ECB Monthly Bulletin | April 2007

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:
    • Recent changes in the composition of growth in credit to euro area residents
    • Long-term debt securities issuance by MFIs since the early 1990s
    • Long-term real and inflation risk premia in the euro area bond market
    • Gauging stock market uncertainty using option-implied distributions
    • The 2007 update of the integrated policy guidelines for the implementation of the Lisbon strategy by the euro area Member States
    • Sectoral employment developments in the euro area
    • Revaluation of the Slovak koruna within ERM II
    • Oil-bill recycling and extra-euro area exports
• Articles
  • Communicating monetary policy to financial markets
  • Output growth differentials in the euro area: sources and implications
  • From government deficit to debt: bridging the gap
• Euro Area Statistics
• Annexes
  • Chronology of monetary policy measures of the Eurosystem
  • Documents published by the European Central Bank since 2006
  • Glossary