ECB Monthly Bulletin | January 2005

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
    • Approaches to identifying and estimating portfolio shifts into and out of M3
    • Determinants of the fall of corporate bond spreads in recent years
    • Base effects and their impact on HICP inflation in early 2005
    • Using information from the weekly Oil Bulletin to monitor short-term energy price developments
• Articles
  • The new Basel Capital Accord: main features and implications
  • Financial flows to emerging market economies: changing patterns and recent developments
• Euro area statistics
• Chronology of monetary policy measures of the Eurosystem
• Documents published by the European Central Bank since 2004
• Glossary