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Publications on ECB
- 25 March 2021
- ECONOMIC BULLETIN BOXEconomic Bulletin Issue 2, 2021Details
- Abstract
- The coronavirus (COVID-19) pandemic triggered significant changes in household spending in 2020. These shifts are reflected in the 2021 HICP weights, and consequently, also in measured annual inflation. The impact of these new HICP weights on annual inflation is not insignificant and is also heterogenous across countries. Looking ahead, the full impact will most likely only materialise over the course of the year as the relative prices gradually change.
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
- 25 March 2021
- ECONOMIC BULLETIN BOXEconomic Bulletin Issue 2, 2021Details
- Abstract
- This box compares the economic performance of the euro area and the United States during 2020. While it is not yet possible to assess the long-term impact of the coronavirus (COVID-19) pandemic, it is interesting to take stock of the economic developments that have led to the worst loss in output in either region since the Second World War. Primarily as a result of the stricter pandemic-related lockdowns in the euro area, total GDP losses for 2020 somewhat exceeded those in the United States. Nevertheless, the pattern in private consumption was similar in both economies despite the considerably larger fiscal transfers provided in response to the crisis in the United States. Job retention schemes, which cushioned the significant adverse impact of the crisis on employment, and other direct transfers to firms and households have been key elements of the euro area’s fiscal support. Inflation was more subdued in the euro area, partly on account of special factors like the temporary reduction in German VAT.
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
J82 : Labor and Demographic Economics→Labor Standards: National and International→Labor Force Composition
- 23 March 2021
- ECONOMIC BULLETIN BOXEconomic Bulletin Issue 2, 2021Details
- Abstract
- The EU’s recovery package has the potential to mitigate the heterogeneous fallout from the COVID-19 pandemic. Its effectiveness will depend on the achievement of an adequate balance of mutually reinforcing investments and reforms. To ensure a timely and efficient absorption of recovery funds for productive public spending, special attention should be paid to bolstering administrative capacity and reducing implementation bottlenecks.
- JEL Code
- E60 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→General
F45 : International Economics→Macroeconomic Aspects of International Trade and Finance
H12 : Public Economics→Structure and Scope of Government→Crisis Management
O43 : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity→Institutions and Growth
- 4 February 2021
- ECONOMIC BULLETIN BOXEconomic Bulletin Issue 1, 2021Details
- Abstract
- This box analyses the developments in prices for travel-related services across items and across euro area countries. The purpose is to clarify the extent to which there are commonalities when it comes to explaining the sharp drop in travel-related services inflation.
- JEL Code
- E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
- 2 February 2021
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 1, 2021Last updated on 10 February 2021Details
- Abstract
- Euro area countries have relied extensively on fiscal policy to counter the harmful impact of the coronavirus (COVID-19) pandemic on their economies. They have implemented a broad range of measures, some with an immediate budgetary impact and others, such as liquidity measures, which, in principle, are not expected to cause an immediate deterioration in the fiscal outlook. Since all euro area countries were hit by the economic shock largely through the same channels, their fiscal responses in the early stages of the crisis were similar in terms of the instruments used. Fiscal emergency packages were mostly aimed at limiting the economic fallout from containment measures through direct measures to protect firms and workers in the affected industries. Simultaneously, extensive liquidity support measures in the form of tax deferrals and State guarantees were announced to help firms particularly impacted by the containment policies to avoid liquidity shortages. In order to support the recovery, fiscal policy needs to provide targeted and mostly temporary stimulus, tailored to the specific characteristics of the crisis and countries’ fiscal positions. Government investments, complemented by the Next Generation EU package, and accompanied by appropriate structural policies, should play a major role in this respect.
- JEL Code
- H6 : Public Economics→National Budget, Deficit, and Debt
H1 : Public Economics→Structure and Scope of Government
H5 : Public Economics→National Government Expenditures and Related Policies
- 7 January 2021
- ECONOMIC BULLETIN BOXEconomic Bulletin Issue 8, 2020Details
- Abstract
- The coronavirus (COVID-19) pandemic and the lockdown measures to contain its spread caused large cumulated losses in euro area domestic demand in the first half of 2020, with a rebound in the third quarter of the year, according to the standard expenditure-based breakdown of GDP. However, an adjustment for import intensities derived from input-output data shows that external factors have also contributed significantly to growth dynamics in 2020. While an extended analysis based on ratios of sectoral imports to value added as a proxy suggests that import intensities may have, in aggregate, risen somewhat in the current crisis, this does not have a significant impact on the alternative, import-adjusted GDP breakdown for 2020.
- JEL Code
- E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
E23 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Production
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
- 6 January 2021
- ECONOMIC BULLETIN BOXEconomic Bulletin Issue 8, 2020Details
- Abstract
- Can the indicator of negotiated wage rates play an especially important role in assessing and forecasting wage dynamics at the current juncture? While the data on negotiated wages are available on a more timely basis, negotiated wage growth tends to only react with some lag to changes in labour market conditions, owing to the nature of the negotiation process, and the indicator is currently still dominated by wage agreements agreed prior to the pandemic. The main effects of the pandemic on negotiated wage growth are likely to become visible only from 2021 – when a substantial share of wage contracts in euro area countries is due to be renegotiated. Wage drift developments, in conjunction with information on hours worked and unemployment, can provide some indications regarding the environment in which these negotiations will take place. The availability of more granular data, for example on negotiated wage growth in different sectors, would be very helpful in analysing euro area wage developments in more detail.
- JEL Code
- H24 : Public Economics→Taxation, Subsidies, and Revenue→Personal Income and Other Nonbusiness Taxes and Subsidies
J30 : Labor and Demographic Economics→Wages, Compensation, and Labor Costs→General
J31 : Labor and Demographic Economics→Wages, Compensation, and Labor Costs→Wage Level and Structure, Wage Differentials
- 23 November 2020
- FINANCIAL STABILITY REVIEW BOXFinancial Stability Review Issue 2, 2020Details
- Abstract
- Credit rating downgrades - especially downgrades from investment grade to high yield (“fallen angels”) - can adversely affect the price and ease of a firm’s debt issuance. Such a downgrade can force (institutional) investors to sell securities, as investment mandates may restrict the securities that they are allowed to hold. We find that market repricing does not typically happen instantaneously after a downgrade, but instead over an extended period which preceding the actual downgrade. The impact of sales by institutional investors is softened by differences in the definition of “investment grade” and flexibility in investment funds’ mandates. Fallen angels since February 2020 follow this pattern, but with a swifter and stronger increase in the credit premium before the first downgrade. Securities of pandemic-related fallen angels show some post-event illiquidity which may be explained by the relatively sudden change in the broader economic outlook and wider market stress. Downgrades to below investment grade are typically also associated with lower bond issuance volumes. If a larger cohort of firms were to face funding pressures, this increases their vulnerability to shocks in the near term and, in the long term, could weigh on investment, creating wider macroeconomic costs.
- JEL Code
- G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G24 : Financial Economics→Financial Institutions and Services→Investment Banking, Venture Capital, Brokerage, Ratings and Ratings Agencies
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
- 24 September 2020
- ECONOMIC BULLETIN BOXEconomic Bulletin Issue 6, 2020Details
- Abstract
- This box reviews the impact of changes in indirect taxes on inflation developments in the euro area. In the past, increases in indirect taxes have tended to contribute positively to inflation in the euro area. However, the recent reductions in indirect taxes in response to the coronavirus (COVID-19) pandemic in several euro area countries, in particular in Germany, have not been seen before in the euro area on this scale. The impact they will have on inflation is surrounded by considerable uncertainty, but overall the pass-through is likely to be incomplete and to vary across sectors. In this respect, the September 2020 staff projections expect only a quite limited pass-through. The effects are nevertheless large enough to imply a slight V-shape profile for underlying inflation excluding the effects of changes in indirect taxes concealed in the annual numbers for HICPX, as well as a gradual increase between 2020 and 2022.
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
H22 : Public Economics→Taxation, Subsidies, and Revenue→Incidence
E37 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications
- 22 September 2020
- ECONOMIC BULLETIN BOXEconomic Bulletin Issue 6, 2020Details
- Abstract
- In response to COVID-19 the euro area household saving rate reached unprecedented levels in the first half of 2020. First, lockdown measures prohibited households from consuming a large share of their normal expenditure basket, leading to forced savings. Second, the sudden outbreak of the pandemic caused the risk of future unemployment to shoot up, leading to precautionary savings. Using a parsimonious panel model this box finds that forced savings have been the main driver of the recent spike in household savings. Despite these accumulated savings, however, households remain cautious about their future spending.
- JEL Code
- E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
- 7 May 2020
- OTHER PUBLICATIONSRelated
- 7 May 2020
- ANNUAL REPORTEnglishOTHER LANGUAGES (21) +
- 6 November 2019
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 7, 2019Details
- Abstract
- This article provides a review of the global trends in central banks’ foreign currency reserve holdings in terms of their size, adequacy and composition, before examining the ECB’s foreign currency reserves and how these reserves are managed.
- JEL Code
- E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
F31 : International Economics→International Finance→Foreign Exchange
F55 : International Economics→International Relations, National Security, and International Political Economy→International Institutional Arrangements
G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
Q02 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→General→Global Commodity Markets
- 20 December 2018
- ECONOMIC BULLETIN BOXEconomic Bulletin Issue 8, 2018Details
- Abstract
- In the third quarter of 2018, the total number of people in employment in the euro area was 9.6 million higher than in the second quarter of 2013 (when it fell to its lowest point during the crisis). The increase in employment in the course of the recovery has more than offset the decline observed during the crisis. As a result, euro area employment is now at its highest level ever, standing at 158.3 million. This box describes the net employment growth in the euro area over the course of the recovery and compares it with the period from the first quarter of 1999 to the first quarter of 2008 (i.e. from the introduction of the euro to the start of the crisis), which was also characterised by a continuous increase in employment at the level of the euro area as a whole.
- JEL Code
- J21 : Labor and Demographic Economics→Demand and Supply of Labor→Labor Force and Employment, Size, and Structure
J11 : Labor and Demographic Economics→Demographic Economics→Demographic Trends, Macroeconomic Effects, and Forecasts
- 19 December 2018
- ECONOMIC BULLETIN BOXEconomic Bulletin Issue 8, 2018Details
- Abstract
- Against the background of financial market volatility in some emerging market economies (EMEs) since April, this box reviews key vulnerabilities in EMEs. Specifically, it assesses their resilience to external shocks compared to previous crisis episodes.
- JEL Code
- F3 : International Economics→International Finance
F4 : International Economics→Macroeconomic Aspects of International Trade and Finance
- 8 November 2018
- ECONOMIC BULLETIN BOXEconomic Bulletin Issue 7, 2018Details
- Abstract
- Euro area headline inflation is currently dominated by a strong contribution from energy prices. In the third quarter of 2018, energy prices contributed 0.9 percentage point to the headline HICP inflation rate of around 2.0%, thus accounting for almost half. This large contribution mainly reflects past developments in crude oil prices, a factor that constitutes a common influence across euro area countries. However, the contribution of energy to HICP inflation depends both on the share of energy in consumption expenditure and on the degree of pass-through of oil price developments to consumer energy prices. This box reviews the extent to which these features can help explain differences across euro area countries in the recent contribution of energy to overall HICP inflation.
- JEL Code
- E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
Q41 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Energy→Demand and Supply, Prices
Q47 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Energy→Energy Forecasting
- 29 October 2018
- FORUM ON CENTRAL BANKINGECB Forum on Central Banking 2018
- 28 September 2018
- OTHER PUBLICATIONS
- 18 April 2018
- OTHER PUBLICATIONS
- 3 November 2017
- OTHER PUBLICATIONS
- 11 October 2017
- OTHER PUBLICATIONS
- 29 September 2017
- FORUM ON CENTRAL BANKINGECB Forum on Central Banking 2017
- 10 April 2017
- ANNUAL REPORTEnglishOTHER LANGUAGES (21) +EnglishOTHER LANGUAGES (21) +
- 16 February 2017
- ANNUAL ACCOUNTSEnglishOTHER LANGUAGES (22) +
- 16 February 2017
- ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEMEnglishOTHER LANGUAGES (22) +
- 31 October 2016
- FORUM ON CENTRAL BANKINGECB Forum on Central Banking 2016
- 7 April 2016
- ANNUAL REPORTEnglishOTHER LANGUAGES (21) +EnglishOTHER LANGUAGES (21) +
- 18 February 2016
- ANNUAL ACCOUNTSEnglishOTHER LANGUAGES (22) +
- 18 February 2016
- ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEMEnglishOTHER LANGUAGES (22) +
- 3 November 2015
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 7, 2015
- 20 April 2015
- ANNUAL REPORTEnglishOTHER LANGUAGES (21) +
- 19 February 2015
- ANNUAL ACCOUNTSEnglishOTHER LANGUAGES (22) +
- 19 February 2015
- ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEMEnglishOTHER LANGUAGES (22) +
- 19 December 2014
- OTHER PUBLICATIONS
- 10 October 2014
- OTHER PUBLICATIONS
- 7 April 2014
- ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEMEnglishOTHER LANGUAGES (21) +
- 7 April 2014
- ANNUAL REPORTEnglishOTHER LANGUAGES (21) +
- 26 March 2014
- OTHER PUBLICATIONS
- 20 February 2014
- ANNUAL ACCOUNTSEnglishOTHER LANGUAGES (21) +
- 28 January 2014
- OTHER PUBLICATIONSRelated
- 28 January 2014
- PRESS RELEASES
- 24 April 2013
- ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEMEnglishOTHER LANGUAGES (20) +
- 24 April 2013
- ANNUAL REPORTEnglishOTHER LANGUAGES (21) +
- 21 February 2013
- ANNUAL ACCOUNTSEnglishOTHER LANGUAGES (20) +
- 25 April 2012
- ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEMEnglishOTHER LANGUAGES (20) +
- 25 April 2012
- ANNUAL REPORTEnglishOTHER LANGUAGES (20) +
- 12 April 2012
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 4, 2012
- 8 March 2012
- ANNUAL ACCOUNTSEnglishOTHER LANGUAGES (20) +
- 2 May 2011
- ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEMEnglishOTHER LANGUAGES (20) +
- 2 May 2011
- ANNUAL REPORTEnglishOTHER LANGUAGES (20) +
- 10 March 2011
- OTHER PUBLICATIONSRelated
- 7 April 2004
- PRESS RELEASE
- 3 March 2011
- ANNUAL ACCOUNTSEnglishOTHER LANGUAGES (20) +
- 17 January 2011
- OTHER PUBLICATIONSEnglishOTHER LANGUAGES (21) +
- 17 January 2011
- OTHER PUBLICATIONSEnglishOTHER LANGUAGES (22) +
- 19 April 2010
- ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEMEnglishOTHER LANGUAGES (20) +
- 19 April 2010
- ANNUAL REPORTEnglishOTHER LANGUAGES (20) +
- 4 March 2010
- ANNUAL ACCOUNTSEnglishOTHER LANGUAGES (20) +
- 7 January 2010
- OTHER PUBLICATIONSRelated
- 7 January 2010
- PRESS RELEASE
- 12 November 2009
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 11, 2009
- 22 September 2009
- OTHER PUBLICATIONS
- 13 August 2009
- OTHER PUBLICATIONS
- 9 July 2009
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 7, 2009
- 29 April 2009
- OTHER PUBLICATIONSEnglishOTHER LANGUAGES (22) +
- 21 April 2009
- ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEMEnglishOTHER LANGUAGES (20) +
- 21 April 2009
- ANNUAL REPORTEnglishOTHER LANGUAGES (20) +
- 5 March 2009
- ANNUAL ACCOUNTSEnglishOTHER LANGUAGES (20) +
- 9 October 2008
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 10, 2008
- 9 October 2008
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 10, 2008
- 20 June 2008
- OTHER PUBLICATIONS
- 29 May 2008
- OTHER PUBLICATIONSEnglishOTHER LANGUAGES (17) +Related
- 29 May 2008
- PRESS RELEASE
- 19 May 2008
- OTHER PUBLICATIONSEnglishOTHER LANGUAGES (22) +
- 21 April 2008
- ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEMEnglishOTHER LANGUAGES (20) +
- 21 April 2008
- ANNUAL REPORTEnglishOTHER LANGUAGES (20) +
- 6 March 2008
- ANNUAL ACCOUNTSEnglishOTHER LANGUAGES (20) +
- 25 February 2008
- OTHER PUBLICATIONSRelated
- 25 February 2008
- PRESS RELEASE
- 14 August 2007
- OTHER PUBLICATIONSRelated
- 14 August 2007
- PRESS RELEASE
- 14 August 2007
- OTHER PUBLICATIONSRelated
- 14 August 2007
- PRESS RELEASE
- 23 April 2007
- ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEMEnglishOTHER LANGUAGES (20) +
- 23 April 2007
- ANNUAL REPORTEnglishOTHER LANGUAGES (20) +
- 8 March 2007
- ANNUAL ACCOUNTSEnglishOTHER LANGUAGES (20) +
- 18 December 2006
- OTHER PUBLICATIONSEnglishOTHER LANGUAGES (21) +
- 25 April 2006
- ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEMEnglishOTHER LANGUAGES (18) +
- 25 April 2006
- ANNUAL REPORTEnglishOTHER LANGUAGES (18) +
- 12 April 2006
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 4, 2006
- 16 March 2006
- ANNUAL ACCOUNTSEnglishOTHER LANGUAGES (18) +
- 15 August 2005
- OTHER PUBLICATIONS
- 30 May 2005
- OTHER PUBLICATIONSRelated
- 26 April 2005
- ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEMEnglishOTHER LANGUAGES (18) +
- 26 April 2005
- ANNUAL REPORTEnglishOTHER LANGUAGES (18) +
- 14 March 2005
- ANNUAL ACCOUNTSEnglishOTHER LANGUAGES (18) +
- 20 December 2004
- OTHER PUBLICATIONSRelated
- 3 December 2004
- OTHER PUBLICATIONSRelated
- 3 December 2004
- PRESS RELEASE
- 25 October 2004
- OTHER PUBLICATIONSRelated
- 25 October 2004
- PRESS RELEASE
- 8 October 2004
- OTHER PUBLICATIONSEnglishOTHER LANGUAGES (19) +
- 12 August 2004
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 8, 2004
- 2 July 2004
- OTHER PUBLICATIONS
- 26 May 2004
- OTHER PUBLICATIONSRelated
- 26 May 2004
- PRESS RELEASE
- 13 May 2004
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 5, 2004
- 27 April 2004
- ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEM
- 13 April 2004
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 4, 2004
- 8 April 2004
- ANNUAL REPORT
- 7 April 2004
- OTHER PUBLICATIONSAnnexes
- 7 April 2004
- ANNEX
- 18 March 2004
- ANNUAL ACCOUNTS
- 16 January 2004
- OTHER PUBLICATIONSRelated
- 16 January 2004
- PRESS RELEASE
- 7 November 2003
- OTHER PUBLICATIONSRelated
- 7 November 2003
- PRESS RELEASE
- 15 May 2003
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 5, 2003
- 29 April 2003
- ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEM
- 1 April 2003
- ANNUAL REPORT
- 20 March 2003
- ANNUAL ACCOUNTS
- 14 November 2002
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 11, 2002
- 23 April 2002
- ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEM
- 1 April 2002
- ANNUAL REPORT
- 21 March 2002
- ANNUAL ACCOUNTS
- 8 November 2001
- OTHER PUBLICATIONS
- 2 May 2001
- ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEM
- 1 May 2001
- ANNUAL REPORT
- 29 March 2001
- ANNUAL ACCOUNTS
- 8 February 2001
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 2, 2001
- 12 April 2000
- ANNUAL ACCOUNTS
- 12 April 2000
- ANNUAL CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEM
- 1 April 2000
- ANNUAL REPORT
- 10 February 2000
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 2, 2000
- 14 October 1999
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 10, 1999
- 13 July 1999
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 7, 1999
- 18 May 1999
- ECONOMIC BULLETIN ARTICLEEconomic Bulletin Issue 5, 1999
- 1 April 1999
- ANNUAL REPORT
- 4 May 1998
- ANNUAL REPORT
- 24 April 1997
- ANNUAL REPORT
- 21 November 1995
- OTHER PUBLICATIONS
- 1 April 1995
- ANNUAL REPORT
- 1 April 1993
- ANNUAL REPORT
- 1 April 1992
- ANNUAL REPORT