ECB Monthly Bulletin | July 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:
    • Oil-bill recycling and its impact
    • Recent developments in MFI net external assets
    • Tools for calculating and interpreting real interest rate developments in the euro area
    • New series of hourly labour costs in the euro area
    • Trends in euro area potential output growth
  • Articles
    • The Harmonised Index of Consumer Prices: concept, properties and experience to date
    • The Lisbon strategy – five years on
    • The use of harmonised MFI interest rate statistics
  • Euro Area Statistics
  • Annexes
    • Chronology of monetary policy measures of the Eurosystem
    • Documents published by the European Central Bank since 2004
    • Glossary