ECB Monthly Bulletin | June 2005

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
  • Eurosystem staff macroeconomic projections for the euro area
  • Exchange rate and balance of payments developments
  • Boxes:
    • The intermediation role of insurance corporations and pension funds and its impact on monetary developments
    • Liquidity conditions and monetary policy operations from 8 February to 10 May 2005
    • Recent increase in corporate bond spreads
    • The recovery in the growth of short-term MFI loans to non-financial corporations in recent quarters
    • Developments in consumer goods producer prices
    • Major changes in euro area and Member States’ national accounts
    • Assessing the recent impulse from the external sector to euro area activity
    • Comparison with the ECB staff macroeconomic projections of March 2005
    • Forecasts by other institutions
    • Indicators of euro area cost and price competitiveness: similarities and differences
• Euro Area Statistics
  • 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 2004
• Glossary