Economic Bulletin Articles

Monetary and financial
30 January 2017
MFI lending rates: pass-through in the time of non-standard monetary policy
Economic Bulletin Issue 1, 2017
4 August 2016
The layers of the global financial safety net: taking stock
Economic Bulletin Issue 5, 2016
15 June 2016
The role of euro area non-monetary financial institutions in financial intermediation
Economic Bulletin Issue 4, 2016
17 December 2015
New features in monetary and financial statistics
Economic Bulletin Issue 8, 2015
3 November 2015
The transmission of the ECB's recent non-standard monetary policy measures
Economic Bulletin Issue 7, 2015
15 June 2015
The role of the central bank balance sheet in monetary policy
Economic Bulletin Issue 4, 2015
10 July 2014
Euro area risk-free interest rates: measurement issues, recent developments and relevance to monetary policy
Economic Bulletin Issue 7, 2014
15 May 2014
The determinants of euro area sovereign bond yield spreads during the crisis
Economic Bulletin Issue 5, 2014
10 April 2014
The ECB's forward guidance
Economic Bulletin Issue 4, 2014
13 February 2014
Deleveraging patterns in the euro area corporate sector
Economic Bulletin Issue 2, 2014
13 February 2014
Extensions to the models for assessing money and credit
Economic Bulletin Issue 2, 2014
16 January 2014
Recent developments in excess liquidity and money market rates
Economic Bulletin Issue 1, 2014
8 August 2013
Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation
Economic Bulletin Issue 8, 2013
9 May 2013
Target balances and monetary policy operations
Economic Bulletin Issue 5, 2013
11 April 2013
Liquidity regulation and monetary policy implementation
Economic Bulletin Issue 4, 2013
11 October 2012
Global liquidity: concepts, measurements and implications from a monetary policy perspective
Economic Bulletin Issue 10, 2012
9 August 2012
Assessing the financial conditions of the euro area private sector during the sovereign debt crisis
Economic Bulletin Issue 8, 2012
9 August 2012
Heterogeneity in euro area financial conditions and policy implications
Economic Bulletin Issue 8, 2012
12 July 2012
Monetary and fiscal policy interactions in a monetary union
Economic Bulletin Issue 7, 2012
10 May 2012
Comparing the recent financial crisis in the United States and the euro area with the experience of Japan in the 1990s
Economic Bulletin Issue 5, 2012
16 February 2012
Corporate indebtedness in the euro area
Economic Bulletin Issue 2, 2012
16 February 2012
Money and credit growth after economic and financial crises - a historical global perspective
Economic Bulletin Issue 2, 2012
19 January 2012
The interplay of financial intermediaries and its impact on monetary analysis
Economic Bulletin Issue 1, 2012
10 November 2011
Euro area markets for banks' long-term debt financing instruments: recent developments, state of integration and implications for monetary policy transmission
Economic Bulletin Issue 11, 2011
13 October 2011
The financial crisis in the light of the euro area accounts: a flow-of-funds pespective
Economic Bulletin Issue 10, 2011
13 October 2011
The supply of money - bank behaviour and the implications for monetary analysis
Economic Bulletin Issue 10, 2011
14 July 2011
The ECB's non-standard measures - impact and phasing-out
Economic Bulletin Issue 7, 2011
10 February 2011
The information content of option prices during the financial crisis
Economic Bulletin Issue 2, 2011
10 February 2011
Inflation expectations in the euro area: a review of recent developments
Economic Bulletin Issue 2, 2011
20 January 2011
Recent developments in loans to the private sector
Economic Bulletin Issue 1, 2011
12 November 2010
Enhancing monetary analysis
Economic Bulletin Issue 11, 2010
12 November 2010
Asset price bubbles and monetary policy revisited
Economic Bulletin Issue 11, 2010
18 October 2010
The ECB's response to the financial crisis
Economic Bulletin Issue 10, 2010
13 May 2010
Monetary policy transmission in the euro area, a decade after the introduction of the euro
Economic Bulletin Issue 5, 2010
11 February 2010
Euro repo markets and the financial market turmoil
Economic Bulletin Issue 2, 2010
21 January 2010
The ECB's monetary policy stance during the financial crisis
Economic Bulletin Issue 1, 2010
12 November 2009
Monetary analysis in an environment of financial turmoil
Economic Bulletin Issue 11, 2009
12 November 2009
Central bank communication in periods of heightened uncertainty
Economic Bulletin Issue 11, 2009
15 October 2009
Monetary policy and loan supply in the euro area
Economic Bulletin Issue 10, 2009
13 August 2009
Recent developments in the retail bank interest rate pass-through in the euro area
Economic Bulletin Issue 8, 2009
13 August 2009
Housing finance in the euro area
Economic Bulletin Issue 8, 2009
14 May 2009
Expectations and the conduct of monetary policy
Economic Bulletin Issue 5, 2009
15 April 2009
The external financing of households and non-financial corporations: a comparison of the euro area and the United States
Economic Bulletin Issue 4, 2009
22 January 2009
Housing wealth and private consumption in the euro area
Economic Bulletin Issue 1, 2009
14 August 2008
The role of banks in the monetary policy transmission mechanism
Economic Bulletin Issue 8, 2008
14 August 2008
The external dimension of monetary analysis
Economic Bulletin Issue 8, 2008
10 July 2008
One monetary policy and many fiscal policies: ensuring a smooth functioning of EMU
Economic Bulletin Issue 7, 2008
17 April 2008
Business investment in the euro area and the role of firms' financial positions
Economic Bulletin Issue 4, 2008
14 February 2008
The new euro area yield curves
Economic Bulletin Issue 2, 2008
14 February 2008
Securitisation in the euro area
Economic Bulletin Issue 2, 2008
14 February 2008
The analysis of the euro money market from a monetary policy perspective
Economic Bulletin Issue 2, 2008
17 January 2008
Productivity developments and monetary policy
Economic Bulletin Issue 1, 2008
15 November 2007
The stock market’s changing structure and its consolidation: implications for the efficiency of the financial system and monetary policy
Economic Bulletin Issue 11, 2007
11 October 2007
Long-term developments in MFI loans to households in the euro area: main patterns and determinants
Economic Bulletin Issue 10, 2007
9 August 2007
Leveraged buyouts and financial stability
Economic Bulletin Issue 8, 2007
9 August 2007
The financing of small and medium-sized enterprises in the euro area
Economic Bulletin Issue 8, 2007
12 July 2007
Interpreting monetary developments since mid-2004
Economic Bulletin Issue 7, 2007
17 May 2007
Share buybacks in the euro area
Economic Bulletin Issue 5, 2007
19 April 2007
Communicating monetary policy to financial markets
Economic Bulletin Issue 4, 2007
15 February 2007
The EU arrangements for financial crisis management
Economic Bulletin Issue 2, 2007
9 November 2006
Monetary policy "activism"
Economic Bulletin Issue 11, 2006
10 August 2006
Sectoral money holding: determinants and recent developments
Economic Bulletin Issue 8, 2006
11 May 2006
Equity issuance in the euro area
Economic Bulletin Issue 5, 2006
11 May 2006
The contribution of the ECB and the Eurosystem to European financial integration
Economic Bulletin Issue 5, 2006
19 January 2006
The predictability of the ECB's monetary policy
Economic Bulletin Issue 1, 2006
10 November 2005
Developments in corporate finance in the euro area
Economic Bulletin Issue 11, 2005
13 October 2005
Assessing the performance of financial systems
Economic Bulletin Issue 10, 2005
13 October 2005
Money demand and uncertainty
Economic Bulletin Issue 10, 2005
11 May 2005
Monetary policy and inflation differentials in a heterogeneous currency area
Economic Bulletin Issue 5, 2005
14 April 2005
Asset price bubbles and monetary policy
Economic Bulletin Issue 4, 2005
11 November 2004
Extracting information from financial asset prices
Economic Bulletin Issue 11, 2004
14 October 2004
Monetary analysis in real time
Economic Bulletin Issue 10, 2004
13 May 2004
The natural real interest rates in the euro area
Economic Bulletin Issue 5, 2004
12 February 2004
Developments in private sector balance sheets in the euro area and the United States
Economic Bulletin Issue 2, 2004
13 November 2003
Developments in the debt financing of the euro area private sector
Economic Bulletin Issue 11, 2003
9 October 2003
The integration of Europe’s financial markets
Economic Bulletin Issue 10, 2003
9 October 2003
Recent developments in financial structures of the euro area
Economic Bulletin Issue 10, 2003
7 August 2003
Changes to the Eurosystem's operational framework for monetary policy
Economic Bulletin Issue 8, 2003
12 June 2003
The outcome of the ECB’s evaluation of its monetary policy strategy
Economic Bulletin Issue 6, 2003
10 April 2003
A bank lending survey for the euro area
Economic Bulletin Issue 4, 2003
13 February 2003
The relationship between monetary policy and fiscal policies in the euro area
Economic Bulletin Issue 2, 2003
23 January 2003
The demand for currency in the euro area and the impact of the euro cash changeover
Economic Bulletin Issue 1, 2003
14 November 2002
Transparency in the monetary policy of the ECB
Economic Bulletin Issue 11, 2002
14 November 2002
The accountability of the ECB
Economic Bulletin Issue 11, 2002
17 October 2002
Recent findings on monetary policy transmission in the euro area
Economic Bulletin Issue 10, 2002
8 August 2002
Saving, financing and investment in the euro area
Economic Bulletin Issue 8, 2002
11 April 2002
Enhancements to MFI balance sheet and interest rate statistics
Economic Bulletin Issue 4, 2002
14 February 2002
The stock market and monetary policy
Economic Bulletin Issue 2, 2002
18 November 2001
The economic policy framework in EMU
Economic Bulletin Issue 11, 2001
18 October 2001
Issues related to monetary policy rules
Economic Bulletin Issue 10, 2001
17 May 2001
Financing and financial investment of the non-financial sectors in the euro area
Economic Bulletin Issue 5, 2001
17 May 2001
Framework and tools of monetary analysis
Economic Bulletin Issue 5, 2001
8 February 2001
The external communication of the European Central Bank
Economic Bulletin Issue 2, 2001
8 February 2001
Characteristics of corporate finance in the euro area
Economic Bulletin Issue 2, 2001
11 January 2001
Monetary policy-making under uncertainty
Economic Bulletin Issue 1, 2001
9 November 2000
Issues arising from the emergence of electronic money
Economic Bulletin Issue 11, 2000
9 November 2000
The two pillars of the ECB’s monetary policy strategy
Economic Bulletin Issue 11, 2000
13 July 2000
Monetary policy transmission in the euro area
Economic Bulletin Issue 7, 2000
18 May 2000
The information content of interest rates and their derivatives for monetary policy
Economic Bulletin Issue 5, 2000
13 January 2000
The euro area one year after the introduction of the euro: key characteristics and changes in the financial structure
Economic Bulletin Issue 1, 2000
11 November 1999
Stability-oriented policies and developments in long-term real interest rates in the 1990s
Economic Bulletin Issue 11, 1999
16 August 1999
The balance sheets of the Monetary Financial Institutions of the euro area in early 1999
Economic Bulletin Issue 8, 1999
16 February 1999
Euro area monetary aggregates and their role in the Eurosystem's monetary policy strategy
Economic Bulletin Issue 2, 1999
19 January 1999
The stability-oriented monetary policy strategy of the Eurosystem
Economic Bulletin Issue 1, 1999
Real economy and price
20 June 2017
Domestic and global drivers of inflation in the euro area
Economic Bulletin Issue 4, 2017
9 May 2017
The slowdown in euro area productivity in a global context
Economic Bulletin Issue 3, 2017
21 March 2017
Firm heterogeneity and competitiveness in the European Union
Economic Bulletin Issue 2, 2017
19 December 2016
The impact of uncertainty on activity in the euro area
Economic Bulletin Issue 8, 2016
2 November 2016
Exchange rate pass-through into euro area inflation
Economic Bulletin Issue 7, 2016
31 October 2016
Business investment developments in the euro area since the crisis
Economic Bulletin Issue 7, 2016
21 September 2016
The employment-GDP relationship since the crisis
Economic Bulletin Issue 6, 2016
1 August 2016
New evidence on wage adjustment in Europe during the period 2010-13
Economic Bulletin Issue 5, 2016
23 March 2016
Transmission of output shocks - the role of cross-border production chains
Economic Bulletin Issue 2, 2016
14 December 2015
What is behind the recent rebound in euro area employment?
Economic Bulletin Issue 8, 2015
15 September 2015
The state of the house price cycle in the euro area
Economic Bulletin Issue 6, 2015
29 July 2015
Real convergence in the euro area: evidence, theory and policy implications
Economic Bulletin Issue 5, 2015
18 June 2015
Forecasting the price of oil
Economic Bulletin Issue 4, 2015
29 April 2015
Understanding the weakness in world trade
Economic Bulletin Issue 3, 2015
4 February 2015
Grocery prices in the euro area: findings from the analysis of a disaggregated price dataset
Economic Bulletin Issue 1, 2015
11 December 2014
December 2014 Eurosystem staff macroeconomic projections for the euro area
Economic Bulletin Issue 12, 2014
13 November 2014
The financial vulnerability of euro area households - evidence from the Eurosystem's Household Finance and Consumption Survey
Economic Bulletin Issue 11, 2014
9 October 2014
The impact of the economic crisis on euro area labour markets
Economic Bulletin Issue 10, 2014
1 September 2014
September 2014 ECB staff macroeconomic projections for the euro area
Economic Bulletin Issue 9, 2014
10 July 2014
The Phillips curve relationship in the euro area
Economic Bulletin Issue 7, 2014
10 July 2014
SME access to finance in the euro area: barriers and potential policy remedies
Economic Bulletin Issue 7, 2014
12 June 2014
June 2014 Eurosystem staff macroeconomic projections for the euro area
Economic Bulletin Issue 6, 2014
15 May 2014
Euro area sectoral activity since 2008
Economic Bulletin Issue 5, 2014
13 March 2014
March 2014 ECB Staff macroeconomic projections for the euro area
Economic Bulletin Issue 3, 2014
16 January 2014
Fifteen years of the ECB Survey of Professional Forecasters
Economic Bulletin Issue 1, 2014
12 December 2013
December 2013 Eurosystem staff macroeconomic projections for the euro area
Economic Bulletin Issue 12, 2013
14 November 2013
Potential output, economic slack and nominal developments since the start of the crisis
Economic Bulletin Issue 11, 2013
10 October 2013
Commodity prices and their role in assessing euro area growth and inflation
Economic Bulletin Issue 10, 2013
9 May 2013
Country adjustment in the euro area: where do we stand?
Economic Bulletin Issue 5, 2013
9 May 2013
An assessment of Eurosystem staff macroeconomic projections
Economic Bulletin Issue 5, 2013
11 April 2013
The Eurosystem Household Finance and Consumption Survey: description and main results of the first wave
Economic Bulletin Issue 4, 2013
17 January 2013
Confidence indicators and economic developments
Economic Bulletin Issue 1, 2013
15 November 2012
Inflation differentials in the euro area during the last decade
Economic Bulletin Issue 11, 2012
11 October 2012
Euro area labour markets and the crisis
Economic Bulletin Issue 10, 2012
12 July 2012
Assessing the anchoring of longer-term inflation expectations
Economic Bulletin Issue 7, 2012
10 May 2012
Comparing the recent financial crisis in the United States and the euro area with the experience of Japan in the 1990s
Economic Bulletin Issue 5, 2012
12 April 2012
The development of prices and costs during the 2008-09 recession
Economic Bulletin Issue 4, 2012
10 November 2011
House price developments in the euro area and the United States
Economic Bulletin Issue 11, 2011
13 October 2011
Structural features of the distributive trades sectors and their impact on euro area price developments
Economic Bulletin Issue 10, 2011
12 May 2011
Patterns of euro area and US macroeconomic cycles - what has been different this time?
Economic Bulletin Issue 5, 2011
10 February 2011
Inflation expectations in the euro area: a review of recent developments
Economic Bulletin Issue 2, 2011
20 January 2011
Trends in potential output
Economic Bulletin Issue 1, 2011
12 August 2010
Oil prices - their determinants and impact on euro area inflation and the macroeconomy
Economic Bulletin Issue 8, 2010
15 July 2010
Labour market adjustments to the recession in the euro area
Economic Bulletin Issue 7, 2010
13 May 2010
The "Great Inflation": lessons for monetary policy
Economic Bulletin Issue 5, 2010
15 April 2010
Tools for preparing short-term projections of the euro area inflation
Economic Bulletin Issue 4, 2010
11 February 2010
Euro area commercial property markets and their impact on banks
Economic Bulletin Issue 2, 2010
12 November 2009
The latest euro area recession in a historical context
Economic Bulletin Issue 11, 2009
15 April 2009
Revisions to GDP estimates in the euro area
Economic Bulletin Issue 4, 2009
12 February 2009
New survey evidence on wage setting in Europe
Economic Bulletin Issue 2, 2009
22 January 2009
Housing wealth and private consumption in the euro area
Economic Bulletin Issue 1, 2009
13 November 2008
Valuing stock markets and the equity risk premium
Economic Bulletin Issue 11, 2008
13 November 2008
Monitoring labour cost developments across euro area countries
Economic Bulletin Issue 11, 2008
15 May 2008
Price stability and growth
Economic Bulletin Issue 5, 2008
17 April 2008
Short-term forecasts of economic activity in the euro area
Economic Bulletin Issue 4, 2008
17 April 2008
Business investment in the euro area and the role of firms' financial positions
Economic Bulletin Issue 4, 2008
17 January 2008
Productivity developments and monetary policy
Economic Bulletin Issue 1, 2008
17 May 2007
Measured inflation and inflation perceptions in the euro area
Economic Bulletin Issue 5, 2007
17 May 2007
Competition in and economic performance of the euro area services sector
Economic Bulletin Issue 5, 2007
17 May 2007
Determinants of growth on the EU Member States of central and eastern Europe
Economic Bulletin Issue 5, 2007
19 April 2007
Output growth differentials in the euro area: sources and implications
Economic Bulletin Issue 4, 2007
18 January 2007
Developments in the structural features of euro area labour markets over the last decade
Economic Bulletin Issue 1, 2007
18 January 2007
The enlarged EU and euro area economy
Economic Bulletin Issue 1, 2007
13 July 2006
Measures of inflation expectations in the euro area
Economic Bulletin Issue 7, 2006
9 February 2006
Assessing house price developments in the euro area
Economic Bulletin Issue 2, 2006
10 November 2005
Price-setting behaviour in the euro area
Economic Bulletin Issue 11, 2005
14 July 2005
The Harmonised Index of Consumer Prices: concept, properties and experience to date
Economic Bulletin Issue 7, 2005
11 November 2004
Oil prices and the euro area economy
Economic Bulletin Issue 11, 2004
8 July 2004
Labour productivity developments in the euro area: aggregate trends and sectoral patterns
Economic Bulletin Issue 7, 2004
13 May 2004
The EU economy following the accession of the new Member States
Economic Bulletin Issue 5, 2004
22 January 2004
Measuring and analysing profit developments in the euro area
Economic Bulletin Issue 1, 2004
22 January 2004
Opinion surveys on activity, prices and labour market developments in the euro area: features and uses
Economic Bulletin Issue 1, 2004
7 August 2003
Developments in the euro area's international cost and price competitiveness
Economic Bulletin Issue 8, 2003
17 July 2003
Trends in euro area gross fixed capital formation
Economic Bulletin Issue 7, 2003
15 May 2003
Recent trends in residential property prices in the euro area
Economic Bulletin Issue 5, 2003
14 November 2002
The composition of employment growth in the euro area in recent years
Economic Bulletin Issue 11, 2002
8 August 2002
Price level convergence and competition in the euro area
Economic Bulletin Issue 8, 2002
11 July 2002
Characteristics of the euro area business cycle in the 1990s
Economic Bulletin Issue 7, 2002
15 November 2001
The information content of composite indicators of the euro area business cycle
Economic Bulletin Issue 11, 2001
9 August 2001
Product market reforms in the euro area
Economic Bulletin Issue 8, 2001
12 July 2001
New technologies and productivity in the euro area
Economic Bulletin Issue 7, 2001
11 July 2001
Measures of underlying inflation in the euro area
Economic Bulletin Issue 7, 2001
11 January 2001
The euro area after the entry of Greece
Economic Bulletin Issue 1, 2001
12 October 2000
Potential output growth and output gaps: concept, uses and estimates
Economic Bulletin Issue 10, 2000
10 August 2000
Price and cost indicators for the euro area: an overview
Economic Bulletin Issue 8, 2000
18 May 2000
Developments in and structural features of the euro area labour markets
Economic Bulletin Issue 5, 2000
14 October 1999
Inflation differentials in a monetary union
Economic Bulletin Issue 10, 1999
13 July 1999
Longer-term developments and cyclical variations in key economic indicators across euro area countries
Economic Bulletin Issue 7, 1999
20 April 1999
The role of short-term economic indicators in the analysis of price developments in the euro area
Economic Bulletin Issue 4, 1999
Fiscal
1 August 2017
The composition of public finances in the euro area
Economic Bulletin Issue 05, 2017
2 August 2016
Increasing resilience and long-term growth: the importance of sound institutions and economic structures for euro area countries and EMU
Economic Bulletin Issue 5, 2016
16 June 2016
The euro area fiscal stance
Economic Bulletin Issue 4, 2016
4 May 2016
Government debt reduction strategies in the euro area
Economic Bulletin Issue 3, 2016
21 March 2016
Public investment in Europe
Economic Bulletin Issue 2, 2016
2 November 2015
The short-term fiscal implications of structural reforms
Economic Bulletin Issue 7, 2015
16 September 2015
The fiscal impact of financial sector support during the crisis
Economic Bulletin Issue 6, 2015
16 March 2015
Progress with structural reforms across the euro area and their possible impacts
Economic Bulletin Issue 2, 2015
13 November 2014
Early warning indicators for fiscal stress in European budgetary surveillance
Economic Bulletin Issue 11, 2014
9 October 2014
The assessment of fiscal effort
Economic Bulletin Issue 10, 2014
10 April 2014
Fiscal multipliers and the timing of consolidation
Economic Bulletin Issue 4, 2014
13 March 2014
March 2014 ECB Staff macroeconomic projections for the euro area
Economic Bulletin Issue 3, 2014
14 February 2013
The importance and effectiveness of national fiscal frameworks in the EU
Economic Bulletin Issue 2, 2013
12 July 2012
Monetary and fiscal policy interactions in a monetary union
Economic Bulletin Issue 7, 2012
10 May 2012
A fiscal compact for a stronger Economic and Monetary Union
Economic Bulletin Issue 5, 2012
12 April 2012
Analysing government debt sustainability in the euro area
Economic Bulletin Issue 4, 2012
14 July 2011
The European stability mechanism
Economic Bulletin Issue 7, 2011
14 April 2011
Ensuring fiscal sustainability in the euro area
Economic Bulletin Issue 4, 2011
15 July 2010
The effectiveness of euro area fiscal policies
Economic Bulletin Issue 7, 2010
15 April 2010
Measures taken by euro area governments in support of the financial sector
Economic Bulletin Issue 4, 2010
21 January 2010
Entitlements of households under government pension schemes in the euro area – results on the basis of the new system of national accounts
Economic Bulletin Issue 1, 2010
9 July 2009
The impact of government support to the banking sector on euro area public finances
Economic Bulletin Issue 7, 2009
15 April 2009
The functional composition of government spending in the European Union
Economic Bulletin Issue 4, 2009
9 October 2008
Ten years of the stability and growth pact
Economic Bulletin Issue 10, 2008
19 April 2007
From government deficit to debt: bridging the gap
Economic Bulletin Issue 4, 2007
15 February 2007
Challenges to fiscal sustainability in the euro area
Economic Bulletin Issue 2, 2007
12 April 2006
The importance of public expenditure reform for economic growth and stability
Economic Bulletin Issue 4, 2006
9 February 2006
Fiscal policies and financial markets
Economic Bulletin Issue 2, 2006
11 August 2005
The reform of the Stability and Growth Pact
Economic Bulletin Issue 8, 2005
14 July 2005
The Lisbon strategy: five years on
Economic Bulletin Issue 7, 2005
12 August 2004
Properties and use of general government quarterly accounts
Economic Bulletin Issue 8, 2004
13 April 2004
Fiscal policy influences on macroeconomic stability and prices
Economic Bulletin Issue 4, 2004
22 January 2004
EMU and the conduct of fiscal policies
Economic Bulletin Issue 1, 2004
9 April 2003
The need for comprehensive reforms to cope with population ageing
Economic Bulletin Issue 4, 2003
11 April 2002
The operation of automatic fiscal stabilisers in the euro area
Economic Bulletin Issue 4, 2002
9 August 2001
Fiscal policies and economic growth
Economic Bulletin Issue 8, 2001
13 July 2000
Population ageing and fiscal policy in the euro area
Economic Bulletin Issue 7, 2000
18 May 1999
The implementation of the Stability and Growth Pact
Economic Bulletin Issue 5, 1999
Foreign exchange
2 November 2016
Exchange rate pass-through into euro area inflation
Economic Bulletin Issue 7, 2016
16 January 2014
Medium-term prospects for China’s economy and the internationalisation of the renminbi
Economic Bulletin Issue 1, 2014
12 April 2006
Monetary and exchange rate arrangements of the euro area with selected third countries and territories
Economic Bulletin Issue 4, 2006
13 November 2003
The international role of the euro: main developments since the inception of Stage Three of Economic and Monetary Union
Economic Bulletin Issue 11, 2003
7 August 2003
Developments in the euro area's international cost and price competitiveness
Economic Bulletin Issue 8, 2003
13 February 2003
Exchange rate regimes for emerging market economies
Economic Bulletin Issue 2, 2003
24 January 2002
Economic fundamentals and the exchange rate of the euro
Economic Bulletin Issue 1, 2002
22 April 2000
The nominal and real effective exchange rates of the euro
Economic Bulletin Issue 4, 2000
13 January 2000
Foreign exchange reserves and operations of the Eurosystem
Economic Bulletin Issue 1, 2000
17 August 1999
The international role of the euro
Economic Bulletin Issue 8, 1999
Balance of payments
22 March 2017
The impact of global value chain participation on current account balances - a global perspective
Economic Bulletin Issue 2, 2017
17 January 2013
Intra-euro area trade linkages and external adjustment
Economic Bulletin Issue 1, 2013
16 February 2012
Euro area cross-border financial flows
Economic Bulletin Issue 2, 2012
12 August 2010
Recent developments in global and euro area trade
Economic Bulletin Issue 8, 2010
10 July 2008
Euro area trade in services: some key stylised facts
Economic Bulletin Issue 7, 2008
13 July 2006
Competitiveness and the export performance of the euro area
Economic Bulletin Issue 7, 2006
10 February 2005
Euro area balance of payments and international investment position vis-à-vis main counterparts
Economic Bulletin Issue 2, 2005
11 July 2002
Developments in the external direct and portfolio investment flows of the euro area
Economic Bulletin Issue 7, 2002
10 August 2000
The external trade of the euro area economy: stylised facts and recent trends
Economic Bulletin Issue 8, 2000
International
22 March 2017
The impact of global value chain participation on current account balances - a global perspective
Economic Bulletin Issue 2, 2017
4 August 2016
The layers of the global financial safety net: taking stock
Economic Bulletin Issue 5, 2016
3 May 2016
The slowdown in emerging market economies and its implications for the global economy
Economic Bulletin Issue 3, 2016
18 June 2015
IMF surveillance of the euro area and its member countries
Economic Bulletin Issue 4, 2015
29 April 2015
Understanding the weakness in world trade
Economic Bulletin Issue 3, 2015
16 January 2014
Medium-term prospects for China’s economy and the internationalisation of the renminbi
Economic Bulletin Issue 1, 2014
11 July 2013
Is there a risk of a creeping rise in trade protectionism?
Economic Bulletin Issue 7, 2013
17 January 2013
Intra-euro area trade linkages and external adjustment
Economic Bulletin Issue 1, 2013
10 May 2012
Comparing the recent financial crisis in the United States and the euro area with the experience of Japan in the 1990s
Economic Bulletin Issue 5, 2012
12 May 2011
The external representation of the EU and EMU
Economic Bulletin Issue 5, 2011
20 January 2011
The financial crisis and the strengthening of global policy cooperation
Economic Bulletin Issue 1, 2011
15 July 2010
The impact of the financial crisis on the central and eastern European countries
Economic Bulletin Issue 7, 2010
15 April 2010
Prospects for real and financial imbalances and a global rebalancing
Economic Bulletin Issue 4, 2010
21 January 2010
The ECB's relations with European Union institutions and bodies - trends and prospects
Economic Bulletin Issue 1, 2010
15 October 2009
Financial development in emerging economies - stock-taking and policy implications
Economic Bulletin Issue 10, 2009
14 May 2009
Five years of EU membership
Economic Bulletin Issue 5, 2009
12 February 2009
Assessing global trends in protectionism
Economic Bulletin Issue 2, 2009
22 January 2009
Article from Monthly Bulletin January 2009. Foreign asset accumulation by authorities in emerging markets
Economic Bulletin Issue 1, 2009
17 January 2008
Globalisation, trade and the euro area macroeconomy
Economic Bulletin Issue 1, 2008
9 August 2007
Adjustment of global imbalances in a financially integrating world
Economic Bulletin Issue 8, 2007
12 July 2007
Oil-exporting countries: key structural features, economic developments and oil revenue recycling
Economic Bulletin Issue 7, 2007
18 January 2007
Putting China's economic expansion in perspective
Economic Bulletin Issue 1, 2007
9 November 2006
Financial development in central, eastern and south-eastern Europe
Economic Bulletin Issue 11, 2006
10 November 2005
Economic and financial relations between the euro area and Russia
Economic Bulletin Issue 11, 2005
11 August 2005
The role of "emerging Asia" in the global economy
Economic Bulletin Issue 8, 2005
20 January 2005
Financial flows to emerging market economies: Changing patterns and recent developments
Economic Bulletin Issue 1, 2005
14 October 2004
Economic integration in selected regions outside the European Union
Economic Bulletin Issue 10, 2004
12 August 2004
The European Constitution and the ECB
Economic Bulletin Issue 8, 2004
13 April 2004
The Barcelona partner countries and their relations with the euro area
Economic Bulletin Issue 4, 2004
13 November 2003
Crisis resolution in emerging market economies - challenges for the international community
Economic Bulletin Issue 11, 2003
9 May 2002
International supervisory co-operation
Economic Bulletin Issue 5, 2002
14 February 2002
Recent developments in international co-operation
Economic Bulletin Issue 2, 2002
11 January 2001
The ECB's relations with international organisations and fora
Economic Bulletin Issue 1, 2001
12 October 2000
The ECB’s relations with institutions and bodies of the European Community
Economic Bulletin Issue 10, 2000
Payment systems
11 May 2017
Harmonised statistics on payment services in the Single Euro Payments Area
Economic Bulletin Issue 3, 2017
20 December 2016
Looking back at OTC derivative reforms - objectives, progress and gaps
Economic Bulletin Issue 8, 2016
9 May 2013
Target balances and monetary policy operations
Economic Bulletin Issue 5, 2013
19 January 2012
Towards an integrated European card payments market
Economic Bulletin Issue 1, 2012
13 November 2008
Ten years of TARGET and the launch of TARGET2
Economic Bulletin Issue 11, 2008
10 August 2006
The evolution of large-value payment systems in the euro area
Economic Bulletin Issue 8, 2006
14 April 2005
The ESCB-CESR standards for securities clearing and settlement in the European Union
Economic Bulletin Issue 4, 2005
13 April 2004
Future developments in the TARGET system
Economic Bulletin Issue 4, 2004
15 May 2003
Electronification of payments in Europe
Economic Bulletin Issue 5, 2003
23 January 2003
CLS - purpose, concept and implications
Economic Bulletin Issue 1, 2003
11 April 2002
The role of the Eurosystem in payment and clearing systems
Economic Bulletin Issue 4, 2002
9 August 2001
Consolidation in central counterparty clearing in the euro area
Economic Bulletin Issue 8, 2001
8 February 2001
Towards a uniform service level for retail payments in the euro area
Economic Bulletin Issue 2, 2001
10 February 2000
Consolidation in the securities settlement industry
Economic Bulletin Issue 2, 2000
11 November 1999
TARGET and payments in euro
Economic Bulletin Issue 11, 1999
Market operations
14 August 2014
Experience with foreign currency liquidity-providing central bank swaps
Economic Bulletin Issue 8, 2014
16 January 2014
Recent developments in excess liquidity and money market rates
Economic Bulletin Issue 1, 2014
10 October 2013
Reference interest rates: role, challenges and outlook
Economic Bulletin Issue 10, 2013
11 July 2013
The Eurosystem collateral framework throughout the crisis
Economic Bulletin Issue 7, 2013
9 May 2013
Target balances and monetary policy operations
Economic Bulletin Issue 5, 2013
11 April 2013
Liquidity regulation and monetary policy implementation
Economic Bulletin Issue 4, 2013
9 July 2009
The implementation of monetary policy since August 2007
Economic Bulletin Issue 7, 2009
15 May 2008
The Eurosystem's open market operations during the recent period of financial market volatility
Economic Bulletin Issue 5, 2008
17 January 2008
The Eurosystem’s experience with forecasting autonomous factors and excess reserves
Economic Bulletin Issue 1, 2008
11 October 2007
The collateral frameworks of the Federal Reserve System, the Bank of Japan and the Eurosystem
Economic Bulletin Issue 10, 2007
9 November 2006
The Eurosystem's experience with fine-tuning operations at the end of the reserve maintenance period
Economic Bulletin Issue 11, 2006
11 May 2006
The single list in the collateral framework of the Eurosystem
Economic Bulletin Issue 5, 2006
12 April 2006
Portfolio management at the ECB
Economic Bulletin Issue 4, 2006
13 May 2004
Risk mitigation methods in Eurosystem credit operations
Economic Bulletin Issue 5, 2004
17 October 2002
Main features of the repo market in the euro area
Economic Bulletin Issue 10, 2002
9 May 2002
The liquidity management of the ECB
Economic Bulletin Issue 5, 2002
18 October 2001
Bidding behaviour of counterparties in the Eurosystem’s regular open market operations
Economic Bulletin Issue 10, 2001
19 April 2001
The collateral framework of the Eurosystem
Economic Bulletin Issue 4, 2001
13 July 2000
The switch to variable rate tenders in the main refinancing operations
Economic Bulletin Issue 7, 2000
13 January 2000
Foreign exchange reserves and operations of the Eurosystem
Economic Bulletin Issue 1, 2000
18 May 1999
The operational framework of the Eurosystem: description and first assessment
Economic Bulletin Issue 5, 1999
Banking
2 February 2016
Recent developments in the composition and cost of bank funding in the euro area
Economic Bulletin Issue 1, 2016
8 August 2013
A macro stress-testing framework for bank solvency analysis
Economic Bulletin Issue 8, 2013
8 August 2013
Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation
Economic Bulletin Issue 8, 2013
14 February 2013
Enhancing the monitoring of shadow banking
Economic Bulletin Issue 2, 2013
9 August 2012
Assessing the financial conditions of the euro area private sector during the sovereign debt crisis
Economic Bulletin Issue 8, 2012
9 August 2012
Heterogeneity in euro area financial conditions and policy implications
Economic Bulletin Issue 8, 2012
15 April 2010
Measures taken by euro area governments in support of the financial sector
Economic Bulletin Issue 4, 2010
11 February 2010
Euro area commercial property markets and their impact on banks
Economic Bulletin Issue 2, 2010
9 October 2008
Cross-border bank mergers & aquisitions and institutional investors
Economic Bulletin Issue 10, 2008
17 April 2008
Developments in the EU arrangements for financial stability
Economic Bulletin Issue 4, 2008
19 January 2006
Hedge funds: developments and policy implications
Economic Bulletin Issue 1, 2006
12 May 2005
Consolidation and diversification in the euro area banking sector
Economic Bulletin Issue 5, 2005
10 February 2005
Bank market discipline
Economic Bulletin Issue 2, 2005
20 January 2005
The new Basel capital accord: main features and implications
Economic Bulletin Issue 1, 2005
11 November 2004
Developments in the EU framework for financial regulation, supervision and stability
Economic Bulletin Issue 11, 2004
8 July 2004
Accounting for the resilience of the EU banking sector since 2000
Economic Bulletin Issue 7, 2004
12 February 2004
The impact of fair value accounting on the European banking sector - a financial stability perspective
Economic Bulletin Issue 2, 2004
7 August 2003
Recent developments in the euro area banking sector
Economic Bulletin Issue 8, 2003
8 August 2002
Recent developments and risks in the euro area banking sector
Economic Bulletin Issue 8, 2002
17 May 2001
The new capital adequacy regime the ECB perspective
Economic Bulletin Issue 5, 2001
22 April 2000
EMU and banking supervision
Economic Bulletin Issue 4, 2000
20 April 1999
Banking in the euro area: structural features and trends
Economic Bulletin Issue 4, 1999
Banknote
20 September 2017
Modelling euro banknote quality
Economic Bulletin Issue 06, 2017
14 April 2011
The use of euro banknotes - results of two surveys among households and firms
Economic Bulletin Issue 4, 2011
29 May 2008
Euro banknotes – A tangible symbol of integration
Economic Bulletin Issue 5, 2008
11 October 2007
Circulation and supply of euro banknotes and preparations for the second series of banknotes
Economic Bulletin Issue 10, 2007
11 August 2005
The euro banknotes: developments and future challenges
Economic Bulletin Issue 8, 2005
12 August 2004
Euro banknotes: first years of experience
Economic Bulletin Issue 8, 2004
17 July 2003
Early experience of the management of Euro banknote printing and issuance
Economic Bulletin Issue 7, 2003
9 May 2002
Implications of the euro cash changeover on the development of banknotes and coins in circulation
Economic Bulletin Issue 5, 2002
24 January 2002
Euro banknote preparations: from cash changeover to post-launch activities
Economic Bulletin Issue 1, 2002
18 October 2001
The euro cash changeover in markets outside the euro area
Economic Bulletin Issue 10, 2001
19 April 2001
The introduction of Euro banknotes and coins
Economic Bulletin Issue 4, 2001
Statistical
11 May 2017
Harmonised statistics on payment services in the Single Euro Payments Area
Economic Bulletin Issue 3, 2017
17 December 2015
New features in monetary and financial statistics
Economic Bulletin Issue 8, 2015
5 November 2015
European statistics: cooperation between the European System of Central Banks and the European Statistical System
Economic Bulletin Issue 7, 2015
19 March 2015
Who holds what? New information on securities holdings
Economic Bulletin Issue 2, 2015
14 August 2014
New international standards in statistics - enhancements to methodology and data availability
Economic Bulletin Issue 8, 2014
11 April 2013
The Eurosystem Household Finance and Consumption Survey: description and main results of the first wave
Economic Bulletin Issue 4, 2013
11 August 2011
Keeping the ECB's monetary and financial statistics fit for use
Economic Bulletin Issue 8, 2011
12 August 2010
Harmonised ECB statistics on euro area investment funds and their analytical use for monetary policy purposes
Economic Bulletin Issue 8, 2010
11 February 2010
Update on developments in general economic statistics for the euro area
Economic Bulletin Issue 2, 2010
14 February 2008
The new euro area yield curves
Economic Bulletin Issue 2, 2008
15 November 2007
The introduction of quarterly sectoral accounts statistics for the euro area
Economic Bulletin Issue 11, 2007
12 October 2006
Integrated financial and non-financial accounts for the institutional sectors in the euro area
Economic Bulletin Issue 10, 2006
14 July 2005
The use of harmonised MFI interest rate statistics
Economic Bulletin Issue 7, 2005
14 April 2005
Comparability of statistics for the euro area, the United States and Japan
Economic Bulletin Issue 4, 2005
10 April 2003
Developments in general economic statistics for the euro area
Economic Bulletin Issue 4, 2003
19 April 2001
Assessment of general economic statistics for the euro area
Economic Bulletin Issue 4, 2001
Eurosystem
2 August 2016
Increasing resilience and long-term growth: the importance of sound institutions and economic structures for euro area countries and EMU
Economic Bulletin Issue 5, 2016
11 July 2013
The Eurosystem collateral framework throughout the crisis
Economic Bulletin Issue 7, 2013
9 May 2013
Country adjustment in the euro area: where do we stand?
Economic Bulletin Issue 5, 2013
9 May 2013
An assessment of Eurosystem staff macroeconomic projections
Economic Bulletin Issue 5, 2013
15 November 2012
Recent economic and financial developments in EU candidate countries
Economic Bulletin Issue 11, 2012
9 August 2012
Heterogeneity in euro area financial conditions and policy implications
Economic Bulletin Issue 8, 2012
12 April 2012
Financial reporting in the Eurosystem
Economic Bulletin Issue 4, 2012
15 October 2009
Recent developments in the balance sheets of the euro system, the federal reserve system and the Bank of Japan
Economic Bulletin Issue 10, 2009
9 July 2009
Rotation of voting rights in the governing council of the ECB
Economic Bulletin Issue 7, 2009
14 May 2009
Five years of EU membership
Economic Bulletin Issue 5, 2009
10 July 2008
The Eurosystem as a provider of technical assistance to EU neighbouring regions
Economic Bulletin Issue 7, 2008
10 February 2005
Initial experience with the changes to the Eurosystem's operational framework for monetary policy implementation
Economic Bulletin Issue 2, 2005
12 February 2004
The acceding countries' economies on the threshold of the European Union
Economic Bulletin Issue 2, 2004
7 August 2003
Changes to the Eurosystem's operational framework for monetary policy
Economic Bulletin Issue 8, 2003
15 May 2003
The adjustment of voting modalities in the Governing Council
Economic Bulletin Issue 5, 2003
11 July 2002
The Eurosystem’s dialogue with EU accession countries
Economic Bulletin Issue 7, 2002
10 February 2000
The Eurosystem and the EU enlargement process
Economic Bulletin Issue 2, 2000
13 January 2000
Foreign exchange reserves and operations of the Eurosystem
Economic Bulletin Issue 1, 2000
14 October 1999
ESCB preparations for the year 2000
Economic Bulletin Issue 10, 1999
13 July 1999
The institutional framework of the European System of Central Banks
Economic Bulletin Issue 7, 1999
18 May 1999
The operational framework of the Eurosystem: description and first assessment
Economic Bulletin Issue 5, 1999
19 January 1999
The euro area at the start of Stage Three
Economic Bulletin Issue 1, 1999
Other
14 July 2011
The new EU framework for financial crisis management and resolution
Economic Bulletin Issue 7, 2011
14 July 2011
The European stability mechanism
Economic Bulletin Issue 7, 2011
12 May 2011
The external representation of the EU and EMU
Economic Bulletin Issue 5, 2011
10 March 2011
The reform of economic governance in the euro area - essential elements
Economic Bulletin Issue 3, 2011
15 July 2010
The impact of the financial crisis on the central and eastern European countries
Economic Bulletin Issue 7, 2010
21 January 2010
The ECB's relations with European Union institutions and bodies - trends and prospects
Economic Bulletin Issue 1, 2010
12 November 2009
Central bank communication in periods of heightened uncertainty
Economic Bulletin Issue 11, 2009
14 May 2009
Credit rating agencies: developments and policy issues
Economic Bulletin Issue 5, 2009
15 February 2007
Migrant remittances to regions neighbouring the EU
Economic Bulletin Issue 2, 2007
12 October 2006
Demographic change in the euro area: projections and consequences
Economic Bulletin Issue 10, 2006
12 May 2005
The evolving framework for corporate governance
Economic Bulletin Issue 5, 2005
8 February 2001
The external communication of the European Central Bank
Economic Bulletin Issue 2, 2001
11 November 1999
Legal instruments of the European Central Bank
Economic Bulletin Issue 11, 1999