ECB Monthly Bulletin | March 2004

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:
    • What is the information content of stock market earnings expectations held by analysts?
    • Developments in banks’ loan-loss provisions over recent years
    • Update of HICP weights and coverage of consumer expenditure
    • Non-energy commodity price developments and their impact on euro area producer prices
• Euro Area Stats
  • 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 2003
• Glossary