ECB Monthly Bulletin | June 2004

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
• The Eurosystem and the European System of Central Banks
• Economic and monetary developments
  • The external environment of the euro area
  • Monetary and financial developments
  • Prices and costs
  • Output, demand and the labour market
  • Fiscal developments
  • Eurosystem staff macroeconomic projections for the euro area
  • Exchange rate and balance of payments developments
  • Boxes:
    • Recent developments in loans to non-financial corporations
    • Recent developments in the net flows into euro area equity and bond funds
    • Liquidity conditions and monetary policy operations from 24 January 2004 to 11 May 2004
    • Using financial derivatives to assess market participants’ short-term inflation expectations for the euro area
    • Seasonal patterns and volatility in the euro area HICP
    • The impact of the number of working days on euro area GDP in 2004
    • Comparison with the December 2003 projections
    • Forecasts by other institutions
• Euro Area Statistics
  • Chronology of monetary policy measures of the Eurosystem
  • The TARGET (Trans-European Automated Real-time Gross settlement Express Transfer) system
  • Documents published by the European Central Bank since January 2003
• Glossary