ECB Monthly Bulletin | July 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
• 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:
    • Recent trends in portfolio allocation between monetary and longer-term financial assets
    • The development of a high-yield bond market in the euro area
    • Recent oil price developments and their impact on euro area prices
    • Entry of the currencies of Estonia, Lithuania and Slovenia into the exchange rate mechanism II (ERM II)
    • Conventions and procedures for the exchange rate mechanism II (ERM II)
    • Recent developments in extra-euro area trade volumes and prices
• Articles
  • Labour productivity developments in the euro area: aggregate trends and sectoral patterns
  • Accounting for the resilience of the EU banking sector since 2000
• Euro Area Statistics
  • Chronology of monetary policy measures of the Eurosystem
  • Documents published by the European Central Bank since January 2003
• Glossary