ECB Monthly Bulletin | June 2008

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
  • Eurosystem staff macroeconomic projections for the euro area
  • Exchange rate and balance of payments developments
  • Boxes:
    • What accounts for the surge in global food prices?
    • Recent shifts between different categories of financial asset held by households
    • Liquidity conditions and monetary policy operations in the period from 13 February 2008 to 13 May 2008
    • Recent developments in the earnings of euro area firms
    • A comparison of spreads on corporate debt financing in the euro area and the United States
    • Recent developments in sectoral wage and labour costs in the euro area
    • Recent trends in labour productivity growth in the euro area and the United States
    • Discretionary fiscal policies, automatic stabilisation and economic uncertainty
    • Technical assumptions
    • Forecasts by other institutions
    • Revaluation of the Slovak koruna within ERM
  • 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 2007
    • Glossary

On the occasion of the 10th anniversary: a report on the first 10 years of the European Central Bank (ECB) and on the challenges ahead. Includes an annex with statistics comparing the EU, the US and Japan.