ECB Monthly Bulletin | October 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 fi nancial developments
  • Prices and costs
  • Output, demand and the labour market
  • Boxes:
    • 1 Financialisation of commodities and cross-market returns
    • 2 Recent developments in the exchange rate of the Swiss franc against the euro
    • 3 The results of the euro area bank lending survey for the third quarter of 2011
    • 4 TARGET2 balances of national central banks in the euro area
    • 5 Private sector involvement and its financial stability implications
    • 6 The implications of external price pressures for euro area HICP inflation
• Articles
  • The supply of money – bank behaviour and the implications for monetary analysis
  • Structural features of the distributive trades sectors and their impact on euro area price developments
  • The financial crisis in the light of the euro area accounts: a flow-of-funds perspective
• Euro Area Statistics
• Annexes
  • Chronology of monetary policy measures of the Eurosystem
  • Publications produced by the European
  • Central Bank
  • Glossary