ECB Monthly Bulletin | June 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:
    • Inflation in the euro area and the United States: an assessment based on the Phillips curve
    • The experience of macroeconomic adjustment in the Baltic States
    • Euro area broad money growth and the unwinding of accumulated
      liquidity
    • Liquidity conditions and monetary policy operations in the period from 9 February to 10 May 2011
    • A cross-check of output gap estimates for the euro area with other cyclical indicators
    • Developments in the euro area balance of payments to March 2011
    • Back to Okun’s Law? Recent developments in euro area output
      and unemployment
    • Past experience of EU countries with sustaining large primary budget surpluses
    • The impact of the global financial and economic crisis on public finances in central and eastern Europe
    • Technical assumptions about interest rates, exchange rates, commodity prices and fiscal policies
    • Forecasts by other institutions
• 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