ECB Monthly Bulletin | March 2005

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:
    • Inflation forecasts derived from monetary indicators
    • The volatility of the overnight interest rate from a medium-term perspective
    • Liquidity conditions and monetary policy operations from 9 November 2004 to 7 February 2005
    • A measure of the real cost of the external financing of euro area non-financial corporations
    • The pass-through of market interest rates to MFI lending rates since the start of Stage Three of EMU
    • Trends in household debt and non-performing loans in the euro area
    • PMI survey data on producer input and output prices
    • The carry-over effect on annual average real GDP growth in 2005
    • Developments in euro area labour productivity
    • ECB staff macroeconomic projections for the euro area
• 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 2004
• Glossary