ECB Monthly Bulletin | April 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:
    • Recent trends in sovereign spreads and economic fundamentals in emerging markets
    • Recent developments in long-term real interest rates
    • Consumers’ inflation perceptions: still at odds with official statistics?
    • Recent developments in extra-euro area trade volumes and prices
• Articles
  • Asset price bubbles and monetary policy
  • Comparability of statistics for the euro area, the United States and Japan
  • The ESCB-CESR standards for securities clearing and settlement in the European Union
• Euro Area Statistics
  • Chronology of monetary poly measures of the Eurosystem
  • Documents published by the European Central Bank since 2004
• Glossary