ECB Monthly Bulletin | September 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
  • Fiscal developments
  • Exchange rate and balance of payments developments
  • Boxes:
    • House price developments in central and eastern European countries
    • Liquidity conditions and monetary policy operations in the period from 15 May to 7 August 2007
    • The ECB’s additional open market operations in the period from 8 August
      to 5 September 2007
    • Seasonality in break-even inflation rates
    • The relationship between listed companies’ earnings growth and output growth in the economy as a whole
    • Recent developments in non-financial corporations’ leverage ratios
    • Recent food price developments in world markets and the euro area
    • Euro area employment in 2006: a more balanced growth
    • ECB staff macroeconomic projections for the euro area
    • Flat taxes in central and eastern Europe
• 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 2006
  • Glossary

• Primary Source