ECB Monthly Bulletin | March 2006

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:
    • Recent inflation developments in the new EU Member States and the impact of EU accession
    • China’s national account revisions
    • The resumption of the unwinding of portfolio shifts in the fourth quarter of 2005
    • Liquidity conditions and monetary policy operations from 9 November 2005 to 7 February 2006
    • Factors behind the recent decoupling of euro area stock prices from those in the United States
    • Development and nature of non-MFI loans to households
    • New compilation and publication practices for the euro area HICP
    • ECB staff macroeconomic projections for the euro area
    • Projections of the impact of ageing on public expenditure
• Euro Area Statistics
• Annexes
  • Chronology of monetary policy measures of the Eurosystem
  • The TARGET (Trans-European Automated Real-time Gross settlement Express Transfer) system
  • Documents published by the European Central Bank since 2005
  • Glossary