term prospects for China’s economy and the internationalisation of the renminbi
Monthly Bulletin 1/2014
01/01/2014
Monthly Bulletin, January 2014
01/01/2014
Focus: Is weak credit holding back the economic recovery in the United States and the United Kingdom?
Monthly Bulletin 1/2014
01/01/2014
Focus: Latvia adopts the euro
Monthly Bulletin 1/2014
01/01/2014
Focus: Developments in the international investment position of the euro area since the outbreak of the financial crisis
Monthly Bulletin 3/2014
01/01/2014
Focus: Business investment – signs of a modest recovery ahead
Monthly Bulletin 1/2014
01/01/2014
Focus: To what extent has the current account adjustment in the stressed euro area countries been cyclical or structural?
Monthly Bulletin 1/2014
12/12/2013
Monthly Bulletin, December 2013
12/12/2013
Article: December 2013 Eurosystem staff macroeconomic projections for the euro area
Monthly Bulletin 12/2013
12/12/2013
Focus: Factors underlying China's growth performance and prospects
Monthly Bulletin 12/2013
12/12/2013
Focus: Recent developments in the financial account of the euro area balance of payments
Monthly Bulletin 12/2013
12/12/2013
Focus: Liquidity conditions and monetary policy operations in the period from 7 August 2013 to 12 November 2013
Monthly Bulletin 12/2013
12/12/2013
Focus: Sectoral contributions to rebalancing within the euro area
Monthly Bulletin 12/2013
12/12/2013
Focus: Are sub-indices of the HICP measures of underlying inflation?
Monthly Bulletin 12/2013
12/12/2013
Focus: The effect of the crisis on employment and wages in non-market services
Monthly Bulletin 12/2013
12/12/2013
Focus: Fiscal consolidation in the euro area: past progress and plans for 2014
Monthly Bulletin 12/2013
05/12/2013
Eurosystem staff macroeconomic projections for the euro area
[online only]
14/11/2013
Monthly Bulletin, November 2013
14/11/2013
Article: Potential output, economic slack and nominal developments since the start of the crisis
Monthly Bulletin 11/2013
14/11/2013
Focus: How much progress has been achieved in household deleveraging in the United States?
Monthly Bulletin 11/2013
14/11/2013
Focus: Recent developments in MFI loans to non-financial corporations, broken down by economic sector
Monthly Bulletin 11/2013
14/11/2013
Focus: The results of the euro area bank lending survey for the third quarter of 2013
Monthly Bulletin 11/2013
14/11/2013
Focus: Survey on the access to finance of small and medium-sized enterprises in the euro area: April to September 2013
Monthly Bulletin 11/2013
14/11/2013
Focus: Integrated euro area accounts for the second quarter of 2013
Monthly Bulletin 11/2013
14/11/2013
Focus: Recent house price developments in the euro area
Monthly Bulletin 11/2013
14/11/2013
Focus: Results of the ECB survey of professional forecasters for the fourth quarter of 2013
Monthly Bulletin 11/2013
14/11/2013
Focus: What has driven the recent euro area current account improvement?
Monthly Bulletin 11/2013
14/11/2013
Focus: Recent developments in labour market participation in the euro area
Monthly Bulletin 11/2013
06/11/2013
Euro Money Market Survey 2013
[online only]
Press release:
18/10/2013
ELA procedures
[online only]
Governing Council decisions (18 Oct 2013)
10/10/2013
Monthly Bulletin, October 2013
10/10/2013
Article: Commodity prices and their role in assessing euro area growth and inflation
Monthly Bulletin 10/2013
10/10/2013
Article: Reference interest rates: role, challenges and outlook
Monthly Bulletin 10/2013
10/10/2013
Focus: Stylised facts of money and credit over the business cycle
Monthly Bulletin 10/2013
10/10/2013
Focus: Review of the risk control framework
Monthly Bulletin 10/2013
10/10/2013
Focus: The anchoring of long-term inflation expectations in the euro area
Monthly Bulletin 10/2013
10/10/2013
Focus: How has macroeconomic uncertainty in the euro area evolved recently?
Monthly Bulletin 10/2013
05/09/2013
ECB staff macroeconomic projections for the euro area
01/09/2013
Monthly Bulletin, September 2013
01/09/2013
Focus: Towards a global convergence of natural gas prices?
Monthly Bulletin 9/2013
01/09/2013
Focus: China - short-term prospects and medium-term policy intentions
Monthly Bulletin 9/2013
01/09/2013
Focus: Recent developments in the financial account of the euro area balance of payments
Monthly Bulletin 9/2013
01/09/2013
Focus: Liquidity conditions and monetary policy operations in the period from 8 May to 6 August 2013
Monthly Bulletin 9/2013
01/09/2013
Focus: Central bank balance sheet expansion and financial strength in crisis times: the case of the eurosystem
Monthly Bulletin 9/2013
01/09/2013
Focus: Reactivating the European ABS market: challenges and possible remedies
Monthly Bulletin 9/2013
01/09/2013
Focus: ECB monetary policy during the financial crisis and asset price developments
Monthly Bulletin 9/2013
01/09/2013
Focus: Recent developments in unprocessed food prices
Monthly Bulletin 9/2013
01/09/2013
Focus: Recent developments in the income account of selected euro area countries
Monthly Bulletin 9/2013
08/08/2013
Monthly Bulletin, August 2013
08/08/2013
Article: Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation
Monthly Bulletin 8/2013
08/08/2013
Focus: The introduction of the euro in Latvia on 1 January 2014
Monthly Bulletin 8/2013
08/08/2013
Focus: The perceived external financing gap indicator for small and medium-sized enterprises in the euro area
Monthly Bulletin 8/2013
08/08/2013
Focus: The results of the euro area bank lending survey for the second quarter of 2013
Monthly Bulletin 8/2013
08/08/2013
Focus: Stock market developments in the light of the current low-yield environment
Monthly Bulletin 8/2013
08/08/2013
Focus: Integrated euro area accounts for the first quarter of 2013
Monthly Bulletin 8/2013
08/08/2013
Focus: Results of the ECB survey of professional forecasters for the third quarter of 2013
Monthly Bulletin 8/2013
08/08/2013
Focus: Labour market developments in the euro area and the United States since the beginning of the global financial crisis
Monthly Bulletin 8/2013
11/07/2013
Monthly Bulletin, July 2013
11/07/2013
Article: The Eurosystem collateral framework throughout the crisis
Monthly Bulletin 7/2013
11/07/2013
Article: Is there a risk of a creeping rise in trade protectionism?
Monthly Bulletin 7/2013
11/07/2013
Focus: The governing council's forward guidance on the key ECB interest rates
Monthly Bulletin 7/2013
11/07/2013
Focus: Bank funding and lending activity in central and Eastern Europe
Monthly Bulletin 7/2013
11/07/2013
Focus: Croatia joins the European Union
Monthly Bulletin 7/2013
11/07/2013
Focus: Early repayments of funds raised through three-year longer-term refinancing operations: developments since February 2013
Monthly Bulletin 7/2013
11/07/2013
Focus: The information content of inflation options
Monthly Bulletin 7/2013
11/07/2013
Focus: Small and medium-sized enterprises in the euro area: economic importance and financing conditions
Monthly Bulletin 7/2013
11/07/2013
Focus: Dwelling stock in the euro area - new data from the eurosystem household finance and consumption survey
Monthly Bulletin 7/2013
11/07/2013
Focus: Progress in the current account adjustment in the euro area in 2012
Monthly Bulletin 7/2013
11/07/2013
Focus: Introducing the ECB indicator on euro area industrial new orders
Monthly Bulletin 7/2013
13/06/2013
Monthly Bulletin, June 2013
13/06/2013
Focus: The role of central and eastern Europe in pan-European and global value chains
Monthly Bulletin 6/2013
13/06/2013
Focus: Recent developments in the financial account of the euro area balance of payments
Monthly Bulletin 6/2013
13/06/2013
Focus: Liquidity conditions and monetary policy operations in the period from 13 February 2013 to 7 May 2013
Monthly Bulletin 6/2013
13/06/2013
Focus: Recent developments in spreads on corporate bonds issued by euro area non-financial corporations
Monthly Bulletin 6/2013
13/06/2013
Focus: Recent developments in hours worked per employee
Monthly Bulletin 6/2013
13/06/2013
Focus: Trends in export market shares in the euro area
Monthly Bulletin 6/2013
13/06/2013
Focus: Three indicators to complement the standard definition of employment and unemployment
Monthly Bulletin 6/2013
13/06/2013
Focus: The fiscal implications of financial sector support
Monthly Bulletin 6/2013
13/06/2013
Focus: Technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies
Monthly Bulletin 6/2013
13/06/2013
Focus: Forecasts by other institutions
Monthly Bulletin 6/2013
06/06/2013
Eurosystem staff macroeconomic projections for the euro area
[online only]
05/06/2013
Convergence Report 2013
09/05/2013
Monthly Bulletin, May 2013
09/05/2013
Article: An assessment of Eurosystem staff macroeconomic projections
Monthly Bulletin 5/2013
09/05/2013
Article: Country adjustment in the euro area: where do we stand?
Monthly Bulletin 5/2013
09/05/2013
Article: Target balances and monetary policy operations
Monthly Bulletin 5/2013
09/05/2013
Focus: How have global value chains affected world trade patterns?
Monthly Bulletin 5/2013
09/05/2013
Focus: The results of the euro area bank lending survey for the first quarter of 2013
Monthly Bulletin 5/2013
09/05/2013
Focus: Survey on the access to finance of small and medium-sized enterprises in the euro area: October 2012 to March 2013
Monthly Bulletin 5/2013
09/05/2013
Focus: Integrated euro area accounts for the fourth quarter of 2012
Monthly Bulletin 5/2013
09/05/2013
Focus: Recent house price developments in the euro area
Monthly Bulletin 5/2013
09/05/2013
Focus: Results of the ECB survey of professional forecasters for the second quarter of 2013
Monthly Bulletin 5/2013
09/05/2013
Focus: The 2013 macroeconomic imbalance procedure
Monthly Bulletin 5/2013
09/05/2013
Focus: Uncovering the dynamics of residential investment
Monthly Bulletin 5/2013
07/05/2013
Correspondent central banking model (CCBM) - Procedures for Eurosystem counterparties
[online only]
29/04/2013
Research Bulletin No. 18
[online only]
24/04/2013
Annual Report 2012
11/04/2013
Monthly Bulletin, April 2013
11/04/2013
Article: Liquidity regulation and monetary policy implementation
Monthly Bulletin 4/2013
11/04/2013
Focus: Recent developments in US fiscal policy and their likely impact on economic activity
Monthly Bulletin 4/2013
11/04/2013
Focus: Net foreign liabilities in selected euro area countries
Monthly Bulletin 4/2013
11/04/2013
Focus: Industrial producer prices for sales in domestic and non-domestic markets
Monthly Bulletin 4/2013
11/04/2013
Focus: Update of the index and weight reference year to 2010 for short-term business statistics
Monthly Bulletin 4/2013
11/04/2013
Focus: Estimates of slack in the labour market
Monthly Bulletin 4/2013
11/04/2013
Focus: The "two-pack" regulations to strengthen economic governance in the euro area
Monthly Bulletin 4/2013
14/03/2013
Monthly Bulletin, March 2013
14/03/2013
Focus: Recent developments in the financial account of the euro area balance of payments
Monthly Bulletin 3/2013
14/03/2013
Focus: Liquidity conditions and monetary policy operations in the period from 14 November 2012 to 12 February 2013
Monthly Bulletin 3/2013
14/03/2013
Focus: The role of profits in shaping domestic price pressures in the euro area
Monthly Bulletin 3/2013
14/03/2013
Focus: Stockbuilding developments since 2008
Monthly Bulletin 3/2013
14/03/2013
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin 3/2013
14/03/2013
Focus: Growth effects of high government debt
Monthly Bulletin 3/2013
07/03/2013
ECB staff macroeconomic projections for the euro area
[online only]
14/02/2013
Monthly Bulletin, February 2013
14/02/2013
Article: The importance and effectiveness of national fiscal frameworks in the EU
Monthly Bulletin 2/2013
14/02/2013
Focus: The implications of the resurgence in fossil energy production
Monthly Bulletin 2/2013
14/02/2013
Focus: The results of the euro area bank lending survey for the fourth quarter of 2012
Monthly Bulletin 2/2013
14/02/2013
Focus: Early repayment of funds raised through three-year longer-term refinancing operations: economic rationale and impact on the money market
Monthly Bulletin 2/2013
14/02/2013
Focus: Integrated euro area accounts for the third quarter of 2012
Monthly Bulletin 2/2013
14/02/2013
Focus: Base effects and their impact on HICP inflation in 2013
Monthly Bulletin 2/2013
14/02/2013
Focus: Results of the ECB survey of professional forecasters for the first quarter of 2013
Monthly Bulletin 2/2013
14/02/2013
Focus: Changes in the allocation of gross value added in the euro area: a sectoral perspective
Monthly Bulletin 2/2013
14/02/2013
Focus: Unemployment developments in the euro area
Monthly Bulletin 2/2013
17/01/2013
Monthly Bulletin, January 2013
17/01/2013
Article: Confidence indicators and economic developments
Monthly Bulletin 1/2013
17/01/2013
Focus: China's growth outlook
Monthly Bulletin 1/2013
17/01/2013
Focus: Recent developments in the wage drift in the euro area
Monthly Bulletin 1/2013
17/01/2013
Focus: How income payments, current transfers and the oil balance hamper current account adjustment
Monthly Bulletin 1/2013
17/12/2012
Research Bulletin No. 17
[online only]
13/12/2012
Monthly Bulletin, December 2012
13/12/2012
Focus: Global trade: recent developments and short-term outlook
Monthly Bulletin 12/2012
13/12/2012
Focus: Banks' funding conditions and the financing of non-financial private sectors in the euro area
Monthly Bulletin 12/2012
13/12/2012
Focus: Developments in the financial account of the euro area balance of payments until September 2012
Monthly Bulletin 12/2012
13/12/2012
Focus: Liquidity conditions and monetary policy operations in the period from 8 August to 13 November 2012
Monthly Bulletin 12/2012
13/12/2012
Focus: Recent euro area labour market developments in a historical context
Monthly Bulletin 12/2012
13/12/2012
Focus: The role of fiscal multipliers in the current consolidation debate
Monthly Bulletin 12/2012
13/12/2012
Focus: Technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies
Monthly Bulletin 12/2012
13/12/2012
Focus: Forecasts by other institutions
Monthly Bulletin 12/2012
06/12/2012
Eurosystem staff macroeconomic projections for the euro area
[online only]
15/11/2012
Monthly Bulletin, November 2012
15/11/2012
Article: Inflation differentials in the euro area during the last decade
Monthly Bulletin 11/2012
15/11/2012
Article: Recent economic and financial developments in EU candidate countries
Monthly Bulletin 11/2012
15/11/2012
Focus: The results of the euro area bank lending survey for the third quarter of 2012
Monthly Bulletin 11/2012
15/11/2012
Focus: Cross-country heterogeneity in MFI interest rates on loans to non-financial corporations in the euro area
Monthly Bulletin 11/2012
15/11/2012
Focus: Survey on the access to finance of small and medium-sized enterprises in the euro area: April to September 2012
Monthly Bulletin 11/2012
15/11/2012
Focus: Integrated euro area accounts for the second quarter of 2012
Monthly Bulletin 11/2012
15/11/2012
Focus: Flash estimates for the main components of the euro area HICP
Monthly Bulletin 11/2012
15/11/2012
Focus: Recent house price developments in the euro area
Monthly Bulletin 11/2012
15/11/2012
Focus: Results of the ECB survey of professional forecasters for the fourth quarter of 2012
Monthly Bulletin 11/2012
11/10/2012
Monthly Bulletin, October 2012
11/10/2012
Article: Global liquidity: concepts, measurements and implications from a monetary policy perspective
Monthly Bulletin 10/2012
11/10/2012
Article: Euro area labour markets and the crisis
Monthly Bulletin 10/2012
11/10/2012
Focus: Compliance of outright monetary transactions with the prohibition on monetary financing
Monthly Bulletin 10/2012
11/10/2012
Focus: Developments in the housing market in China
Monthly Bulletin 10/2012
11/10/2012
Focus: The impact of very low interest rates on monetary dynamics
Monthly Bulletin 10/2012
11/10/2012
Focus: Recent developments in consumer prices for oil products
Monthly Bulletin 10/2012
11/10/2012
Focus: Stock prices and economic growth
Monthly Bulletin 10/2012
08/10/2012
Structural Issues Report: Euro area labour markets and the crisis
[online only]
Press release:
28/09/2012
Euro Money Market Survey 2012
[online only]
Press release:
13/09/2012
Monthly Bulletin, September 2012
13/09/2012
Focus: Monetary policy measures decided by the Governing Council on 6 September 2012
Monthly Bulletin 9/2012
13/09/2012
Focus: Economic implications of the fiscal restraint in the United States in 2013
Monthly Bulletin 9/2012
13/09/2012
Focus: The adjustment of monetary statistics for repurchase agreement transactions with central counterparties
Monthly Bulletin 9/2012
13/09/2012
Focus: Developments in the financial account of the euro area balance of payments until June 2012
Monthly Bulletin 9/2012
13/09/2012
Focus: Liquidity conditions and monetary policy operations in the period from 9 May to 7 August 2012
Monthly Bulletin 9/2012
13/09/2012
Focus: Recent developments in food commodity prices and their implications for consumer food prices in the euro area
Monthly Bulletin 9/2012
13/09/2012
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin 9/2012
13/09/2012
Focus: The sustainability of government debt in Spain and Italy
Monthly Bulletin 9/2012
06/09/2012
ECB staff macroeconomic projections for the euro area
[online only]
09/08/2012
Monthly Bulletin, August 2012
09/08/2012
Article: Heterogeneity in euro area financial conditions and policy implications
Monthly Bulletin 8/2012
09/08/2012
Article: Assessing the financial conditions of the euro area private sector during the sovereign debt crisis
Monthly Bulletin 8/2012
09/08/2012
Focus: Recent developments in oil prices
Monthly Bulletin 8/2012
09/08/2012
Focus: The results of the euro area bank lending survey for the second quarter of 2012
Monthly Bulletin 8/2012
09/08/2012
Focus: Integrated euro area accounts for the first quarter of 2012
Monthly Bulletin 8/2012
09/08/2012
Focus: Results of the ECB survey of professional forecasters for the third quarter of 2012
Monthly Bulletin 8/2012
09/08/2012
Focus: Adjustment processes within the euro area: developments in Ireland, Greece, Spain, Cyprus and Portugal
Monthly Bulletin 8/2012
08/08/2012
Indicators of market segmentation - media request following the ECB press conference on 2 August 2012 Press conference
19/07/2012
Research Bulletin No. 16
[online only]
12/07/2012
Monthly Bulletin, July 2012
12/07/2012
Article: Monetary and fiscal policy interactions in a monetary union
Monthly Bulletin 7/2012
12/07/2012
Article: Assessing the anchoring of longer-term inflation expectations
Monthly Bulletin 7/2012
12/07/2012
Focus: How does the current recovery in selected advanced economies compare with an average recovery?
Monthly Bulletin 7/2012
12/07/2012
Focus: Recent developments in the euro area construction industry
Monthly Bulletin 7/2012
12/07/2012
Focus: Recent developments in the Okun relationship in the euro area
Monthly Bulletin 7/2012
12/07/2012
Focus: Fiscal challenges from population ageing: new evidence for the euro area
Monthly Bulletin 7/2012
14/06/2012
Monthly Bulletin, June 2012
14/06/2012
Focus: Recent developments in labour force participation in the euro area and the United States
Monthly Bulletin 6/2012
14/06/2012
Focus: Recent developments in international reserve holdings of central and eastern European non-euro area EU countries
Monthly Bulletin 6/2012
14/06/2012
Focus: Developments in the financial account of the euro area balance of payments until March 2012
Monthly Bulletin 6/2012
14/06/2012
Focus: Liquidity conditions and monetary policy operations in the period from 15 February to 8 May 2012
Monthly Bulletin 6/2012
14/06/2012
Focus: Rebalancing of competitiveness within the euro area and its implications for inflation
Monthly Bulletin 6/2012
14/06/2012
Focus: The forecast bias for euro area HICP inflation
Monthly Bulletin 6/2012
14/06/2012
Focus: The 2012 macroeconomic imbalance procedure
Monthly Bulletin 6/2012
14/06/2012
Focus: Business investment in 2012: evidence from short-term indicators and surveys
Monthly Bulletin 6/2012
14/06/2012
Focus: Developments in longer-term growth expectations for the euro area
Monthly Bulletin 6/2012
14/06/2012
Focus: Technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies
Monthly Bulletin 6/2012
14/06/2012
Focus: Forecasts by other institutions
Monthly Bulletin 6/2012
06/06/2012
Eurosystem staff macroeconomic projections for the euro area
[online only]
30/05/2012
Convergence Report 2012
10/05/2012
Monthly Bulletin, May 2012
10/05/2012
Article: A fiscal compact for a stronger Economic and Monetary Union
Monthly Bulletin 5/2012
10/05/2012
Article: Comparing the recent financial crisis in the United States and the euro area with the experience of Japan in the 1990s
Monthly Bulletin 5/2012
10/05/2012
Focus: Recent developments in the US housing market
Monthly Bulletin 5/2012
10/05/2012
Focus: The relationship between base money, broad money and risks to price stability
Monthly Bulletin 5/2012
10/05/2012
Focus: The results of the euro area bank lending survey for the first quarter of 2012
Monthly Bulletin 5/2012
10/05/2012
Focus: The results of the "Survey on the access to finance of small and medium-sized enterprises in the euro area: October 2011 to March 2012"
Monthly Bulletin 5/2012
10/05/2012
Focus: Integrated euro area accounts for the fourth quarter of 2011
Monthly Bulletin 5/2012
10/05/2012
Focus: Recent house price developments in the euro area
Monthly Bulletin 5/2012
10/05/2012
Focus: Results of the ECB survey of professional forecasters for the second quarter of 2012
Monthly Bulletin 5/2012
10/05/2012
Focus: Stockbuilding – theoretical considerations and recent developments
Monthly Bulletin 5/2012
10/05/2012
Focus: Identifying cyclical signals from euro area economic indicators
Monthly Bulletin 5/2012
25/04/2012
Annual Report 2011
12/04/2012
Monthly Bulletin, April 2012
12/04/2012
Article: The development of prices and costs during the 2008-09 recession
Monthly Bulletin 4/2012
12/04/2012
Article: Financial reporting in the Eurosystem
Monthly Bulletin 4/2012
12/04/2012
Focus: New statistical definition of euro area money market funds
Monthly Bulletin 4/2012
12/04/2012
Focus: Factors affecting lending to the private sector and the short-term outlook for money and loan dynamics
Monthly Bulletin 4/2012
12/04/2012
Focus: New standards for HICP weights
Monthly Bulletin 4/2012
12/04/2012
Focus: The anatomy of current account reversals
Monthly Bulletin 4/2012
12/04/2012
Focus: The new approach to seasonal adjustment1 of European aggregates in short-term statistics
Monthly Bulletin 4/2012
15/03/2012
Monthly Bulletin, March 2012
15/03/2012
Focus: The effective exchange rates of the euro - revised trade weights in the light of global economic integration
Monthly Bulletin 3/2012
15/03/2012
Focus: Recent developments in the financial account of the euro area balance of payments
Monthly Bulletin 3/2012
15/03/2012
Focus: Impact of the two three-year longer-term refinancing operations
Monthly Bulletin 3/2012
15/03/2012
Focus: Liquidity conditions and monetary policy operations in the period from 9 November 2011 to 14 February 2012
Monthly Bulletin 3/2012
15/03/2012
Focus: Developments in the issuance and yield spreads of euro area government debt securities
Monthly Bulletin 3/2012
15/03/2012
Focus: The impact of recent changes in indirect taxes on the HICP
Monthly Bulletin 3/2012
15/03/2012
Focus: Labour market adjustment in the euro area
Monthly Bulletin 3/2012
15/03/2012
Focus: Recent developments in consumer confidence and the link with private consumption
Monthly Bulletin 3/2012
15/03/2012
Focus: Longer-term developments in extra-euro area and intra-euro area trade
Monthly Bulletin 3/2012
15/03/2012
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin 3/2012
15/03/2012
Focus: Government debt projections in Portugal
Monthly Bulletin 3/2012
15/03/2012
Focus: Main elements of the fiscal compact
Monthly Bulletin 3/2012
15/03/2012
Focus: Cyclical adjustment of the government budget balance
Monthly Bulletin 3/2012
13/03/2012
The great financial crisis: Lessons for financial stability and monetary policy. An ECB colloquium held in honour of Lucas Papademos, 20-21 May 2010
08/03/2012
ECB staff macroeconomic projections for the euro area
[online only]
17/02/2012
Research Bulletin No. 15
[online only]
16/02/2012
Monthly Bulletin, February 2012
16/02/2012
Article: Money and credit growth after economic and financial crises - a historical global perspective
Monthly Bulletin 2/2012
16/02/2012
Article: Corporate indebtedness in the euro area
Monthly Bulletin 2/2012
16/02/2012
Article: Euro area cross-border financial flows
Monthly Bulletin 2/2012
16/02/2012
Focus: The results of the euro area bank lending survey for the fourth quarter of 2011
Monthly Bulletin 2/2012
16/02/2012
Focus: Implementation of new collateral rules and reserve requirements
Monthly Bulletin 2/2012
16/02/2012
Focus: A sectoral account perspective of imbalances in the euro area
Monthly Bulletin 2/2012
16/02/2012
Focus: Integrated euro area accounts for the third quarter of 2011
Monthly Bulletin 2/2012
16/02/2012
Focus: Base effects and their impact on HICP inflation in 2012
Monthly Bulletin 2/2012
16/02/2012
Focus: Average price increases since the euro cash changeover
Monthly Bulletin 2/2012
16/02/2012
Focus: Results of the ECB survey of professional forecasters for the first quarter of 2012
Monthly Bulletin 2/2012
19/01/2012
Monthly Bulletin, January 2012
19/01/2012
Article: The interplay of financial intermediaries and its impact on monetary analysis
Monthly Bulletin 1/2012
19/01/2012
Focus: The recent weakness in world trade
Monthly Bulletin 1/2012
19/01/2012
Focus: Money growth and uncertainty
Monthly Bulletin 1/2012
19/01/2012
Focus: Recent improvement in the euro area's international investment position
Monthly Bulletin 1/2012
19/01/2012
Focus: The impact of the first three-year longer-term refinancing operation
Monthly Bulletin 1/2012
19/01/2012
Focus: The evolution of consumer prices for oil products in 2011
Monthly Bulletin 1/2012
19/01/2012
Focus: Factors limiting the scope available for increases in domestic prices
Monthly Bulletin 1/2012
19/01/2012
Focus: Revised activity classification (NACE) in national accounts
Monthly Bulletin 1/2012
15/12/2011
Monthly Bulletin, December 2011
15/12/2011
Focus: Additional non-standard monetary policy measures decided by the governing council on 8 December 2011
Monthly Bulletin 12/2011
15/12/2011
Focus: Labour market mobility in the central and eastern European EU member states, compared with that of the euro area, Denmark and Sweden
Monthly Bulletin 12/2011
15/12/2011
Focus: Recent developments in the financial account of the euro area balance of payments
Monthly Bulletin 12/2011
15/12/2011
Focus: Liquidity conditions and monetary policy operations in the period from 10 August to 8 November 2011
Monthly Bulletin 12/2011
15/12/2011
Focus: Estimating real yields and break-even inflation rates following the recent intensification of the sovereign debt crisis
Monthly Bulletin 12/2011
15/12/2011
Focus: The results of the "Survey on the access to finance of small and medium-sized enterprises in the euro area"
Monthly Bulletin 12/2011
15/12/2011
Focus: Revisions to forecasts in the ECB survey of professional forecasters: end-2011 compared with end-2008
Monthly Bulletin 12/2011
15/12/2011
Focus: Output volatility in the euro area
Monthly Bulletin 12/2011
15/12/2011
Focus: Recent developments in the car industry in major euro area countries
Monthly Bulletin 12/2011
15/12/2011
Focus: Recent sectoral productivity developments in the euro area and the United States
Monthly Bulletin 12/2011
15/12/2011
Focus: Stronger EU economic governance framework comes into force
Monthly Bulletin 12/2011
15/12/2011
Focus: Fiscal devaluation - a tool for economic adjustment
Monthly Bulletin 12/2011
15/12/2011
Focus: Eurosystem staff macroeconomic projections for the euro area: forecasts by other institutions
Monthly Bulletin 12/2011
15/12/2011
Focus: Eurosystem staff macroeconomic projections for the euro area: technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies
Monthly Bulletin 12/2011
08/12/2011
Eurosystem staff macroeconomic projections for the euro area
[online only]
10/11/2011
Monthly Bulletin, November 2011
10/11/2011
Article: House price developments in the euro area and the United States
Monthly Bulletin 11/2011
10/11/2011
Article: Euro area markets for banks' long-term debt financing instruments: recent developments, state of integration and implications for monetary policy transmission
Monthly Bulletin 11/2011
10/11/2011
Focus: Recent developments in MFI loans to non-financial corporations broken down by economic sector
Monthly Bulletin 11/2011
10/11/2011
Focus: Integrated euro area accounts for the second quarter of 2011
Monthly Bulletin 11/2011
10/11/2011
Focus: Recent house price developments in the euro area
Monthly Bulletin 11/2011
10/11/2011
Focus: Results of the ECB survey of professional forecasters for the fourth quarter of 2011
Monthly Bulletin 11/2011
10/11/2011
Focus: Recent evidence on the uncertainty surrounding real-time estimates of the euro area output gap
Monthly Bulletin 11/2011
10/11/2011
Focus: Updating measures of euro area foreign demand to account for changes in the geographical structure of euro area exports
Monthly Bulletin 11/2011
28/10/2011
Research Bulletin No. 14
13/10/2011
Monthly Bulletin, October 2011
13/10/2011
Article: The supply of money - bank behaviour and the implications for monetary analysis
Monthly Bulletin 10/2011
13/10/2011
Article: Structural features of the distributive trades sectors and their impact on euro area price developments
Monthly Bulletin 10/2011
13/10/2011
Article: The financial crisis in the light of the euro area accounts: a flow-of-funds pespective
Monthly Bulletin 10/2011
13/10/2011
Focus: Financialisation of commodities and cross-market returns
Monthly Bulletin 10/2011
13/10/2011
Focus: Recent developments in the exchange rate of the Swiss franc against the euro
Monthly Bulletin 10/2011
13/10/2011
Focus: The results of the euro area bank lending survey for the third quarter of 2011
Monthly Bulletin 10/2011
13/10/2011
Focus: TARGET2 balances of national central banks in the euro area
Monthly Bulletin 10/2011
13/10/2011
Focus: Private sector involvement and its financial stability implications
Monthly Bulletin 10/2011
13/10/2011
Focus: The implications of external price pressures for euro area HICP inflation
Monthly Bulletin 10/2011
04/10/2011
Structural features of distributive trades and their impact on prices in the euro area
30/09/2011
Euro Money Market Survey 2011
[online only]
Press release:
15/09/2011
Monthly Bulletin, September 2011
15/09/2011
Focus: Driving forces behind recent money and loan dynamics
Monthly Bulletin 9/2011
15/09/2011
Focus: Recent developments in the financial account of the euro area balance of payments
Monthly Bulletin 9/2011
15/09/2011
Focus: Liquidity conditions and monetary policy operations in the period from 11 May to 9 August 2011
Monthly Bulletin 9/2011
15/09/2011
Focus: The Eurosystem's balance sheet in times of financial market tension
Monthly Bulletin 9/2011
15/09/2011
Focus: Financial markets in early August 2011 and the ECB's monetary policy measures
Monthly Bulletin 9/2011
15/09/2011
Focus: The recent slowdown in economic growth in the euro area
Monthly Bulletin 9/2011
15/09/2011
Focus: Indicators of euro area private consumption - current situation and avenues to explore
Monthly Bulletin 9/2011
15/09/2011
Focus: Euro area dependence on international supply chains
Monthly Bulletin 9/2011
15/09/2011
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin 9/2011
08/09/2011
ECB staff macroeconomic projections for the euro area
[online only]
11/08/2011
Monthly Bulletin, August 2011
11/08/2011
Article: Keeping the ECB's monetary and financial statistics fit for use
Monthly Bulletin 8/2011
11/08/2011
Focus: Statement by the President of the ECB on 7 August 2011
Monthly Bulletin 8/2011
11/08/2011
Focus: The results of the July 2011 bank lending survey for the euro area
Monthly Bulletin 8/2011
11/08/2011
Focus: Integrated euro area accounts for the first quarter of 2011
Monthly Bulletin 8/2011
11/08/2011
Focus: Results of the ECB Survey of Professional Forecasters for the third quarter of 2011
Monthly Bulletin 8/2011
11/08/2011
Focus: The current recovery from a historical perspective
Monthly Bulletin 8/2011
14/07/2011
Monthly Bulletin, July 2011
14/07/2011
Article: The ECB's non-standard measures - impact and phasing-out
Monthly Bulletin 7/2011
14/07/2011
Article: The European stability mechanism
Monthly Bulletin 7/2011
14/07/2011
Focus: Are recent wage increases in China putting upward pressure on euro area import prices?
Monthly Bulletin 7/2011
14/07/2011
Focus: The impact of loan sales and securitisation activity on recent developments in MFI loans to non-financial corporations and households
Monthly Bulletin 7/2011
14/07/2011
Focus: Analysis of government debt sustainability under the EU/IMF adjustment programme for Greece
Monthly Bulletin 7/2011
14/07/2011
Focus: Household spending, consumer confidence and durable consumption
Monthly Bulletin 7/2011
14/07/2011
Focus: Investment ratios in the euro area
Monthly Bulletin 7/2011
14/07/2011
Focus: Recent productivity developments in the euro area and the United States
Monthly Bulletin 7/2011
24/06/2011
Research Bulletin No. 13
16/06/2011
Monthly Bulletin, June 2011
16/06/2011
Focus: Inflation in the euro area and the United States: an assessment based on the Phillips curve
Monthly Bulletin 6/2011
16/06/2011
Focus: The experience of macroeconomic adjustment in the Baltic States
Monthly Bulletin 6/2011
16/06/2011
Focus: Euro area broad money growth and the unwinding of accumulated liquidity
Monthly Bulletin 6/2011
16/06/2011
Focus: Liquidity conditions and monetary policy operations in the period from 9 February to 10 May 2011
Monthly Bulletin 6/2011
16/06/2011
Focus: A cross-check of output gap estimates for the euro area with other cyclical indicators
Monthly Bulletin 6/2011
16/06/2011
Focus: Developments in the euro area balance of payments to March 2011
Monthly Bulletin 6/2011
16/06/2011
Focus: Back to Okun's Law? Recent developments in euro area output and unemployment
Monthly Bulletin 6/2011
16/06/2011
Focus: Past experience of EU countries with sustaining large primary budget surpluses
Monthly Bulletin 6/2011
16/06/2011
Focus: The impact of the global financial and economic crisis on public finances in central and eastern
Monthly Bulletin 6/2011
16/06/2011
Focus: Eurosystem staff macroeconomic projections for the euro area: technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies
Monthly Bulletin 6/2011
16/06/2011
Focus: Eurosystem staff macroeconomic projections for the euro area: forecasts by other institutions
Monthly Bulletin 6/2011
09/06/2011
Eurosystem staff macroeconomic projections for the euro area
[online only]
03/06/2011
Approaches to monetary policy revisited – lessons from the crisis. Sixth ECB Central Banking Conference 18-19 November 2010 Press release:
12/05/2011
Focus: The measurement and prediction of the euro area business cycle
Monthly Bulletin 5/2011
12/05/2011
Focus: Results of the ECB Survey of Professional Forecasters for the second quarter of 2011
Monthly Bulletin 5/2011
12/05/2011
Focus: Integrated euro area accounts for the fourth quarter of 2010
Monthly Bulletin 5/2011
12/05/2011
Monthly Bulletin, May 2011
12/05/2011
Focus: The results of the "Survey on the access to finance of small and medium-sized enterprises in the euro area"
Monthly Bulletin 5/2011
12/05/2011
Focus: Euro area trade in services: specialisation patterns and recent trends
Monthly Bulletin 5/2011
12/05/2011
Focus: Global economic repercussions of the earthquake in Japan
Monthly Bulletin 5/2011
12/05/2011
Focus: The results of the April 2011 bank lending survey for the euro area
Monthly Bulletin 5/2011
06/05/2011
The monetary policy of the ECB (third edition)
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Press release:
02/05/2011
Annual Report 2010
14/04/2011
Focus: Recent housing market developments in the euro area
Monthly Bulletin 4/2011
14/04/2011
Focus: Methodological changes in the compilation of the HICP and their impact on recent data
Monthly Bulletin 4/2011
14/04/2011
Focus: The use of trade credit by euro area non-financial corporations
Monthly Bulletin 4/2011
14/04/2011
Focus: Political tensions in the Middle East and North Africa: economic implications for the euro area
Monthly Bulletin 4/2011
14/04/2011
Monthly Bulletin, April 2011
14/04/2011
Article: Ensuring fiscal sustainability in the euro area
Monthly Bulletin 4/2011
14/04/2011
Focus: Revisions to euro area GDP growth
Monthly Bulletin 4/2011
14/04/2011
Focus: Sectoral developments in employment and hours worked in the euro area
Monthly Bulletin 4/2011
10/03/2011
Monthly Bulletin, March 2011
10/03/2011
Article: The reform of economic governance in the euro area - essential elements
Monthly Bulletin 3/2011
10/03/2011
Focus: The importance of the euro area as an export destination
Monthly Bulletin 3/2011
10/03/2011
Focus: Permanent and temporary factors in broad money growth
Monthly Bulletin 3/2011
10/03/2011
Focus: Liquidity conditions and monetary policy operations in the period from 10 November 2010 to 8 February 2011
Monthly Bulletin 3/2011
10/03/2011
Focus: Explaining the recent decoupling between growth in MFI loans for house purchase and consumer credit
Monthly Bulletin 3/2011
10/03/2011
Focus: Gauging the impact of indirect taxation on euro area HICP inflation
Monthly Bulletin 3/2011
10/03/2011
Focus: Recent revisions to forecasts for activity growth
Monthly Bulletin 3/2011
10/03/2011
Focus: Recent developments in the euro area balance of payments
Monthly Bulletin 3/2011
10/03/2011
Focus: Labour market mobility and transitions in labour market status in the euro area
Monthly Bulletin 3/2011
10/03/2011
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin 3/2011
10/03/2011
Focus: Government debt dynamics and primary budget balance developments in the EU Member States
Monthly Bulletin 3/2011
03/03/2011
ECB staff macroeconomic projections for the euro area
[online only]
10/02/2011
Monthly Bulletin, February 2011
10/02/2011
Article: Inflation expectations in the euro area: a review of recent developments
Monthly Bulletin 2/2011
10/02/2011
Article: The information content of option prices during the financial crisis
Monthly Bulletin 2/2011
10/02/2011
Focus: The Estonian MFI sector and its impact on monetary statistics for the euro area
Monthly Bulletin 2/2011
10/02/2011
Focus: The results of the January 2011 bank lending survey for the euro area
Monthly Bulletin 2/2011
10/02/2011
Focus: Developments in the international investment position of the euro area in 2008 and 2009
Monthly Bulletin 2/2011
10/02/2011
Focus: Integrated euro area accounts for the third quarter of 2010
Monthly Bulletin 2/2011
10/02/2011
Focus: Recent and prospective movements in HICP inflation: the role of base effects
Monthly Bulletin 2/2011
10/02/2011
Focus: Results of the ECB survey of professional forecasters for the first quarter of 2011
Monthly Bulletin 2/2011
10/02/2011
Focus: The current euro area recovery across expenditure components from a historical perspective
Monthly Bulletin 2/2011
10/02/2011
Focus: Investment outlook in the euro area: an assessment based on survey and capacity utilisation data
Monthly Bulletin 2/2011
04/02/2011
The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures
[online only]
Press release:
20/01/2011
Monthly Bulletin, January 2011
20/01/2011
Article: Recent developments in loans to the private sector
Monthly Bulletin 1/2011
20/01/2011
Article: Trends in potential output
Monthly Bulletin 1/2011
20/01/2011
Article: The financial crisis and the strengthening of global policy cooperation
Monthly Bulletin 1/2011
20/01/2011
Focus: Recent developments in food commodity prices
Monthly Bulletin 1/2011
20/01/2011
Focus: Estonia adopts the euro
Monthly Bulletin 1/2011
20/01/2011
Focus: Revisiting the impact of asset transfers to “bad banks” on MFI credit to the euro area private sector
Monthly Bulletin 1/2011
20/01/2011
Focus: Determinants of inflation differentials in the euro area
Monthly Bulletin 1/2011
20/01/2011
Focus: The forecasting performance of expert surveys
Monthly Bulletin 1/2011
21/12/2010
Euro Money Market Study 2010
[online only]
Press release:
09/12/2010
Monthly Bulletin, December 2010
09/12/2010
Focus: The economic recovery in the central and eastern European EU countries
Monthly Bulletin 12/2010
09/12/2010
Focus: The impact of the yield curve on recent developments in monetary aggregates
Monthly Bulletin 12/2010
09/12/2010
Focus: Liquidity conditions and monetary policy operations in the period from 11 August to 9 November 2010
Monthly Bulletin 12/2010
09/12/2010
Focus: Recent housing market developments in the euro area
Monthly Bulletin 12/2010
09/12/2010
Focus: Developments in the euro area and global car industries
Monthly Bulletin 12/2010
09/12/2010
Focus: Recent unemployment developments in the euro area
Monthly Bulletin 12/2010
09/12/2010
Focus: Recent developments in EU financial stability arrangements
Monthly Bulletin 12/2010
09/12/2010
Focus: Technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies
Monthly Bulletin 12/2010
09/12/2010
Focus: Forecasts by other institutions
Monthly Bulletin 12/2010
02/12/2010
Eurosystem staff macroeconomic projections for the euro area
[online only]
12/11/2010
Article: Asset price bubbles and monetary policy revisited
Monthly Bulletin 11/2010
12/11/2010
Article: Enhancing monetary analysis
Monthly Bulletin 11/2010
11/11/2010
Monthly Bulletin, November 2010
11/11/2010
Focus: The roles of various industries in recent developments in MFI loans to non-financial corporations
Monthly Bulletin 11/2010
11/11/2010
Focus: The results of the October 2010 bank lending survey for the euro area
Monthly Bulletin 11/2010
11/11/2010
Focus: The results of the “Survey on the access to finance of small and medium-sized enterprises in the euro area”
Monthly Bulletin 11/2010
11/11/2010
Focus: Integrated euro area accounts for the second quarter of 2010
Monthly Bulletin 11/2010
11/11/2010
Focus: Drivers of recent inflation developments
Monthly Bulletin 11/2010
11/11/2010
Focus: Results of the ECB Survey of Professional Forecasters for the fourth quarter of 2010
Monthly Bulletin 11/2010
18/10/2010
Article: The ECB's response to the financial crisis
Monthly Bulletin 10/2010
14/10/2010
Monthly Bulletin, October 2010
14/10/2010
Enhancing monetary analysis Press release:
14/10/2010
Focus: The growing importance of emerging economies
Monthly Bulletin 10/2010
14/10/2010
Focus: Trends in world trade following the financial crisis
Monthly Bulletin 10/2010
14/10/2010
Focus: Recent developments in euro area money market funds
Monthly Bulletin 10/2010
14/10/2010
Focus: The recovery of production capacity utilisation in the euro area
Monthly Bulletin 10/2010
14/10/2010
Focus: The euro area job vacancy rate: a new statistical series
Monthly Bulletin 10/2010
23/09/2010
Euro Money Market Survey 2010
[online only]
Press release:
09/09/2010
Monthly Bulletin, September 2010
09/09/2010
Focus: The impact of US housing support initiatives on recent housing market developments
Monthly Bulletin 9/2010
09/09/2010
Focus: The role of inter-MFI transactions in recent MFI balance sheet developments
Monthly Bulletin 9/2010
09/09/2010
Focus: Liquidity conditions and monetary policy operations in the period from 12 May 2010 to 10 August 2010
Monthly Bulletin 9/2010
09/09/2010
Focus: A comparison of trends in euro area commercial and residential property prices
Monthly Bulletin 9/2010
09/09/2010
Focus: A real-time database for the euro area
Monthly Bulletin 9/2010
09/09/2010
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin 9/2010
09/09/2010
Focus: Fiscal anchoring amid uncertainty
Monthly Bulletin 9/2010
02/09/2010
ECB staff macroeconomic projections for the euro area
[online only]
12/08/2010
Monthly Bulletin, August 2010
12/08/2010
Article: Oil prices - their determinants and impact on euro area inflation and the macroeconomy
Monthly Bulletin 8/2010
12/08/2010
Article: Recent developments in global and euro area trade
Monthly Bulletin 8/2010
12/08/2010
Focus: The funding of euro area MFIs through the issuance of debt securities
Monthly Bulletin 8/2010
12/08/2010
Focus: The results of the July 2010 bank lending survey for the euro area
Monthly Bulletin 8/2010
12/08/2010
Focus: Covered bond market developments and the covered bond purchase programme
Monthly Bulletin 8/2010
12/08/2010
Focus: An assessment of the capital shortfall revealed in the EU-wide stress-testing exercise
Monthly Bulletin 8/2010
12/08/2010
Focus: Integrated euro area accounts for the first quarter of 2010
Monthly Bulletin 8/2010
12/08/2010
Focus: Euro area house prices and the rent component of the HICP
Monthly Bulletin 8/2010
12/08/2010
Focus: Results of the ECB Survey of Professional Forecasters for the third quarter of 2010
Monthly Bulletin 8/2010
12/08/2010
Focus: The introduction of the euro in Estonia on 1 January 2011
Monthly Bulletin 8/2010
15/07/2010
Monthly Bulletin, July 2010
15/07/2010
Article: Labour market adjustments to the recession in the euro area
Monthly Bulletin 7/2010
15/07/2010
Article: The effectiveness of euro area fiscal policies
Monthly Bulletin 7/2010
15/07/2010
Article: The impact of the financial crisis on the central and eastern European countries
Monthly Bulletin 7/2010
15/07/2010
Focus: New statistical series of hours worked, productivity and labour costs for the euro area
Monthly Bulletin 7/2010
15/07/2010
Focus: Household consumption of durable goods during the latest recession
Monthly Bulletin 7/2010
15/07/2010
Focus: A comparison of employment developments in the euro area and the United States
Monthly Bulletin 7/2010
15/07/2010
Focus: China’s reform of the renminbi exchange rate regime
Monthly Bulletin 7/2010
08/07/2010
Monthly Report on the Eurosystem's covered bond purchase programme, June 2010
[online only]
17/06/2010
Monthly Bulletin, June 2010
17/06/2010
Focus: Euro area money growth and the “Securities Markets Programme”
Monthly Bulletin 6/2010
17/06/2010
Focus: Liquidity conditions and monetary policy operations in the period from 10 February 2010 to 11 May 2010
Monthly Bulletin 6/2010
17/06/2010
Focus: Developments in financial markets in early May
Monthly Bulletin 6/2010
17/06/2010
Focus: Agricultural commodities and euro area HICP food prices
Monthly Bulletin 6/2010
17/06/2010
Focus: Recent labour supply developments
Monthly Bulletin 6/2010
17/06/2010
Focus: Fiscal consolidations: past experience, costs and benefits
Monthly Bulletin 6/2010
17/06/2010
Focus: Gross government debt and government financial assets in the euro area
Monthly Bulletin 6/2010
17/06/2010
Focus: Technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies
Monthly Bulletin 6/2010
17/06/2010
Focus: Forecasts by other institutions
Monthly Bulletin 6/2010
17/06/2010
Focus: Financial turmoil and euro area cross-border financial flows
Monthly Bulletin 6/2010
10/06/2010
Monthly Report on the Eurosystem's covered bond purchase programme, May 2010
[online only]
10/06/2010
Eurosystem staff macroeconomic projections for the euro area
[online only]
13/05/2010
Monthly Bulletin, May 2010
13/05/2010
Article: Monetary policy transmission in the euro area, a decade after the introduction of the euro
Monthly Bulletin 5/2010
13/05/2010
Article: The "Great Inflation": lessons for monetary policy
Monthly Bulletin 5/2010
13/05/2010
Focus: Additional measures decided by the Governing Council
Monthly Bulletin 5/2010
13/05/2010
Focus: Real estate developments in the euro area and their impact on loans to the private sector
Monthly Bulletin 5/2010
13/05/2010
Focus: The results of the April 2010 bank lending survey for the euro area
Monthly Bulletin 5/2010
13/05/2010
Focus: The size and composition of government borrowing in the euro area
Monthly Bulletin 5/2010
13/05/2010
Focus: Financial integration and the financial crisis in 2008: a cross-border portfolio allocation perspective
Monthly Bulletin 5/2010
13/05/2010
Focus: The Greek economic and financial adjustment programme
Monthly Bulletin 5/2010
13/05/2010
Focus: Integrated euro area accounts for the fourth quarter of 2009
Monthly Bulletin 5/2010
13/05/2010
Focus: Wage developments in the euro area and the United States during the recent economic downturn: a comparative analysis
Monthly Bulletin 5/2010
13/05/2010
Focus: Recent housing market developments in the euro area
Monthly Bulletin 5/2010
13/05/2010
Focus: Results of the ECB Survey of Professional Forecasters for the second quarter of 2010
Monthly Bulletin 5/2010
13/05/2010
Focus: Extra-euro area export prices and exchange rate pass-through
Monthly Bulletin 5/2010
13/05/2010
Focus: Recent developments in the gross external debt of the euro area
Monthly Bulletin 5/2010
12/05/2010
Convergence Report 2010
06/05/2010
Monthly Report on the Eurosystem's covered bond purchase programme, April 2010
[online only]
23/04/2010
Results of the public consultation on ABS loan-level information in the Eurosystem collateral framework
[online only]
Public consultation
19/04/2010
Annual Report 2009
15/04/2010
Monthly Bulletin, April 2010
15/04/2010
Article: Tools for preparing short-term projections of the euro area inflation
Monthly Bulletin 4/2010
15/04/2010
Focus: Prospects for the labour market recovery in the United States
Monthly Bulletin 4/2010
15/04/2010
Focus: Weak money growth: a review of past episodes
Monthly Bulletin 4/2010
15/04/2010
Focus: Money markets' reaction to announcements regarding the phasing-out of non-standard measures
Monthly Bulletin 4/2010
15/04/2010
Focus: Profit developments and their behaviour after periods of recession
Monthly Bulletin 4/2010
15/04/2010
Focus: Business investment, capacity utilisation and demand
Monthly Bulletin 4/2010
15/04/2010
Focus: The current euro area recovery across economic sectors from a historical perspective
Monthly Bulletin 4/2010
15/04/2010
Focus: The international dimension of bank deleveraging
Monthly Bulletin 4/2010
08/04/2010
Monthly Report on the Eurosystem's covered bond purchase programme
[online only]
22/03/2010
Research Bulletin No. 9
11/03/2010
Monthly Bulletin, March 2010
11/03/2010
Focus: Oil capacity investment and the economic downturn
Monthly Bulletin 3/2010
11/03/2010
Focus: The impact that "bad banks" have on MFI balance sheet statistics
Monthly Bulletin 3/2010
11/03/2010
Focus: Liquidity conditions and monetary policy operations in the period from 11 November 2009 to 9 February 2010
Monthly Bulletin 3/2010
11/03/2010
Focus: The results of the "Survey on the access to finance of small and medium-sized enterprises in the euro area: second half of 2009"
Monthly Bulletin 3/2010
11/03/2010
Focus: Recent developments in consumers' and professionals' inflation expectations in the euro area
Monthly Bulletin 3/2010
11/03/2010
Focus: The carry-over effect on annual average real GDP growth
Monthly Bulletin 3/2010
11/03/2010
Focus: Compilation, usefulness and recent developments in the euro area consumer confidence indicator
Monthly Bulletin 3/2010
11/03/2010
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin 3/2010
11/03/2010
Focus: Fiscal sustainability challenges in the euro area
Monthly Bulletin 3/2010
11/03/2010
Focus: Carry trades and exchange rates
Monthly Bulletin 3/2010
04/03/2010
Monthly Report on the Eurosystem's covered bond purchase programme, February 2010
[online only]
04/03/2010
ECB staff macroeconomic projections for the euro area
[online only]
11/02/2010
Monthly Bulletin, February 2010
11/02/2010
Article: Euro repo markets and the financial market turmoil
Monthly Bulletin 2/2010
11/02/2010
Focus: The results of the January 2010 bank lending survey for the euro area
Monthly Bulletin 2/2010
11/02/2010
Focus: Integrated euro area accounts for the third quarter of 2009
Monthly Bulletin 2/2010
11/02/2010
Focus: Recent housing market developments in the euro area
Monthly Bulletin 2/2010
11/02/2010
Focus: Results of the ECB Survey of Professional Forecasters for the first quarter of 2010
Monthly Bulletin 2/2010
11/02/2010
Focus: Recent developments in euro area trade
Monthly Bulletin 2/2010
04/02/2010
Monthly Report on the Eurosystem's covered bond purchase programme, January 2010
[online only]
21/01/2010
Monthly Bulletin, January 2010
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21/01/2010
Article: The ECB's monetary policy stance during the financial crisis
Monthly Bulletin 1/2010
21/01/2010
Article: Entitlements of households under government pension schemes in the euro area – results on the basis of the new system of national accounts
Monthly Bulletin 1/2010
21/01/2010
Focus: External adjustment in central and eastern Europe
Monthly Bulletin 1/2010
21/01/2010
Focus: New statistics on euro area investment funds
Monthly Bulletin 1/2010
21/01/2010
Focus: Base effects and their impact on HICP inflation in 2010
Monthly Bulletin 1/2010
21/01/2010
Focus: Measuring perceptions of macroeconomic uncertainty
Monthly Bulletin 1/2010
21/01/2010
Focus: International trade developments and revision of the effective exchange rates of the euro
Monthly Bulletin 1/2010
14/01/2010
Monthly Report on the Eurosystem's covered bond purchase programme, December 2009
[online only]
10/12/2009
Monthly Bulletin, December 2009
10/12/2009
Focus: Monetary policy regimes and macroeconomic stability
Monthly Bulletin 12/2009
10/12/2009
Focus: Recent developments in repurchase agreements
Monthly Bulletin 12/2009
10/12/2009
Focus: Liquidity conditions and monetary policy operations in the period from 12 August to 10 November 2009
Monthly Bulletin 12/2009
10/12/2009
Focus: An assessment of recent developments in long-term forward break-even inflation rates
Monthly Bulletin 12/2009
10/12/2009
Focus: Developments in MFI loans to non-financial corporations by industry
Monthly Bulletin 12/2009
10/12/2009
Focus: Household saving behaviour in the euro area
Monthly Bulletin 12/2009
10/12/2009
Focus: Recent developments in euro area productivity
Monthly Bulletin 12/2009
10/12/2009
Focus: The European Commission's 2009 Sustainability Report
Monthly Bulletin 12/2009
10/12/2009
Focus: Technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies
Monthly Bulletin 12/2009
10/12/2009
Focus: Forecasts by other institutions
Monthly Bulletin 12/2009
10/12/2009
Focus: Methodological changes in the compilation of the euro area balance of payments and international investment position
Monthly Bulletin 12/2009
03/12/2009
Monthly Report on the Eurosystem's covered bond purchase programme, November 2009
[online only]
03/12/2009
Eurosystem staff macroeconomic projections for the euro area
[online only]
03/12/2009
New procedure for constructing Eurosystem and ECB staff projection ranges
[online only]
12/11/2009
Monthly Bulletin, November 2009
12/11/2009
Article: Central bank communication in periods of heightened uncertainty
Monthly Bulletin 11/2009
12/11/2009
Article: Monetary analysis in an environment of financial turmoil
Monthly Bulletin 11/2009
12/11/2009
Article: The latest euro area recession in a historical context
Monthly Bulletin 11/2009
12/11/2009
Focus: The role of MFI external assets and liabilities in the recent deleveraging process
Monthly Bulletin 11/2009
12/11/2009
Focus: The results of the October 2009 bank lending survey for the euro area
Monthly Bulletin 11/2009
12/11/2009
Focus: A modernised legal framework for the collection of statistical information by the ECB
Monthly Bulletin 11/2009
12/11/2009
Focus: Integrated euro area accounts for the second quarter of 2009
Monthly Bulletin 11/2009
12/11/2009
Focus: New statistical series measuring the impact of indirect taxes on HICP inflation
Monthly Bulletin 11/2009
12/11/2009
Focus: Developments in profit margins
Monthly Bulletin 11/2009
12/11/2009
Focus: Results of the ECB Survey of Professional Forecasters for the fourth quarter of 2009
Monthly Bulletin 11/2009
05/11/2009
Monthly report on the Eurosystem’s covered bond purchase programme October 2009
[online only]
15/10/2009
Monthly Bulletin, October 2009
15/10/2009
Article: Monetary policy and loan supply in the euro area
Monthly Bulletin 10/2009
15/10/2009
Article: Recent developments in the balance sheets of the euro system, the federal reserve system and the Bank of Japan
Monthly Bulletin 10/2009
15/10/2009
Article: Financial development in emerging economies - stock-taking and policy implications
Monthly Bulletin 10/2009
15/10/2009
Focus: Loans to the non-financial private sector over the business cycle in the euro area
Monthly Bulletin 10/2009
15/10/2009
Focus: The results of the first round of the "Survey on the access to finance of small and medium-sized enterprises in the euro area"
Monthly Bulletin 10/2009
15/10/2009
Focus: Recent trends in the HICP excluding food and energy
Monthly Bulletin 10/2009
15/10/2009
Focus: The effects of vehicle scrapping schemes across euro area countries
Monthly Bulletin 10/2009
15/10/2009
Focus: Links between output and unemployment in the euro area
Monthly Bulletin 10/2009
08/10/2009
Monthly report on the Eurosystem’s covered bond purchase programme September 2009
[online only]
24/09/2009
Euro Money Market Survey 2009
[online only]
Press release:
10/09/2009
Monthly Bulletin, September 2009
10/09/2009
Focus: The risks of protectionism
Monthly Bulletin 9/2009
10/09/2009
Focus: Recent developments in the short-term deposit holdings of euro area households
Monthly Bulletin 9/2009
10/09/2009
Focus: Liquidity conditions and monetary policy operations in the period from 13 May to 11 August 2009
Monthly Bulletin 9/2009
10/09/2009
Focus: New evidence on credit and liquidity premia in selected euro area sovereign yields
Monthly Bulletin 9/2009
10/09/2009
Focus: The links between economic activity and inflation in the euro area
Monthly Bulletin 9/2009
10/09/2009
Focus: Recent developments in euro area capacity utilisation and factors limiting economic activity
Monthly Bulletin 9/2009
10/09/2009
Focus: The composition of the recent decline in employment in the euro area
Monthly Bulletin 9/2009
10/09/2009
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin 9/2009
10/09/2009
Focus: Domestic fiscal rules and institutions as a complement to the EU fiscal framework
Monthly Bulletin 9/2009
10/09/2009
Focus: Experience with government debt reduction in euro area countries
Monthly Bulletin 9/2009
03/09/2009
ECB staff macroeconomic projections for the euro area
[online only]
03/09/2009
Monthly report on the Eurosystem’s covered bond purchase programme August 2009
[online only]
13/08/2009
Monthly Bulletin, August 2009
13/08/2009
Article: Housing finance in the euro area
Monthly Bulletin 8/2009
13/08/2009
Article: Recent developments in the retail bank interest rate pass-through in the euro area
Monthly Bulletin 8/2009
13/08/2009
Focus: Institutional differences between mortgage markets in the euro area and the United States
Monthly Bulletin 8/2009
13/08/2009
Focus: The results of the July 2009 bank lending survey for the euro area
Monthly Bulletin 8/2009
13/08/2009
Focus: The impact of the first one-year longer-term refinancing operation
Monthly Bulletin 8/2009
13/08/2009
Focus: Integrated euro area accounts for the first quarter of 2009
Monthly Bulletin 8/2009
13/08/2009
Focus: Results of the ECB Survey of Professional Forecasters for the third quarter of 2009
Monthly Bulletin 8/2009
13/08/2009
Focus: Uncertainty and the economic prospects for the euro area
Monthly Bulletin 8/2009
13/08/2009
Focus: Seasonal adjustment of short-term economic indicators for the euro area in the current recession
Monthly Bulletin 8/2009
06/08/2009
Monthly report on the Eurosystem’s covered bond purchase programme July 2009
[online only]
09/07/2009
Monthly Bulletin, July 2009
09/07/2009
Article: The impact of government support to the banking sector on euro area public finances
Monthly Bulletin 7/2009
09/07/2009
Article: The implementation of monetary policy since August 2007
Monthly Bulletin 7/2009
09/07/2009
Focus: Some considerations regarding the driving forces behind non-financial corporations' M3 deposit holding
Monthly Bulletin 7/2009
09/07/2009
Focus: A comparison of the developments in euro area sovereign bond spreads and US state bond spreads during the financial turmoil
Monthly Bulletin 7/2009
09/07/2009
Focus: A comparison of recent developments in euro area and US bank interest rates
Monthly Bulletin 7/2009
09/07/2009
Focus: Potential output estimates for the euro area
Monthly Bulletin 7/2009
09/07/2009
Focus: Euro area investment in the current downturn
Monthly Bulletin 7/2009
09/07/2009
Focus: Changes in the euro area international investment position in 2008
Monthly Bulletin 7/2009
11/06/2009
Monthly Bulletin, June 2009
11/06/2009
Focus: Recent developments in MFIs' purchases of debt securities issued by the euro area general government sector
Monthly Bulletin 6/2009
11/06/2009
Focus: Liquidity conditions and monetary policy operations in the period from 11 February to 12 May 2009
Monthly Bulletin 6/2009
11/06/2009
Focus: External financing of non-financial corporations in the euro area and the United States
Monthly Bulletin 6/2009
11/06/2009
Focus: Recent developments in selected measures of underlying inflation for the euro area
Monthly Bulletin 6/2009
11/06/2009
Focus: Recent housing market developments in the euro area
Monthly Bulletin 6/2009
11/06/2009
Focus: Labour market adjustments during the current contraction of economic activity
Monthly Bulletin 6/2009
11/06/2009
Focus: The 2009 Ageing Report: updated projections for age-related public expenditure
Monthly Bulletin 6/2009
11/06/2009
Focus: Technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies
Monthly Bulletin 6/2009
11/06/2009
Focus: Forecasts by other institutions
Monthly Bulletin 6/2009
11/06/2009
Focus: The downturn in euro area trade
Monthly Bulletin 6/2009
04/06/2009
Eurosystem staff macroeconomic projections for the euro area
[online only]
14/05/2009
Monthly Bulletin, May 2009
14/05/2009
Article: Expectations and the conduct of monetary policy
Monthly Bulletin 5/2009
14/05/2009
Focus: Effects of the oil price decline on the current accounts of selected economies
Monthly Bulletin 5/2009
14/05/2009
Focus: The results of the April 2009 bank lending survey for the euro area
Monthly Bulletin 5/2009
14/05/2009
Focus: Integrated euro area accounts for the fourth quarter of 2008
Monthly Bulletin 5/2009
14/05/2009
Focus: Results of the ECB Survey of Professional Forecasters for the second quarter of 2009
Monthly Bulletin 5/2009
14/05/2009
Focus: Recent developments in stock building
Monthly Bulletin 5/2009
14/05/2009
Focus: The construction industry in the downturn
Monthly Bulletin 5/2009
14/05/2009
Focus: Recent developments in extra-euro area trade prices and price competitiveness
Monthly Bulletin 5/2009
29/04/2009
Price stability: why is it important for you? (2009 update including Slovakia)
Will be available in all EU languages
21/04/2009
Annual Report 2008
15/04/2009
Article: The external financing of households and non-financial corporations: a comparison of the euro area and the United States
Monthly Bulletin 4/2009
15/04/2009
Article: Revisions to GDP estimates in the euro area
Monthly Bulletin 4/2009
15/04/2009
Article: The functional composition of government spending in the European Union
Monthly Bulletin 4/2009
09/04/2009
Monthly Bulletin, April 2009
09/04/2009
Focus: US recessions: what can be learned from the past?
Monthly Bulletin 4/2009
09/04/2009
Focus: How are government measures supporting the financial system reflected on the balance sheets of euro area credit institutions?
Monthly Bulletin 4/2009
09/04/2009
Focus: Financial integration in Europe: main findings of the 2009 report
Monthly Bulletin 4/2009
09/04/2009
Focus: Recent changes in short-term statistics
Monthly Bulletin 4/2009
09/04/2009
Focus: How are forecasts in the ECB Survey of Professional Forecasters formed? Results of a special questionnaire
Monthly Bulletin 4/2009
09/04/2009
Focus: A comparison of the current recession in the euro area economy and its two main branches with past periods of recession
Monthly Bulletin 4/2009
09/04/2009
Focus: Structural policy priorities for the euro area
Monthly Bulletin 4/2009
30/03/2009
Housing finance in the euro area. Structural issues report
[online only]
25/03/2009
Research Bulletin No. 8
12/03/2009
Monthly Bulletin, March 2009
12/03/2009
Focus: The recent sharp contraction in world trade from a historical perspective
Monthly Bulletin 3/2009
12/03/2009
Focus: Liquidity conditions and monetary policy operations in the period from 12 November 2008 to 10 February 2009
Monthly Bulletin 3/2009
12/03/2009
Focus: How have governments' bank rescue packages affected investors' perceptions of credit risk?
Monthly Bulletin 3/2009
12/03/2009
Focus: The current period of disinflation in the euro area
Monthly Bulletin 3/2009
12/03/2009
Focus: The development of projections for euro area growth in 2009
Monthly Bulletin 3/2009
12/03/2009
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin 3/2009
12/03/2009
Focus: The effectiveness of various fiscal measures to stimulate the economy
Monthly Bulletin 3/2009
12/03/2009
Focus: The legal framework for ensuring sound fiscal policies in EMU
Monthly Bulletin 3/2009
05/03/2009
ECB staff macroeconomic projections for the euro area
[online only]
12/02/2009
Monthly Bulletin, February 2009
12/02/2009
Article: New survey evidence on wage setting in Europe
Monthly Bulletin 2/2009
12/02/2009
Article: Assessing global trends in protectionism
Monthly Bulletin 2/2009
12/02/2009
Focus: The Slovak MFI sector and its impact on monetary statistics for the euro area
Monthly Bulletin 2/2009
12/02/2009
Focus: Publication of data on MFI loans to the private sector adjusted for sales and securitisation
Monthly Bulletin 2/2009
12/02/2009
Focus: The results of the January 2009 bank lending survey for the euro area
Monthly Bulletin 2/2009
12/02/2009
Focus: Recent housing market developments in the euro area
Monthly Bulletin 2/2009
12/02/2009
Focus: Results of the ECB Survey of Professional Forecasters for the first quarter of 2009
Monthly Bulletin 2/2009
12/02/2009
Focus: The recent exceptional rise in exchange rate volatility
Monthly Bulletin 2/2009
02/02/2009
Euro Money Market Study 2008
[online only]
Press release:
22/01/2009
Monthly Bulletin, January 2009
22/01/2009
Article: Housing wealth and private consumption in the euro area
Monthly Bulletin 1/2009
22/01/2009
Focus: Tracking extraordinary portfolio shifts into money during the period of financial turmoil
Monthly Bulletin 1/2009
22/01/2009
Focus: Loan-deposit margins in the euro area
Monthly Bulletin 1/2009
22/01/2009
Focus: Why is services inflation higher than goods inflation in the euro area?
Monthly Bulletin 1/2009
22/01/2009
Focus: The adoption of the euro by Slovakia
Monthly Bulletin 1/2009
11/12/2008
Monthly Bulletin, December 2008
11/12/2008
Focus: Euro area non-energy commodity price indices compiled by the ECB
Monthly Bulletin 12/2008
11/12/2008
Focus: Recent developments in the balance sheets of euro area credit institutions
Monthly Bulletin 12/2008
11/12/2008
Focus: Liquidity conditions and monetary policy operations in the period from 13 August to 11 November 2008
Monthly Bulletin 12/2008
11/12/2008
Focus: Computing long-term interest rate assumptions from the euro area yield curve
Monthly Bulletin 12/2008
11/12/2008
Focus: The implications of the money market tensions for the pass-through of MFI interest rates
Monthly Bulletin 12/2008
11/12/2008
Focus: Accounting for recent and prospective movements in HICP inflation: the role of base effects
Monthly Bulletin 12/2008
11/12/2008
Focus: Developments in potential output in the light of changes in oil prices and credit risk premia
Monthly Bulletin 12/2008
11/12/2008
Focus: Structural policies in times of crisis
Monthly Bulletin 12/2008
11/12/2008
Focus: Technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies
Monthly Bulletin 12/2008
11/12/2008
Focus: Forecasts by other institutions
Monthly Bulletin 12/2008
11/12/2008
Focus: New euro area industrial import price and industrial producer export price indices
Monthly Bulletin 12/2008
04/12/2008
Eurosystem staff macroeconomic projections for the euro area
[online only]
13/11/2008
Monthly Bulletin, November 2008
13/11/2008
Article: Monitoring labour cost developments across euro area countries
Monthly Bulletin 11/2008
13/11/2008
Article: Valuing stock markets and the equity risk premium
Monthly Bulletin 11/2008
13/11/2008
Focus: The results of the October 2008 bank lending survey for the euro area
Monthly Bulletin 11/2008
13/11/2008
Focus: Recent widening in euro area sovereign bond yield spreads
Monthly Bulletin 11/2008
13/11/2008
Focus: Recent increases in real yields and their implications for the analysis of inflation expectations
Monthly Bulletin 11/2008
13/11/2008
Focus: Abnormal volatility in global stock markets
Monthly Bulletin 11/2008
13/11/2008
Focus: Results of the ECB Survey of Professional Forecasters for the fourth quarter of 2008
Monthly Bulletin 11/2008
13/11/2008
Focus: The reliability of survey data during periods of financial turmoil
Monthly Bulletin 11/2008
12/11/2008
The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures
[DE, EN, ES, FR and IT will be available as hard copies in due course]
Press release:
09/10/2008
Article: Ten years of the stability and growth pact
Monthly Bulletin 10/2008
09/10/2008
Monthly Bulletin, October 2008
09/10/2008
Focus: The informational content of real M1 growth for real GDP growth in the euro area
Monthly Bulletin 10/2008
09/10/2008
Focus: Trends in non-energy industrial goods prices
Monthly Bulletin 10/2008
09/10/2008
Focus: Recent changes in the geographical composition of euro area foreign demand
Monthly Bulletin 10/2008
26/09/2008
Euro Money Market Survey 2008
[online only]
Press release:
11/09/2008
Monthly Bulletin, September 2008
11/09/2008
Focus: Food price developments in the central and eastern European EU countries outside the euro area
Monthly Bulletin 9/2008
11/09/2008
Focus: Financial activity in the oil markets
Monthly Bulletin 9/2008
11/09/2008
Focus: The impact of traditional true-sale securitisation on recent MFI loan developments
Monthly Bulletin 9/2008
11/09/2008
Focus: Impact of transactions and valuation effects on the value of euro area investment funds
Monthly Bulletin 9/2008
11/09/2008
Focus: Liquidity conditions and monetary policy operations in the period from 14 May 2008 to 12 August 2008
Monthly Bulletin 9/2008
11/09/2008
Focus: Recent developments in the term structure of break-even inflation rates in the euro area
Monthly Bulletin 9/2008
11/09/2008
Focus: Developments in listed non-financial corporations' internal funds
Monthly Bulletin 9/2008
11/09/2008
Focus: Non-oil energy price developments
Monthly Bulletin 9/2008
11/09/2008
Focus: Developments in total hours worked in the euro area: a long-term perspective
Monthly Bulletin 9/2008
11/09/2008
Focus: Youth unemployment in the euro area
Monthly Bulletin 9/2008
11/09/2008
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin 9/2008
04/09/2008
ECB staff macroeconomic projections for the euro area
[online only]
04/09/2008
New procedure for constructing ECB staff projection ranges
14/08/2008
Monthly Bulletin, August 2008
14/08/2008
Article: The external dimension of monetary analysis
Monthly Bulletin 8/2008
14/08/2008
Article: The role of banks in the monetary policy transmission mechanism
Monthly Bulletin 8/2008
14/08/2008
Focus: Linkages between developments in MFI net external assets and other counterparts of M3
Monthly Bulletin 8/2008
14/08/2008
Focus: The results of the July 2008 bank lending survey for the euro area
Monthly Bulletin 8/2008
14/08/2008
Focus: Recent developments in M&A activity by euro area non-financial corporations
Monthly Bulletin 8/2008
14/08/2008
Focus: Profit developments in the euro area
Monthly Bulletin 8/2008
14/08/2008
Focus: Results of the ECB Survey of Professional Forecasters for the third quarter of 2008
Monthly Bulletin 8/2008
14/08/2008
Focus: The introduction of the euro in Slovakia on 1 January 2009
Monthly Bulletin 8/2008
14/08/2008
Focus: The impact of the financial turmoil on euro area cross-border financial flows
Monthly Bulletin 8/2008
10/07/2008
Monthly Bulletin, July 2008
10/07/2008
Article: One monetary policy and many fiscal policies: ensuring a smooth functioning of EMU
Monthly Bulletin 7/2008
10/07/2008
Focus: A comparison of MFI loans as a source of household financing in the euro area, the United Kingdom and the United States
Monthly Bulletin 7/2008
10/07/2008
Focus: Recent developments in the cost of equity for euro area firms
Monthly Bulletin 7/2008
10/07/2008
Focus: Recent developments in consumer oil energy prices
Monthly Bulletin 7/2008
10/07/2008
Focus: Recent housing market developments in the euro area
Monthly Bulletin 7/2008
10/07/2008
Focus: Recent developments in private consumption and the impact of price increases
Monthly Bulletin 7/2008
10/07/2008
Focus: Labour supply and employment in the euro area: developments and challenges
Monthly Bulletin 7/2008
10/07/2008
Focus: Oil-bill recycling and its impact on extra-euro area exports
Monthly Bulletin 7/2008
25/06/2008
Structural issues report 2008 - Labour supply and employment in the euro area countries: developments and challenges
20/06/2008
Research Bulletin No:7
05/06/2008
Eurosystem staff macroeconomic projections for the euro area
[online only]
03/06/2008
Price stability: why is it important for you?
(booklet, 78 p., update of the 2007 edition)
01/06/2008
Monthly Bulletin, June 2008
01/06/2008
Focus: What accounts for the surge in global food prices?
Monthly Bulletin 6/2008
01/06/2008
Focus: Recent shifts between different categories of financial asset held by households
Monthly Bulletin 6/2008
01/06/2008
Focus: Liquidity conditions and monetary policy operations in the period from 13 February 2008 to 13 May 2008
Monthly Bulletin 6/2008
01/06/2008
Focus: Recent developments in the earnings of euro area firms
Monthly Bulletin 6/2008
01/06/2008
Focus: A comparison of spreads on corporate debt financing in the euro area and the United States
Monthly Bulletin 6/2008
01/06/2008
Focus: Recent developments in sectoral wage and labour costs in the euro area
Monthly Bulletin 6/2008
01/06/2008
Focus: Recent trends in labour productivity growth in the euro area and the United States
Monthly Bulletin 6/2008
01/06/2008
Focus: Discretionary fiscal policies, automatic stabilisation and economic uncertainty
Monthly Bulletin 6/2008
01/06/2008
Focus: Technical assumptions
Monthly Bulletin 6/2008
01/06/2008
Focus: Forecasts by other institutions
Monthly Bulletin 6/2008
01/06/2008
Focus: Revaluation of the Slovak koruna within ERM II
Monthly Bulletin 6/2008
15/05/2008
Article: Price stability and growth
Monthly Bulletin 5/2008
15/05/2008
Article: The Eurosystem's open market operations during the recent period of financial market volatility
Monthly Bulletin 5/2008
15/05/2008
Monthly Bulletin, May 2008
15/05/2008
Focus: Underlying monetary dynamics: concept and quantitative illustration
Monthly Bulletin 5/2008
15/05/2008
Focus: The results of the April 2008 bank lending survey for the euro area
Monthly Bulletin 5/2008
15/05/2008
Focus: Recent developments in government bond yield spreads
Monthly Bulletin 5/2008
15/05/2008
Focus: Judging sectoral inflation developments on the basis of national accounts data
Monthly Bulletin 5/2008
15/05/2008
Focus: Wage indexation mechanisms in euro area countries
Monthly Bulletin 5/2008
15/05/2008
Focus: Results of the ECB Survey of Professional Forecasters for the second quarter of 2008
Monthly Bulletin 5/2008
15/05/2008
Focus: Recent developments in euro area services activity
Monthly Bulletin 5/2008
07/05/2008
Convergence Report 2008
21/04/2008
Annual Report 2007
17/04/2008
Monthly Bulletin, April 2008
17/04/2008
Article: Business investment in the euro area and the role of firms' financial positions
Monthly Bulletin 4/2008
17/04/2008
Article: Short-term forecasts of economic activity in the euro area
Monthly Bulletin 4/2008
17/04/2008
Focus: Recent developments in bond market liquidity premia and implications for break-even inflation rates
Monthly Bulletin 4/2008
17/04/2008
Focus: Recent developments in euro area services price inflation
Monthly Bulletin 4/2008
17/04/2008
Focus: The 2008 update of the integrated policy guidelines of the Lisbon strategy
Monthly Bulletin 4/2008
17/04/2008
Focus: Developments in extra-euro area exports
Monthly Bulletin 4/2008
13/03/2008
Monthly Bulletin, March 2008
13/03/2008
Focus: Aggregating world GDP - the role of exchange rates
Monthly Bulletin 3/2008
13/03/2008
Focus: EU cohesion policy in central and eastern European countries
Monthly Bulletin 3/2008
13/03/2008
Focus: The importance of accounting standards for interpreting MFI loan statistics
Monthly Bulletin 3/2008
13/03/2008
Focus: Liquidity conditions and monetary policy operations in the period from 14 November 2007 to 12 February 2008
Monthly Bulletin 3/2008
13/03/2008
Focus: Stock market volatility in the light of the financial market turmoil
Monthly Bulletin 3/2008
13/03/2008
Focus: The determinants of non-financial corporations' cash holdings: a microeconomic analysis
Monthly Bulletin 3/2008
13/03/2008
Focus: Recent developments in selected measures of underlying inflation for the euro area
Monthly Bulletin 3/2008
13/03/2008
Focus: European Commission investment survey for the manufacturing sector
Monthly Bulletin 3/2008
13/03/2008
Focus: Employment developments in the euro area construction sector
Monthly Bulletin 3/2008
13/03/2008
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin 3/2008
06/03/2008
ECB staff macroeconomic projections for the euro area
[online only]
25/02/2008
The role of money - money and monetary policy in the 21st century. Proceedings of the 4th ECB Central Banking Conference 2006 Press release
14/02/2008
Monthly Bulletin, February 2008
14/02/2008
Article: The analysis of the euro money market from a monetary policy perspective
Monthly Bulletin 2/2008
14/02/2008
Article: Securitisation in the euro area
Monthly Bulletin 2/2008
14/02/2008
Article: The new euro area yield curves
Monthly Bulletin 2/2008
14/02/2008
Focus: Stylised facts about the MFI sectors of Cyprus and Malta and their impact on monetary data for the euro area
Monthly Bulletin 2/2008
14/02/2008
Focus: The results of the January 2008 bank lending survey for the euro area
Monthly Bulletin 2/2008
14/02/2008
Focus: How cross-border correlations in equity markets have changed during the recent financial turmoil
Monthly Bulletin 2/2008
14/02/2008
Focus: Recent developments in euro area residential property prices
Monthly Bulletin 2/2008
14/02/2008
Focus: Results of the ECB Survey of Professional Forecasters for the first quarter of 2008
Monthly Bulletin 2/2008
31/01/2008
ECB Payments and monetary and financial stability
17/01/2008
Monthly Bulletin, January 2008
17/01/2008
Article: Productivity developments and monetary policy
Monthly Bulletin 1/2008
17/01/2008
Article: Globalisation, trade and the euro area macroeconomy
Monthly Bulletin 1/2008
17/01/2008
Article: The Eurosystem’s experience with forecasting autonomous factors and excess reserves
Monthly Bulletin 1/2008
17/01/2008
Focus: Recent liquidity operations and their impact on monetary aggregates
Monthly Bulletin 1/2008
17/01/2008
Focus: Review of statistics on payments and securities trading, clearing and settlement
Monthly Bulletin 1/2008
17/01/2008
Focus: Accounting for recent and prospective movements in HICP inflation: the role of base effects
Monthly Bulletin 1/2008
17/01/2008
Focus: Labour productivity developments in the euro area: results from the latest release of the EU KLEMS database
Monthly Bulletin 1/2008
17/01/2008
Focus: The euro area following the entry of Cyprus and Malta
Monthly Bulletin 1/2008
17/01/2008
Focus: Recent developments in the international investment position of the euro area
Monthly Bulletin 1/2008
13/12/2007
Monthly Bulletin, December 2007
13/12/2007
Focus: New estimates on holdings by sector for euro area M3
Monthly Bulletin 12/2007
13/12/2007
Focus: Liquidity conditions and monetary policy operations in the period from 8 August to 13 November 2007
Monthly Bulletin 12/2007
13/12/2007
Focus: Evidence of the impact of recent financial market tensions, as revealed by bank lending surveys in major industrialised economies
Monthly Bulletin 12/2007
13/12/2007
Focus: Euro area food prices: recent developments and outlook
Monthly Bulletin 12/2007
13/12/2007
Focus: The European Union's common agricultural policy against the background of globally rising food prices
Monthly Bulletin 12/2007
13/12/2007
Focus: Measures of longer-term inflation expectations from the ECB Survey of Professional Forecasters: a more detailed analysis of recent developments
Monthly Bulletin 12/2007
13/12/2007
Focus: Political commitments and the Stability and Growth Pact
Monthly Bulletin 12/2007
13/12/2007
Focus: The Treaty of Lisbon
Monthly Bulletin 12/2007
13/12/2007
Focus: Technical assumptions
Monthly Bulletin 12/2007
13/12/2007
Focus: Forecasts by other institutions
Monthly Bulletin 12/2007
06/12/2007
Eurosystem staff macroeconomic projections for the euro area
[online only]
19/11/2007
Euro Money Market Survey 2007
[online only]
Press release:
15/11/2007
Monthly Bulletin, November 2007
15/11/2007
Article: The stock market’s changing structure and its consolidation: implications for the efficiency of the financial system and monetary policy
Monthly Bulletin 11/2007
15/11/2007
Focus: The short-term outlook for global growth: a PMI-based assessment
Monthly Bulletin 11/2007
15/11/2007
Focus: The impact of the financial market turmoil on monetary and credit developments
Monthly Bulletin 11/2007
15/11/2007
Focus: Impact of the credit market tensions on LBO activity
Monthly Bulletin 11/2007
15/11/2007
Focus: Recent developments in consumers' inflation perceptions and expectations in the euro area
Monthly Bulletin 11/2007
15/11/2007
Focus: Results of the ECB Survey of Professional Forecasters for the fourth quarter of 2007
Monthly Bulletin 11/2007
15/11/2007
Focus: Recent revisions to euro area unemployment statistics
Monthly Bulletin 11/2007
11/10/2007
Monthly Bulletin, October 2007
11/10/2007
Article: Long-term developments in MFI loans to households in the euro area: main patterns and determinants
Monthly Bulletin 10/2007
11/10/2007
Article: The collateral frameworks of the Federal Reserve System, the Bank of Japan and the Eurosystem
Monthly Bulletin 10/2007
11/10/2007
Focus: New euro area historical series on MFI loans to households and non-financial corporations
Monthly Bulletin 10/2007
11/10/2007
Focus: The results of the October 2007 bank lending survey for the euro area
Monthly Bulletin 10/2007
11/10/2007
Focus: The recent repricing of credit risk
Monthly Bulletin 10/2007
11/10/2007
Focus: Volatility and cross-country dispersion of corporate earnings in the euro area
Monthly Bulletin 10/2007
11/10/2007
Focus: Capacity utilisation in the euro area: measures and implications
Monthly Bulletin 10/2007
11/10/2007
Focus: Sectoral patterns of total factor productivity growth in the euro area countries
Monthly Bulletin 10/2007
13/09/2007
Monthly Bulletin, September 2007
ENGLISH
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13/09/2007
Focus: House price developments in central and eastern European countries
Monthly Bulletin 9/2007
13/09/2007
Focus: Liquidity conditions and monetary policy operations from 15 May to 7 August 2007
Monthly Bulletin 9/2007
13/09/2007
Focus: The ECB's additional open market operations in the period from 8 August to 5 September 2007
Monthly Bulletin 9/2007
13/09/2007
Focus: Seasonality in break-even inflation rates
Monthly Bulletin 9/2007
13/09/2007
Focus: The relationship between listed companies' earnings growth and output growth in the economy as a whole
Monthly Bulletin 9/2007
13/09/2007
Focus: Recent developments in non-financial corporations' leverage ratios
Monthly Bulletin 9/2007
13/09/2007
Focus: Recent food price developments in world markets and the euro area
Monthly Bulletin 9/2007
13/09/2007
Focus: Euro area employment in 2006: a more balanced growth
Monthly Bulletin 9/2007
13/09/2007
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin 9/2007
13/09/2007
Focus: Flat taxes in central and eastern Europe
Monthly Bulletin 9/2007
06/09/2007
ECB staff macroeconomic projections for the euro area
[online only]
09/08/2007
Monthly Bulletin, August 2007
ENGLISH
OTHER LANGUAGES (1) +
Select your language
09/08/2007
Focus: The results of the July 2007 bank lending survey for the euro area
Monthly Bulletin 8/2007
09/08/2007
Focus: Volatility of the overnight interest rate and its transmission along the euro area money market yield curve
Monthly Bulletin 8/2007
09/08/2007
Focus: M&A activity and stock market developments in the euro area
Monthly Bulletin 8/2007
09/08/2007
Focus: Results of the ECB Survey of Professional Forecasters for the third quarter of 2007
Monthly Bulletin 8/2007
09/08/2007
Focus: Recent developments in consumer confidence
Monthly Bulletin 8/2007
09/08/2007
Focus: Introduction of the euro in Cyprus and Malta on 1 January 2008
Monthly Bulletin 8/2007
12/07/2007
Monthly Bulletin, July 2007
12/07/2007
Article: Interpreting monetary developments since mid-2004
Monthly Bulletin 7/2007
12/07/2007
Article: Oil-exporting countries: key structural features, economic developments and oil revenue recycling
Monthly Bulletin 7/2007
12/07/2007
Focus: Developments in MFI gross external assets and liabilities
Monthly Bulletin 7/2007
12/07/2007
Focus: Recent developments in the retail bank interest rate pass-through in the euro area
Monthly Bulletin 7/2007
12/07/2007
Focus: Current account balances across the euro area countries from a savings and investment perspective
Monthly Bulletin 7/2007
26/06/2007
The euro bonds and derivates markets
[online only]
Press release:
15/06/2007
Monetary policy: A journey from theory to practice
14/06/2007
Monthly Bulletin, June 2007
14/06/2007
Focus: Actual versus perceived inflation developments in the countries that joined the EU in May 2004
Monthly Bulletin 6/2007
14/06/2007
Focus: Investments in mixed funds: nature and motivations
Monthly Bulletin 6/2007
14/06/2007
Focus: Liquidity conditions and monetary policy operations in the period from 14 February 2007 to 14 May 2007
Monthly Bulletin 6/2007
14/06/2007
Focus: Financial statement information on listed non-financial corporations
Monthly Bulletin 6/2007
14/06/2007
Focus: What is behind the surge in private equity activity?
Monthly Bulletin 6/2007
14/06/2007
Focus: The cyclical pattern of loans to households and non-financial corporations in the euro area
Monthly Bulletin 6/2007
14/06/2007
Focus: Developments in euro area profits
Monthly Bulletin 6/2007
14/06/2007
Focus: Assessing recent developments in inventories
Monthly Bulletin 6/2007
14/06/2007
Focus: Recent developments in the household and corporate sectors: information from new quarterly euro area sector accounts
Monthly Bulletin 6/2007
14/06/2007
Focus: Government wage developments in the euro area
Monthly Bulletin 6/2007
14/06/2007
Focus: Technical assumptions
Monthly Bulletin 6/2007
14/06/2007
Focus: Forecasts by other institutions
Monthly Bulletin 6/2007
14/06/2007
Focus: Is the downward impact of globalisation on import prices waning?
Monthly Bulletin 6/2007
11/06/2007
Structural issues report 2007 - Corporate finance in the euro area, May 2007 Press release:
06/06/2007
Eurosystem staff macroeconomic projections for the euro area
[online only]
17/05/2007
Article: Share buybacks in the euro area
Monthly Bulletin 5/2007
17/05/2007
Article: Determinants of growth on the EU Member States of central and eastern Europe
Monthly Bulletin 5/2007
17/05/2007
Article: Competition in and economic performance of the euro area services sector
Monthly Bulletin 5/2007
17/05/2007
Article: Measured inflation and inflation perceptions in the euro area
Monthly Bulletin 5/2007
16/05/2007
Convergence Report May 2007
01/05/2007
Monthly Bulletin, May 2007
01/05/2007
Focus: The results of the April 2007 bank lending survey for the euro area
Monthly Bulletin 5/2007
01/05/2007
Focus: The sectoral breakdown of the private sector securities held by monetary financial institutions
Monthly Bulletin 5/2007
01/05/2007
Focus: Demand for bonds by institutional investors and bond yield developments in the euro area
Monthly Bulletin 5/2007
01/05/2007
Focus: Measuring and assessing the impact of administered prices on HICP inflation
Monthly Bulletin 5/2007
01/05/2007
Focus: Recent developments in euro area residential property prices
Monthly Bulletin 5/2007
01/05/2007
Focus: Results of the ECB Survey of Professional Forecasters for the second quarter of 2007
Monthly Bulletin 5/2007
23/04/2007
Annual Report 2006
19/04/2007
Monthly Bulletin, April 2007
19/04/2007
Article: Communicating monetary policy to financial markets
Monthly Bulletin 4/2007
19/04/2007
Article: Output growth differentials in the euro area: sources and implications
Monthly Bulletin 4/2007
19/04/2007
Article: From government deficit to debt: bridging the gap
Monthly Bulletin 4/2007
19/04/2007
Focus: Recent changes in the composition of growth in credit to euro area residents
Monthly Bulletin 4/2007
19/04/2007
Focus: Long-term debt securities issuance by MFIs since the early 1990s
Monthly Bulletin 4/2007
19/04/2007
Focus: Long-term real and inflation risk premia in the euro area bond market
Monthly Bulletin 4/2007
19/04/2007
Focus: Gauging stock market uncertainty using option-implied distributions
Monthly Bulletin 4/2007
19/04/2007
Focus: The 2007 update of the Integrated Policy Guidelines for the implementation of the Lisbon Strategy by the euro area member states
Monthly Bulletin 4/2007
19/04/2007
Focus: Sectoral employment developments in the euro area
Monthly Bulletin 4/2007
19/04/2007
Focus: Revaluation of the Slovak koruna within ERM II
Monthly Bulletin 4/2007
19/04/2007
Focus: Oil-bill recycling and extra-euro area exports
Monthly Bulletin 4/2007
15/03/2007
Monthly Bulletin, March 2007
15/03/2007
Focus: Liquidity conditions and monetary policy operations from 8 November 2006 to 13 February 2007
Monthly Bulletin 3/2007
15/03/2007
Focus: The development of international ages between government bond yield curves in the euro area and the United States
Monthly Bulletin 3/2007
15/03/2007
Focus: Changes in bank lending rates and new housing loans in the euro area
Monthly Bulletin 3/2007
15/03/2007
Focus: A detailed look at HICP changes in January each year and a comparison with developments in other months
Monthly Bulletin 3/2007
15/03/2007
Focus: European Commission investment survey
Monthly Bulletin 3/2007
15/03/2007
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin 3/2007
15/03/2007
Focus: The fiscal policy requirements of the Treaty establishing the European Community and the Stability and Growth Pact
Monthly Bulletin 3/2007
15/03/2007
Focus: The effective exchange rates of the euro following the recent euro area and EU enlargements
Monthly Bulletin 3/2007
08/03/2007
ECB staff macroeconomic projections for the euro area
[online only]
15/02/2007
Monthly Bulletin, February 2007
15/02/2007
Article: Challenges to fiscal sustainability in the euro area
Monthly Bulletin 2/2007
15/02/2007
Focus: Implications of the entry of Slovenia into the euro area for monetary statistics
Monthly Bulletin 2/2007
15/02/2007
Focus: The results of the January 2007 bank lending survey for the euro area
Monthly Bulletin 2/2007
15/02/2007
Focus: Stock prices and earnings in the euro area
Monthly Bulletin 2/2007
15/02/2007
Focus: Results of the ECB Survey of Professional Forecasters for the first quarter of 2007
Monthly Bulletin 2/2007
15/02/2007
Focus: Recent developments in construction
Monthly Bulletin 2/2007
15/02/2007
Focus: The introduction of harmonised competitiveness indicators for euro area countries
Monthly Bulletin 2/2007
13/02/2007
Euro Money Market Study 2006 Indexed data for the euro money market survey 2006: en
Press release:
18/01/2007
Monthly Bulletin, January 2007
18/01/2007
Article: The enlarged EU and euro area economy
Monthly Bulletin 1/2007
18/01/2007
Article: Developments in the structural features of euro area labour markets over the last decade
Monthly Bulletin 1/2007
18/01/2007
Article: Putting China's economic expansion in perspective
Monthly Bulletin 1/2007
18/01/2007
Focus: Developments in short-term debt securities within M3
Monthly Bulletin 1/2007
18/01/2007
Focus: Factors underlying the strong acceleration of loans to euro area non-financial corporations
Monthly Bulletin 1/2007
18/01/2007
Focus: The role of base effects in driving recent and prospective developments in HICP inflation
Monthly Bulletin 1/2007
18/01/2007
Focus: Developments in survey data on limits to manufacturing production
Monthly Bulletin 1/2007
18/01/2007
Focus: Explaining changes in the net international investment position of the euro area
Monthly Bulletin 1/2007
14/12/2006
Monthly Bulletin, December 2006
14/12/2006
Focus: Household investment in insurance corporations and pension funds
Monthly Bulletin 12/2006
14/12/2006
Focus: Liquidity conditions and monetary policy operations from 9 August 2006 to 7 November 2006
Monthly Bulletin 12/2006
14/12/2006
Focus: The recent flattening of the euro area yield curve: what role was played by risk premia?
Monthly Bulletin 12/2006
14/12/2006
Focus: Recent trends in leveraged buyout transactions in the euro area
Monthly Bulletin 12/2006
14/12/2006
Focus: Estimates of housing wealth for households in the euro area
Monthly Bulletin 12/2006
14/12/2006
Focus: Using national accounts data to gauge price pressures in the euro area
Monthly Bulletin 12/2006
14/12/2006
Focus: Recent labour force developments in the euro area
Monthly Bulletin 12/2006
14/12/2006
Focus: Long-term fiscal sustainability in the euro area
Monthly Bulletin 12/2006
14/12/2006
Focus: Eurosystem staff macroeconomic projections for the euro area: technical assumptions
Monthly Bulletin 12/2006
14/12/2006
Focus: Eurosystem staff macroeconomic projections for the euro area: forecasts by other institutions
Monthly Bulletin 12/2006
07/12/2006
Eurosystem staff macroeconomic projections for the euro area
[online only]
05/12/2006
Convergence Report December 2006
09/11/2006
Monthly Bulletin, November 2006
09/11/2006
Article: Financial development in central, eastern and south-eastern Europe
Monthly Bulletin 11/2006
09/11/2006
Article: The Eurosystem's experience with fine-tuning operations at the end of the reserve maintenance period
Monthly Bulletin 11/2006
09/11/2006
Article: Monetary policy "activism"
Monthly Bulletin 11/2006
09/11/2006
Focus: Global imbalances: recent developments and policy requirements
Monthly Bulletin 11/2006
09/11/2006
Focus: The results of the October 2006 bank lending survey for the euro area
Monthly Bulletin 11/2006
09/11/2006
Focus: Worldwide trends in monetary aggregates: some conceptual issues
Monthly Bulletin 11/2006
09/11/2006
Focus: The outlook for corporate credit spreads in the euro area
Monthly Bulletin 11/2006
09/11/2006
Focus: Recent developments in oil and petrol prices
Monthly Bulletin 11/2006
09/11/2006
Focus: Results of the ECB Survey of Professional Forecasters for the fourth quarter of 2006
Monthly Bulletin 11/2006
09/11/2006
Focus: Recent developments in euro area investment
Monthly Bulletin 11/2006
09/11/2006
Focus: Determinants of the services sector employment share in the euro area
Monthly Bulletin 11/2006
12/10/2006
Monthly Bulletin, October 2006
12/10/2006
Article: Integrated financial and non-financial accounts for the institutional sectors in the euro area
Monthly Bulletin 10/2006
12/10/2006
Article: Demographic change in the euro area: projections and consequences
Monthly Bulletin 10/2006
12/10/2006
Focus: Developments in US bond yields and stock prices after peaks in the federal funds target rate
Monthly Bulletin 10/2006
12/10/2006
Focus: Recent developments in euro area wage drift
Monthly Bulletin 10/2006
15/09/2006
The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures Press release:
07/09/2006
Monthly Bulletin, September 2006
07/09/2006
Focus: Sectoral money holdings and the information content of money with respect to inflation
Monthly Bulletin 9/2006
07/09/2006
Focus: Liquidity conditions and monetary policy operations from 10 May 2006 to 8 August 2006
Monthly Bulletin 9/2006
07/09/2006
Focus: Why have listed non-financial corporations in the euro area increased their cash holdings over the last three years?
Monthly Bulletin 9/2006
07/09/2006
Focus: Assessing recent movements in consumers' inflation expectations
Monthly Bulletin 9/2006
07/09/2006
Focus: Recent developments in total hours worked in the euro area
Monthly Bulletin 9/2006
07/09/2006
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin 9/2006
31/08/2006
ECB staff macroeconomic projections for the euro area
[online only]
10/08/2006
Monthly Bulletin, August 2006
10/08/2006
Article: Sectoral money holding: determinants and recent developments
Monthly Bulletin 8/2006
10/08/2006
Focus: New euro area historical series on holdings of M3 deposits by sector
Monthly Bulletin 8/2006
10/08/2006
Focus: The results of the July 2006 bank lending survey for the euro area
Monthly Bulletin 8/2006
10/08/2006
Focus: Results of the ECB Survey of Professional Forecasters for the third quarter of 2006
Monthly Bulletin 8/2006
10/08/2006
Focus: Seasonal and calendar effects on euro area GDP
Monthly Bulletin 8/2006
10/08/2006
Focus: Adoption of the euro by Slovenia as from 1 January 2007
Monthly Bulletin 8/2006
10/08/2006
Focus: Effects of the rising trade integration of low-cost countries on euro area import prices
Monthly Bulletin 8/2006
13/07/2006
Monthly Bulletin, July 2006
13/07/2006
Article: Measures of inflation expectations in the euro area
Monthly Bulletin 7/2006
13/07/2006
Article: Competitiveness and the export performance of the euro area
Monthly Bulletin 7/2006
13/07/2006
Focus: Recent developments in MFI longer-term financial liabilities
Monthly Bulletin 7/2006
13/07/2006
Focus: The Eurosystem's operational framework and the volatility of the overnight interest rate
Monthly Bulletin 7/2006
13/07/2006
Focus: Estimation of constant-maturity index-linked bond yields and break-even inflation rates for the euro area
Monthly Bulletin 7/2006
13/07/2006
Focus: Recent trends in merger and acquisition activity in the euro area
Monthly Bulletin 7/2006
13/07/2006
Focus: Prices of industrial raw materials and producer price pressures in the euro area
Monthly Bulletin 7/2006
15/06/2006
Monthly Bulletin, June 2006
15/06/2006
Focus: Measuring world growth: do weights matter?
Monthly Bulletin 6/2006
15/06/2006
Focus: Inflation forecasts derived from monetary indicators
Monthly Bulletin 6/2006
15/06/2006
Focus: Liquidity conditions and monetary policy operations from 8 February 2006 to 9 May 2006
Monthly Bulletin 6/2006
15/06/2006
Focus: Developments in the composition of euro area and US stock market indices
Monthly Bulletin 6/2006
15/06/2006
Focus: Profitability and leverage developments of listed non-financial corporations in the euro area
Monthly Bulletin 6/2006
15/06/2006
Focus: Nature and developments in write-offs/write-downs of household loans in the euro area
Monthly Bulletin 6/2006
15/06/2006
Focus: Recent trends in residential property prices in the euro area
Monthly Bulletin 6/2006
15/06/2006
Focus: The reliability of estimates of euro area GDP growth and its components
Monthly Bulletin 6/2006
15/06/2006
Focus: Fiscal sustainability in stability programmes: assessment in ECOFIN Council opinions
Monthly Bulletin 6/2006
15/06/2006
Focus: Eurosystem staff macroeconomic projections for the euro area: technical assumptions
Monthly Bulletin 6/2006
15/06/2006
Focus: Eurosystem staff macroeconomic projections for the euro area: forecasts by other institutions
Monthly Bulletin 6/2006
08/06/2006
Eurosystem staff macroeconomic projections for the euro area
[online only]
16/05/2006
Convergence Report May 2006
11/05/2006
Monthly Bulletin, May 2006
11/05/2006
Article: Equity issuance in the euro area
Monthly Bulletin 5/2006
11/05/2006
Focus: Longer-term developments in loans to the private sector
Monthly Bulletin 5/2006
11/05/2006
Focus: The results of the April 2006 bank lending survey for the euro area
Monthly Bulletin 5/2006
11/05/2006
Focus: Results of the ECB Survey of Professional Forecasters for the second quarter of 2006
Monthly Bulletin 5/2006
11/05/2006
Focus: Estimates of the euro area capital stock
Monthly Bulletin 5/2006
11/05/2006
Focus: The usefulness of business tendency survey indicators for conjunctural analysis
Monthly Bulletin 5/2006
25/04/2006
Annual Report 2005
12/04/2006
Monthly Bulletin, April 2006
12/04/2006
Article: The importance of public expenditure reform for economic growth and stability
Monthly Bulletin 4/2006
12/04/2006
Article: Monetary and exchange rate arrangements of the euro area with selected third countries and territories
Monthly Bulletin 4/2006
12/04/2006
Focus: Factors explaining the robust growth of M1
Monthly Bulletin 4/2006
12/04/2006
Focus: How is news about macroeconomic fundamentals incorporated into the euro area bond market?
Monthly Bulletin 4/2006
12/04/2006
Focus: Latest developments in sectoral wages and labour costs in the euro area
Monthly Bulletin 4/2006
12/04/2006
Focus: Labour productivity and price developments in the euro area services sector: the role of competition
Monthly Bulletin 4/2006
12/04/2006
Focus: Cross-border labour mobility within the enlarged EU
Monthly Bulletin 4/2006
12/04/2006
Focus: A comparison of employment developments in the euro area and the United States since 1995
Monthly Bulletin 4/2006
12/04/2006
Focus: How close are the co-movements of main currencies?
Monthly Bulletin 4/2006
09/03/2006
Monthly Bulletin, March 2006
09/03/2006
Focus: Recent inflation developments in the new EU Member States and the impact of EU accession
Monthly Bulletin 3/2006
09/03/2006
Focus: China's national account revisions
Monthly Bulletin 3/2006
09/03/2006
Focus: The resumption of the unwinding of portfolio shifts in the fourth quarter of 2005
Monthly Bulletin 3/2006
09/03/2006
Focus: Liquidity conditions and monetary policy operations from 9 November 2005 to 7 February 2006
Monthly Bulletin 3/2006
09/03/2006
Focus: The factors behind the recent decoupling of euro area stock prices from those in the United States
Monthly Bulletin 3/2006
09/03/2006
Focus: Development and nature of non-MFI loans to households
Monthly Bulletin 3/2006
09/03/2006
Focus: New compilation and publication practices for the euro area HICP
Monthly Bulletin 3/2006
09/03/2006
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin 3/2006
09/03/2006
Focus: Projections on the impact of ageing on public expenditure
Monthly Bulletin 3/2006
02/03/2006
ECB staff macroeconomic projections for the euro area
[online only]
09/02/2006
Monthly Bulletin, February 2006
09/02/2006
Article: Assessing house price developments in the euro area
Monthly Bulletin 2/2006
09/02/2006
Article: Fiscal policies and financial markets
Monthly Bulletin 2/2006
09/02/2006
Focus: The results of the January 2006 bank lending survey for the euro area
Monthly Bulletin 2/2006
09/02/2006
Focus: Does the flattening of the US yield curve signal lower growth ahead?
Monthly Bulletin 2/2006
09/02/2006
Focus: The pass-through of global energy prices to the euro area HICP energy components
Monthly Bulletin 2/2006
09/02/2006
Focus: Private sector expectations for the euro area: results of the ECB survey of professional forecasters for the first quarter of 2006
Monthly Bulletin 2/2006
20/01/2006
Euro Money Market Survey 2005 Press release:
19/01/2006
Monthly Bulletin, January 2006
19/01/2006
Article: The predictability of the ECB's monetary policy
Monthly Bulletin 1/2006
19/01/2006
Focus: Factors accounting for the rise in oil prices
Monthly Bulletin 1/2006
19/01/2006
Focus: Stock options, share buy-backs and their effects on equity markets: evidence from the United States
Monthly Bulletin 1/2006
19/01/2006
Focus: Assessing the reliability of Eurostat's euro area HICP flash estimate
Monthly Bulletin 1/2006
19/01/2006
Focus: The 2005-2008 Lisbon National Reform Programmes of the euro area countries
Monthly Bulletin 1/2006
19/01/2006
Focus: Some country-specific factors behind recent euro area employment developments
Monthly Bulletin 1/2006
27/12/2005
The Eurosystem, the union and beyond Press release:
08/12/2005
Monthly Bulletin, December 2005
08/12/2005
Focus: Liquidity conditions and monetary policy operations from 10 August to 8 November 2005
Monthly Bulletin 12/2005
08/12/2005
Focus: The term structure of implied interest rate volatilities
Monthly Bulletin 12/2005
08/12/2005
Focus: Saving, financing and investment of euro area households and non-financial corporations in 2004
Monthly Bulletin 12/2005
08/12/2005
Focus: The debt servicing burden of euro area households - some macroeconomic and microeconomic evidence
Monthly Bulletin 12/2005
08/12/2005
Focus: Improvements to euro area GDP and national accounts
Monthly Bulletin 12/2005
08/12/2005
Focus: Further progress on the Principal European Economic Indicators
Monthly Bulletin 12/2005
08/12/2005
Focus: Technical assumptions
Monthly Bulletin 12/2005
08/12/2005
Focus: Forecasts by other institutions
Monthly Bulletin 12/2005
08/12/2005
Focus: Entry of the Slovak koruna into the exchange rate mechanism II (ERM II)
Monthly Bulletin 12/2005
01/12/2005
Eurosystem staff macroeconomic projections for the euro area
[online only]
10/11/2005
Monthly Bulletin, November 2005
10/11/2005
Article: Developments in corporate finance in the euro area
Monthly Bulletin 11/2005
10/11/2005
Article: Price-setting behaviour in the euro area
Monthly Bulletin 11/2005
10/11/2005
Focus: Macroeconomic implications of high oil prices for emerging market economies
Monthly Bulletin 11/2005
10/11/2005
Focus: The results of the October 2005 bank lending survey for the euro area
Monthly Bulletin 11/2005
10/11/2005
Focus: Diverse patterns in headline and underlying inflation
Monthly Bulletin 11/2005
10/11/2005
Focus: Private sector expectations for the euro area: results of the ECB Survey of Professional Forecasters for the fourth quarter of 2005
Monthly Bulletin 11/2005
10/11/2005
Focus: The current euro area recovery from a historical perspective
Monthly Bulletin 11/2005
10/11/2005
Focus: Latest developments in investment by type of product
Monthly Bulletin 11/2005
13/10/2005
Monthly Bulletin, October 2005
13/10/2005
Article: Money demand and uncertainty
Monthly Bulletin 10/2005
13/10/2005
Focus: Recent developments in FDI in the new EU Member States in central Europe
Monthly Bulletin 10/2005
13/10/2005
Focus: The development of private equity and venture capital in Europe
Monthly Bulletin 10/2005
13/10/2005
Focus: Excess reserves and the ECB's implementation of monetary policy
Monthly Bulletin 10/2005
13/10/2005
Focus: Recent oil and petrol price developments
Monthly Bulletin 10/2005
13/10/2005
Focus: Trade liberalisation and its impact on the euro area textile and clothing sectors
Monthly Bulletin 10/2005
13/10/2005
Focus: Output growth differentials within the euro area: are they cyclical or trend-driven?
Monthly Bulletin 10/2005
13/10/2005
Focus: Developments in euro area labour quality and their implications for labour productivity growth
Monthly Bulletin 10/2005
08/09/2005
Monthly Bulletin, September 2005
08/09/2005
Focus: The impact of MFI loan securitisation on monetary analysis in the euro area
Monthly Bulletin 9/2005
08/09/2005
Focus: Liquidity conditions and monetary policy operations from 11 May to 9 August 2005
Monthly Bulletin 9/2005
08/09/2005
Focus: Recent developments in government bond yield spreads in euro area countries
Monthly Bulletin 9/2005
08/09/2005
Focus: The cost of equity in the euro area and in the United States
Monthly Bulletin 9/2005
08/09/2005
Focus: What can explain the differences in wage growth between market and non-market services?
Monthly Bulletin 9/2005
08/09/2005
Focus: Construction developments in the euro area
Monthly Bulletin 9/2005
08/09/2005
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin 9/2005
08/09/2005
Focus: The reform of the renminbi exchange rate regime
Monthly Bulletin 9/2005
01/09/2005
ECB staff macroeconomic projections for the euro area
[online only]
11/08/2005
Monthly Bulletin, August 2005
11/08/2005
Article: The reform of the Stability and Growth Pact
Monthly Bulletin 8/2005
11/08/2005
Focus: The results of the July 2005 bank lending survey for the euro area
Monthly Bulletin 8/2005
11/08/2005
Focus: Seasonal adjustment of securities issues statistics
Monthly Bulletin 8/2005
11/08/2005
Focus: The transmission of overnight interest rate volatility to longer-term interest rates in the euro area money market
Monthly Bulletin 8/2005
11/08/2005
Focus: Long-term and short-term nominal interest rates in the largest euro area countries from a historical perspective
Monthly Bulletin 8/2005
11/08/2005
Focus: Private sector expectations for the euro area: results of the Survey of Professional Forecasters for the third quarter of 2005
Monthly Bulletin 8/2005
11/08/2005
Focus: A longer-term perspective on structural unemployment in the euro area
Monthly Bulletin 8/2005
11/08/2005
Focus: The integrated guidelines for growth and jobs 2005-2008
Monthly Bulletin 8/2005
14/07/2005
Monthly Bulletin, July 2005
14/07/2005
Article: The Lisbon strategy: five years on
Monthly Bulletin 7/2005
14/07/2005
Article: The Harmonised Index of Consumer Prices: concept, properties and experience to date
Monthly Bulletin 7/2005
14/07/2005
Focus: Oil-bill recycling and its impact
Monthly Bulletin 7/2005
14/07/2005
Focus: Recent developments in MFI net external assets
Monthly Bulletin 7/2005
14/07/2005
Focus: Tools for calculating and interpreting real interest rate developments in the euro area
Monthly Bulletin 7/2005
14/07/2005
Focus: New series of hourly labour costs in the euro area
Monthly Bulletin 7/2005
14/07/2005
Focus: Trends in euro area potential output growth
Monthly Bulletin 7/2005
09/06/2005
Monthly Bulletin, June 2005
09/06/2005
Focus: The intermediation role of insurance corporations and pension funds and its impact on monetary developments
Monthly Bulletin 6/2005
09/06/2005
Focus: Liquidity conditions and monetary policy operations from 8 February to 10 May 2005
Monthly Bulletin 6/2005
09/06/2005
Focus: Recent increase in corporate bond spreads
Monthly Bulletin 6/2005
09/06/2005
Focus: The recovery in the growth of short-term MFI loans to non-financial corporations in recent quarters
Monthly Bulletin 6/2005
09/06/2005
Focus: Developments in consumer goods producer prices
Monthly Bulletin 6/2005
09/06/2005
Focus: Major changes in euro area and Member States' national accounts
Monthly Bulletin 6/2005
09/06/2005
Focus: Assessing the recent impulse from the external sector to euro area activity
Monthly Bulletin 6/2005
09/06/2005
Focus: Comparison with the ECB staff macroeconomic projections of March 2005
Monthly Bulletin 6/2005
09/06/2005
Focus: Forecasts by other institutions
Monthly Bulletin 6/2005
09/06/2005
Focus: Indicators of euro area cost and price competitiveness: similarities and differences
Monthly Bulletin 6/2005
02/06/2005
Eurosystem staff macroeconomic projections for the euro area
[online only]
12/05/2005
Monthly Bulletin, May 2005
12/05/2005
Focus: Recent developments in oil prices
Monthly Bulletin 5/2005
12/05/2005
Focus: The results of the April 2005 bank lending survey for the euro area
Monthly Bulletin 5/2005
12/05/2005
Focus: Change to the index-linked bond used for the calculation of long-term break-even inflation rates
Monthly Bulletin 5/2005
12/05/2005
Focus: Recent trends in residential property prices in the euro area
Monthly Bulletin 5/2005
12/05/2005
Focus: Private sector expectations for the euro area: results of the Survey of Professional Forecasters for the second quarter of 2005
Monthly Bulletin 5/2005
12/05/2005
Focus: Recent developments in output growth divergence across euro area countries
Monthly Bulletin 5/2005
12/05/2005
Focus: Latest developments in investment by type of product
Monthly Bulletin 5/2005
12/05/2005
Focus: Entry of the currencies of Cyprus, Latvia and Malta into the Exchange Rate Mechanism II (ERM II)
Monthly Bulletin 5/2005
12/05/2005
Focus: Developments in the international investment position of the euro area in 2003
Monthly Bulletin 5/2005
11/05/2005
Article: Monetary policy and inflation differentials in a heterogeneous currency area
Monthly Bulletin 5/2005
03/05/2005
Euro Money Market Study 2004 Press release:
26/04/2005
Annual Report 2004
14/04/2005
Monthly Bulletin, April 2005
14/04/2005
Article: Asset price bubbles and monetary policy
Monthly Bulletin 4/2005
14/04/2005
Focus: Recent trends in sovereign spreads and economic fundamentals in emerging markets
Monthly Bulletin 4/2005
14/04/2005
Focus: Recent developments in long-term real interest rates
Monthly Bulletin 4/2005
14/04/2005
Focus: Consumers' inflation perceptions: still at odds with official statistics?
Monthly Bulletin 4/2005
14/04/2005
Focus: Recent developments in extra-euro area trade volumes and prices
Monthly Bulletin 4/2005
10/03/2005
Monthly Bulletin, March 2005
10/03/2005
Focus: Inflation forecasts derived from monetary indicators
Monthly Bulletin 3/2005
10/03/2005
Focus: The volatility of the overnight interest rate from a medium-term perspective
Monthly Bulletin 3/2005
10/03/2005
Focus: Liquidity conditions and monetary policy operations from 9 November 2004 to 7 February 2005
Monthly Bulletin 3/2005
10/03/2005
Focus: A measure of the real cost of external financing of euro area non-financial corporations
Monthly Bulletin 3/2005
10/03/2005
Focus: The pass-through of market interest rates to MFI lending rates since the start of Stage Three of EMU
Monthly Bulletin 3/2005
10/03/2005
Focus: Trends in household debt and non-performing loans in the euro area
Monthly Bulletin 3/2005
10/03/2005
Focus: PMI survey data on producer input and output prices
Monthly Bulletin 3/2005
10/03/2005
Focus: The carry-over effect on annual average real GDP growth in 2005
Monthly Bulletin 3/2005
10/03/2005
Focus: Developments in euro area labour productivity
Monthly Bulletin 3/2005
10/03/2005
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin 3/2005
03/03/2005
ECB staff macroeconomic projections for the euro area
[online only]
21/02/2005
The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures Press release:
10/02/2005
Monthly Bulletin, February 2005
10/02/2005
Article: Initial experience with the changes to the Eurosystem's operational framework for monetary policy implementation
Monthly Bulletin 2/2005
10/02/2005
Focus: The results of the January 2005 bank lending survey for the euro area
Monthly Bulletin 2/2005
10/02/2005
Focus: External capital flows and domestic monetary dynamics in the euro area
Monthly Bulletin 2/2005
10/02/2005
Focus: Fixed rate and variable rate long-term debt securities issued by euro area residents
Monthly Bulletin 2/2005
10/02/2005
Focus: Private sector expectations for inflation and economic activity in the euro area: results of the Survey of Professional Forecasters for the first quarter of 2005 and other available indicators
Monthly Bulletin 2/2005
10/02/2005
Focus: The (un)reliability of output gap estimates in real time
Monthly Bulletin 2/2005
20/01/2005
Monthly Bulletin, January 2005
20/01/2005
Focus: Approaches to identifying and estimating portfolio shifts into and out of M3
Monthly Bulletin 1/2005
20/01/2005
Focus: Determinants of the fall of corporate bond spreads in recent years
Monthly Bulletin 1/2005
20/01/2005
Focus: Using information from the weekly Oil Bulletin to monitor short-term energy price developments
Monthly Bulletin 1/2005
09/12/2004
Monthly Bulletin, December 2004
09/12/2004
Focus: Prediction of future oil prices
Monthly Bulletin 12/2004
09/12/2004
Focus: Risk aversion and developments in monetary aggregates
Monthly Bulletin 12/2004
09/12/2004
Focus: Saving, financing and investment of euro area households and non-financial corporations in 2003
Monthly Bulletin 12/2004
09/12/2004
Focus: Financing conditions of non-financial corporations in the euro area
Monthly Bulletin 12/2004
09/12/2004
Focus: Liquidity conditions and monetary policy operations from 11 August to 8 November 2004
Monthly Bulletin 12/2004
09/12/2004
Focus: Recent trends in implied bond market volatility
Monthly Bulletin 12/2004
09/12/2004
Focus: Competition and price developments in the euro area electricity and gas markets
Monthly Bulletin 12/2004
09/12/2004
Focus: Possible impact of the removal of trade quotas for textiles and clothing
Monthly Bulletin 12/2004
09/12/2004
Focus: Good standards for compiling and reporting government finance statistics
Monthly Bulletin 12/2004
09/12/2004
Focus: Comparison with the ECB staff macroeconomic projections of September 2004
Monthly Bulletin 12/2004
09/12/2004
Focus: Forecasts by other institutions
Monthly Bulletin 12/2004
02/12/2004
Eurosystem staff macroeconomic projections for the euro area
11/11/2004
Monthly Bulletin, November 2004
11/11/2004
Article: Oil prices and the euro area economy
Monthly Bulletin 11/2004
11/11/2004
Article: Extracting information from financial asset prices
Monthly Bulletin 11/2004
11/11/2004
Focus: Features of mortgage contracts in the euro area
Monthly Bulletin 11/2004
11/11/2004
Focus: The results of the October 2004 bank lending survey for the euro area
Monthly Bulletin 11/2004
11/11/2004
Focus: Recent trends in implied stock market volatility
Monthly Bulletin 11/2004
11/11/2004
Focus: Private sector expectations for inflation and economic activity in the euro area: results of the 2004 Q4 Survey of Professional Forecasters (SPF) and other available indicators
Monthly Bulletin 11/2004
11/11/2004
Focus: Latest developments in investment by type of product
Monthly Bulletin 11/2004
20/10/2004
Convergence Report 2004
14/10/2004
Monthly Bulletin, October 2004
14/10/2004
Article: Monetary analysis in real time
Monthly Bulletin 10/2004
14/10/2004
Focus: Developments in total hours worked in the euro area
Monthly Bulletin 10/2004
14/10/2004
Focus: The geographical composition of euro area foreign demand
Monthly Bulletin 10/2004
09/09/2004
Monthly Bulletin, September 2004
09/09/2004
Focus: The link between asset prices and monetary developments
Monthly Bulletin 9/2004
09/09/2004
Focus: Liquidity conditions and monetary policy operations from 12 May to 10 August 2004
Monthly Bulletin 9/2004
09/09/2004
Focus: Measuring real interest rates in the euro area countries
Monthly Bulletin 9/2004
09/09/2004
Focus: How do stock markets react to changes in oil prices?
Monthly Bulletin 9/2004
09/09/2004
Focus: Recent trends in residential property prices in the euro area and across euro area countries
Monthly Bulletin 9/2004
09/09/2004
Focus: Recent developments in unit labour costs and their implications for euro area inflation
Monthly Bulletin 9/2004
09/09/2004
Focus: Principal European Economic Indicators: progress up to September 2004
Monthly Bulletin 9/2004
09/09/2004
Focus: ECB staff macroeconomic projections for the euro area
Monthly Bulletin 9/2004
09/09/2004
Focus: Track record of budgetary forecasts in stability and convergence programmes
Monthly Bulletin 9/2004
09/09/2004
Focus: Update of the overall trade weights for the effective exchange rates of the euro and computation of a new set of euro indicators
Monthly Bulletin 9/2004
02/09/2004
ECB staff macroeconomic projections for the euro area
12/08/2004
Monthly Bulletin, August 2004
12/08/2004
Article: Properties and use of general government quarterly accounts
Monthly Bulletin 8/2004
12/08/2004
Focus: The results of the July 2004 bank lending survey for the euro area
Monthly Bulletin 8/2004
12/08/2004
Focus: The information content of euro area long-term forward interest rates
Monthly Bulletin 8/2004
12/08/2004
Focus: Analysing MFI interest rates at the euro area level
Monthly Bulletin 8/2004
12/08/2004
Focus: Private sector expectations for inflation and economic activity in the euro area: results of the 2004 Q3 Survey of Professional Forecasters (SPF) and other available indicators
Monthly Bulletin 8/2004
12/08/2004
Focus: Differences between industrial production and value added data in industry in the first quarter of 2004
Monthly Bulletin 8/2004
08/07/2004
Monthly Bulletin, July 2004
08/07/2004
Article: Labour productivity developments in the euro area: aggregate trends and sectoral patterns
Monthly Bulletin 7/2004
08/07/2004
Focus: Recent trends in portfolio allocation between monetary and longer-term financial assets
Monthly Bulletin 7/2004
08/07/2004
Focus: The development of a high-yield bond market in the euro area
Monthly Bulletin 7/2004
08/07/2004
Focus: Recent oil price developments and their impact on euro area prices
Monthly Bulletin 7/2004
08/07/2004
Focus: Entry of the currencies of Estonia, Lithuania and Slovenia into the exchange rate mechanism II (ERM II)
Monthly Bulletin 7/2004
08/07/2004
Focus: Conventions and procedures for the exchange rate mechanism II (ERMII)
Monthly Bulletin 7/2004
08/07/2004
Focus: Recent developments in the extra-euro area trade volumes and prices
Monthly Bulletin 7/2004
10/06/2004
Monthly Bulletin, June 2004
10/06/2004
Focus: Recent developments in loans to non-financial corporations
Monthly Bulletin 6/2004
10/06/2004
Focus: Recent developments in the net flows into euro area equity and bond funds
Monthly Bulletin 6/2004
10/06/2004
Focus: Liquidity conditions and monetary policy operations from 24 January 2004 to 11 May 2004
Monthly Bulletin 6/2004
10/06/2004
Focus: Using financial derivatives to assess market participants' short-term inflation expectations for the euro area
Monthly Bulletin 6/2004
10/06/2004
Focus: Seasonal patterns and volatility in the euro area HICP
Monthly Bulletin 6/2004
10/06/2004
Focus: The impact of the number of working days on euro area GDP in 2004
Monthly Bulletin 6/2004
10/06/2004
Focus: Comparison with the December 2003 projections
Monthly Bulletin 6/2004
10/06/2004
Focus: Forecasts by other institutions
Monthly Bulletin 6/2004
03/06/2004
Eurosystem staff macroeconomic projections for the euro area
13/05/2004
Monthly Bulletin, May 2004
13/05/2004
Article: The EU economy following the accession of the new Member States
Monthly Bulletin 5/2004
13/05/2004
Article: The natural real interest rates in the euro area
Monthly Bulletin 5/2004
13/05/2004
Article: Risk mitigation methods in Eurosystem credit operations
Monthly Bulletin 5/2004
13/05/2004
Focus: The results of the April 2004 bank lending survey for the euro area
Monthly Bulletin 5/2004
13/05/2004
Focus: The impact of recent employment data releases in the United States on global bond markets
Monthly Bulletin 5/2004
13/05/2004
Focus: Private sector expectations for inflation and economic activity in the euro area: results of the 2004 Q2 Survey of Professional Forecasters (SPF) and other available indicators
Monthly Bulletin 5/2004
13/05/2004
Focus: Latest developments in investment by type of product
Monthly Bulletin 5/2004
13/05/2004
Focus: Real effective exchange rate developments from a euro area and from a country perspective
Monthly Bulletin 5/2004
27/04/2004
Annual Report 2003
13/04/2004
Monthly Bulletin, April 2004
13/04/2004
Article: Fiscal policy influences on macroeconomic stability and prices
Monthly Bulletin 4/2004
13/04/2004
Focus: Publication of the benchmark allotment in the main refinancing operations
Monthly Bulletin 4/2004
13/04/2004
Focus: Stock market reactions to the terrorist attacks in Madrid on 11 March 2004
Monthly Bulletin 4/2004
13/04/2004
Focus: Recent developments in long-term inflation expectations
Monthly Bulletin 4/2004
13/04/2004
Focus: First estimates of retail trade turnover in the euro area
Monthly Bulletin 4/2004
11/03/2004
Monthly Bulletin, March 2004
11/03/2004
Focus: What is the information content of stock market earnings expectations held by analysts?
Monthly Bulletin 3/2004
11/03/2004
Focus: Development in banks' loan-loss provisions over recent years
Monthly Bulletin 3/2004
11/03/2004
Focus: Update of HICP weights and coverage of consumer expenditure
Monthly Bulletin 3/2004
11/03/2004
Focus: Non-energy commodity price developments and their impact on euro are producer prices
Monthly Bulletin 3/2004
12/02/2004
Monthly Bulletin, February 2004
12/02/2004
Article: Developments in private sector balance sheets in the euro area and the United States
Monthly Bulletin 2/2004
12/02/2004
Focus: The result of the January 2004 bank lending survey for the euro area
Monthly Bulletin 2/2004
12/02/2004
Focus: Liquidity conditions and monetary policy operations from 24 November 2003 to 23 January 2004
Monthly Bulletin 2/2004
12/02/2004
Focus: Private sector expectations for inflation and economic activity in the euro area: results of the 2004 Q1 Survey of Professional Forecasters (SPF) and other available indicators
Monthly Bulletin 2/2004
12/02/2004
Focus: The assessment of current and expected economic conditions according to European Commission surveys
Monthly Bulletin 2/2004
06/02/2004
The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures
(update of the April 2002 edition)
Press release:
30/01/2004
The monetary policy of the ECB (second edition) Press release:
22/01/2004
Monthly Bulletin, January 2004
22/01/2004
Article: EMU and the conduct of fiscal policies
Monthly Bulletin 1/2004
22/01/2004
Article: Opinion surveys on activity, prices and labour market developments in the euro area: features and uses
Monthly Bulletin 1/2004
22/01/2004
Article: Measuring and analysing profit developments in the euro area
Monthly Bulletin 1/2004
22/01/2004
Focus: Worldwide trends in monetary aggregates over recent years
Monthly Bulletin 1/2004
22/01/2004
Focus: New ECB statistics on quoted share transactions
Monthly Bulletin 1/2004
22/01/2004
Focus: The impact of developments in indirect and administered prices on inflation
Monthly Bulletin 1/2004
20/01/2004
Focus: Base effects and their impact on HICP inflation in early 2005
Monthly Bulletin 1/2005
18/12/2003
Policy position of the Governing Council of the European Central Bank on exchange rate issues relating to the acceding countries Press release:
11/12/2003
Monthly Bulletin, December 2003
11/12/2003
Focus: Recent trends in merger and acquisition finance
Monthly Bulletin 12/2003
11/12/2003
Focus: New ECB statistics on MFI interest rates
Monthly Bulletin 12/2003
11/12/2003
Focus: Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 November 2003
Monthly Bulletin 12/2003
11/12/2003
Focus: Recent developments in the market for index-linked bonds in the euro area
Monthly Bulletin 12/2003
11/12/2003
Focus: Residential property price developments in the euro area
Monthly Bulletin 12/2003
11/12/2003
Focus: What is behind discrepancies between growth in GDP and gross value added?
Monthly Bulletin 12/2003
11/12/2003
Focus: New orders in euro area manufacturing industries
Monthly Bulletin 12/2003
11/12/2003
Focus: Statement of the Governing Council on the ECOFIN Council conclusions regarding the correction of excessive deficits in France and Germany
Monthly Bulletin 12/2003
11/12/2003
Focus: Comparison with June 2003 projections
Monthly Bulletin 12/2003
11/12/2003
Focus: Forecasts by other in