ECB Monthly Bulletin | September 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
  • Exchange rate and balance of payments developments
  • Boxes:
    • The impact of MFI loan securitisation on monetary analysis in the euro area
    • Liquidity conditions and monetary policy operations from 11 May to 9 August 2005
    • Recent developments in government bond yield spreads in euro area countries
    • The cost of equity in the euro area and in the United States
    • What can explain the differences in wage growth between market and non-market services?
    • Construction developments in the euro area
    • ECB staff macroeconomic projections for the euro area
    • The reform of the renminbi exchange rate regime
• 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 2004
  • Glossary