ECB Monthly Bulletin | July 2009

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:
    • Some considerations regarding the driving forces behind non-fi nancial corporations’ M3 deposit holdings
    • A comparison of the developments in euro area sovereign bond spreads and US state bond spreads during the financial turmoil
    • A comparison of recent developments in euro area and US bank interest rates
    • Potential output estimates for the euro area
    • Euro area investment in the current downturn
    • Changes in the euro area international investment position in 2008
• Articles
• • The impact of government support to the banking sector on euro area public finances
  • The implementation of monetary policy since August 2007
  • Rotation of voting rights in the Governing Council of the ECB
• Euro Area Statistics
•  Annexes
  • Chronology of monetary policy measures of the Eurosystem
  • Documents published by the European Central Bank since 2008
  • Glossary