ECB Monthly Bulletin | March 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:
    •  The importance of the euro area as an export destination
    • Permanent and temporary factors in broad money growth
    • Liquidity conditions and monetary policy operations in the period from 10 November 2010 to 8 February 2011
    • Explaining the recent decoupling between growth in MFI loans for house purchase and consumer credit
    • Gauging the impact of indirect taxation on euro area HICP inflation
    • Recent revisions to forecasts for activity growth
    • Recent developments in the euro area balance of payments
    • Labour market mobility and transitions in labour market status in the euro area
    • ECB staff macroeconomic projections for the euro area
    • Government debt dynamics and primary budget balance developments in the EU Member States
• Articles
  • The reform of economic governance in the euro area – essential elements
• 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