ECB Monthly Bulletin | September 2011

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
  •  Boxes:
    • 1 Driving forces behind recent money and loan dynamics
    • 2 Recent developments in the financial account of the euro area balance of payments
    • 3 Liquidity conditions and monetary policy operations in the period from 11 May to 9 August 2011
    • 4 The Eurosystem’s balance sheet in times of fi nancial market tension
    • 5 Financial markets in early August 2011 and the ECB’s monetary policy measures
    • 6 The recent slowdown in economic growth in the euro area
    • 7 Indicators of euro area private consumption – current situation and avenues to explore
    • 8 Euro area dependence on international supply chains
    • 9 ECB staff macroeconomic projections for the euro area
• Euro Area Statistics
• Annexes
  • Chronology of monetary policy measures of the Eurosystem
  • The TARGET (Trans-European Automated Real-time Gross settlement Express Transfer) system
  • Publications produced by the European
  • Central Bank
  • Glossary