ECB Monthly Bulletin | March 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
  • Fiscal developments
  • Exchange rate and balance of payments developments
  • Boxes:
    •  The recent sharp contraction in world trade from a historical perspective
    • Liquidity conditions and monetary policy operations in the period from 12 November 2008 to 10 February 2009
    • How have governments’ bank rescue packages affected investors’ perceptions of credit risk?
    • The current period of disinflation in the euro area
    • The development of projections for euroarea growth in 2009
    • ECB staff macroeconomic projections for the euro area
    • The effectiveness of various fiscal measures to stimulate the economy
    • The legal framework for ensuring sound fiscal policies in EMU
• Articles
  • Housing wealth and private consumption in the euro area
  • Foreign asset accumulation by authorities in emerging markets
• 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 2008
  • Glossary