ECB Monthly Bulletin | August 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 July 2004 bank lending survey for the euro area
    • The information content of euro area long-term forward interest rates
    • Analysing MFI interest rates at the euro area level
    • Private sector expectations for inflation and economic activity in the euro area: results of the 2004 Q3 Survey of Professional Forecasters (SPF) and other available indicators
    • Differences between industrial production and value added data in industry in the first quarter of 2004
• Articles
  • The European Constitution and the ECB
  • Properties and use of general government quarterly accounts
  • Euro banknotes: first years of experience
• Euro Area Statistics
• Chronology of monetary policy measures of the Eurosystem
• Documents published by the European Central Bank since January 2003
• Glossary