ECB Monthly Bulletin | March 2007

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
  • Exchange rate and balance of payments
    developments
  • Boxes:
    • Liquidity conditions and monetary policy operations from 8 November 2006 to 13 February 2007
    • The development of international linkages between government bond yield curves in the euro area and the United States
    • Changes in bank lending rates and new housing loans in the euro area
    • A detailed look at HICP changes in January each year and a comparison with developments in other months
    • European Commission investment survey
    • ECB staff macroeconomic projections for the euro area
    • The fiscal policy requirements of the Treaty establishing the European Community and the Stability and Growth Pact
    • The effective exchange rates of the euro following the recent euro area and EU enlargements
• Euro Area Statistics
• Annexes
  • Chronology of monetary policy measures of the Eurosystem
  • The TARGET (Trans-European Automated Real-time Gross settlement Express Transfer) system
  • Documents published by the European Central Bank since 2006
  • Glossary