ECB Monthly Bulletin | September 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
  • Fiscal developments
  • Exchange rate and balance of payments developments
  • Boxes:
    • The link between asset prices and monetary developments
    • Liquidity conditions and monetary policy operations from 12 May to 10 August 2004
    • Measuring real interest rates in the euro area countries
    • How do stock markets react to changes in oil prices?
    • Recent trends in residential property prices in the euro area and across euro area countries
    • Recent developments in unit labour costs and their implications for euro area inflation
    • Principal European Economic Indicators: progress up to September 2004
    • ECB staff macroeconomic projections for the euro area
    • Track record of budgetary forecasts in stability and convergence programmes
    • Update of the overall trade weights for the effective exchange rates of the euro and computation of a new set of euro indicators
• Euro Area Statistics
• Chronology of monetary poly measures of the Eurosystem
• The TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer) System
• Documents published by the European Central Bank since 2003
• Glossary