ECB Monthly Bulletin | February 2005

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
  • Exchange rate and balance of payments developments
  • Boxes:
    • The results of the January 2005 bank lending survey for the euro area
    • External capital flows and domestic monetary dynamics in the euro area
    • Fixed rate and variable rate longterm debt securities issued by euro area residents
    • Private sector expectations for inflation and economic activity in the euro area: results of the Survey of Professional Forecasters for the first quarter of 2005 and other available indicators
    • The (un)reliability of output gap estimates in real time
• Articles
  • Bank market discipline
  • Initial experience with the changes to the Eurosystem’s operational framework for monetary policy implementation
  • Euro area balance of payments and international investment position vis-à-vis main counterparts
• Euro Area Statistics
• Chronology Of Monetary Policy
• Measures Of The Eurosystem
• Documents Published By The European Central Bank Since 2004
• Glossary