ECB Monthly Bulletin | May 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
  • Exchange rate and balance of payments developments
  • Boxes:
    • The results of the April 2004 bank lending survey for the euro area
    • The impact of recent employment data releases in the United States on global bond markets
    • Private sector expectations for inflation and economic activity in the euro area: results of the 2004 Q2 Survey of Professional Forecasters (SPF) and other available indicators
    • Latest developments in investment by type of product
    • Real effective exchange rate developments from a euro area and from a country perspective
• Articles
  • The EU economy following the accession of the new Member States
  • The natural real interest rate in the euro area
  • Risk mitigation methods in Eurosystem credit operations
• Euro Area Statistics
  • Chronology of monetary policy measures of the Eurosystem
  • Documents published by the European
  • Central Bank since January 2003
• Glossary