ECB Monthly Bulletin | July 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:
    • Are recent wage increases in China putting upward pressure on euro area import prices?
    • The impact of loan sales and securitisation activity on recent developments in MFI loans to non-financial corporations and
      households
    • Analysis of government debt sustainability under the EU/IMF
      adjustment programme for Greece
    • Household spending, consumer confidence and durable consumption
    • Investment ratios in the euro area
    • Recent productivity developments in the euro area and the United States
• Articles
  • The ECB’s non-standard measures – impact and phasing-out
  • The European Stability Mechanism
  • The new EU framework for financial crisis management and resolution
• Euro Area Statistics
• Annexes
  • Chronology of monetary policy measures of the Eurosystem
  • Publications produced by the European Central Bank
  • Glossary