ECB Monthly Bulletin | July 2003

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 in the euro area
  • Monetary and financial developments
  • Price developments
  • Output, demand and labour market developments
  • Exchange rate and balance of payments developments
• Boxes:
  • Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 June 2003
  • Gauging contagion in euro area stock markets with implied volatility measures
  • New base year for euro area short-term indicators
  • Labour hoarding in the euro area
  • The Broad Economic Policy Guidelines 2003
• Trends in euro area gross fixed capital formation
• Early experience of the management of euro banknote printing and issuance
• Euro area statistics
• Chronology of monetary policy measures of the Eurosystem
• Documents published by the European Central Bank