ECB Monthly Bulletin | December 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
  • Fiscal developments
  • Eurosystem staff macroeconomic projections for the euro area
  • Exchange rate and balance of payments developments
  • Boxes:
    • Aggregating world GDP – the role of exchange rates
    • EU cohesion policy in central and eastern European countries
    • The importance of accounting standards for interpreting MFI loan statistics
    • Liquidity conditions and monetary policy operations in the period from 14 November 2007 to 12 February 2008
    • Stock market volatility in the light of the financial market turmoil
    • The determinants of non-financial corporations’ cash holdings: a microeconomic analysis
      Recent developments in selected measures of underlying inflation for the euro area
    • European Commission investment survey for the manufacturing sector
    • Employment developments in the euro area construction sector
      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
  • Documents published by the European Central Bank since 2007
  • Glossary