ECB Monthly Bulletin | July 2014

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
    • Box 1 Understanding global trade elasticities: what has changed?
    • Box 2 Commodity price developments and their implications for global inflation
  • 2 Monetary and financial developments
    • Box 3 Real interest rates in the euro area: a longer-term perspective
    • Box 4 Inflation risk premia in market-based measures of inflation expectations
  • 3 Prices and costs
    • Box 5 Recent developments in inflation forecasts and shorter and longer-term inflation expectations in the euro area
  • 4 Output, demand and the labour market
    • Box 6 Predicting the strength of recoveries
    • Box 7 The macroeconomic effects of structural reforms
• Articles
  • Euro area risk-free interest rates: measurement issues, recent developments and relevance to monetary policy
  • SME access to finance in the euro area: barriers and potential policy remedies
  • The Phillips curve relationship in the euro area
• Euro Area Statistics
• Annexes
  • Chronology of monetary policy measures of the Eurosystem
  • Publications produced by the European Central Bank
  • Glossary