ECB Monthly Bulletin | May 2009

Summary: 

The Monthly Bulletin was published from January 1999 to December 2014. The Monthly Bulletin was published one week after each monetary policy meeting of the ECB's Governing Council. It explained the monetary policy decision and provided a detailed analysis of the current economic situation and risks to price stability. 

Table of Contents: 

• Editorial
• Economic and Monetary Developments
  • The external environment of the euro area
  • Monetary and financial developments
  • Prices and costs
  • Output, demand and the labour market
  • Exchange rate and balance of payments developments
  • Boxes:
    • Effects of the oil price decline on the current accounts of selected economies
    • The results of the April 2009 bank lending survey for the euro area
    • Integrated euro area accounts for the fourth quarter of 2008
    • Results of the ECB Survey of Professional Forecasters for the second quarter of 2009
    • Recent developments in stock building
    • The construction industry in the downturn
    • Recent developments in extra-euro area trade prices and price competitiveness
• Articles
  • Expectations and the conduct of monetary policy
  • Five years of EU membership
  • Credit rating agencies: developments and policy issues
• Euro Area Statistics
•  Annexes
  • Chronology of monetary policy measures of the Eurosystem
  • Documents published by the European Central Bank since 2008
  • Glossary