ECB Monthly Bulletin | September 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 Recent economic developments in Japan
  • Monetary and financial developments
    • Box 2 Recent developments in the financial account of the euro area balance of payments
    • Box 3 Estimating expected liquidity conditions in the euro area
    • Box 4 Liquidity conditions and monetary policy operations in the period from 14 May to 12 August 2014
  • Prices and costs
    • Box 5 The responsiveness of HICP items to changes in economic slack
  • Output, demand and the labour market
  • 5 Fiscal developments
    • Box 6 The structural balance as an indicator of the underlying fiscal position
    • Box 7 Country-specific recommendations for fiscal policies under the 2014 European Semester
• Article
  • September 2014 ECB staff macroeconomic projections for the euro area
• Euro Area Statistics
• Annexes
  • Chronology of monetary policy measures of the Eurosystem
  • The TARGET (Trans-European Automated Real-time Gross settlement Express Transfer) system
  • Publications produced by the European Central Bank
  • Glossary