ECB Monthly Bulletin | January 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
  • Exchange rate and balance of payments developments
  • Boxes:
    •  Recent liquidity operations and their impact on monetary aggregates
    • Review of statistics on payments and securities trading, clearing and settlement
    • Accounting for recent and prospective movements in HICP inflation: the role of base effects
    • Labour productivity developments in the euro area: results from the latest release of the EU KLEMS database
    • 5 The euro area following the entry of Cyprus and Malta
    • Recent developments in the international investment position of the euro area
• Articles
  • Productivity developments and monetary policy
  • Globalisation, trade and the euro area macroeconomy
  • The Eurosystem’s experience with forecasting autonomous factors and excess reserves
• 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 XVII