ECB Monthly Bulletin | August 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
  • Exchange rate and balance of payments developments
  • Boxes:
    • The results of the July 2005 bank lending survey for the euro area
    • Seasonal adjustment of securities issues statistics
    • The transmission of overnight interest rate volatility to longer-term interest rates in the euro area money market
    • Long-term and short-term nominal interest rates in the largest euro area countries from a historical perspective
    • Private sector expectations for the euro area: results of the Survey of Professional Forecasters for the third quarter of 2005
    • A longer-term perspective on structural unemployment in the euro area
    • The Integrated Guidelines for Growth and Jobs 2005-2008
• Articles
  • The reform of the Stability and Growth Pact
  • The role of “Emerging Asia” in the global economy
  • The euro banknotes: developments and future challenges
• Euro Area Statistics
• Annexes
  • Chronology of monetary policy measures of the Eurosystem
  • Documents published by the European Central Bank since 2004
  • Glossary