ECB Monthly Bulletin | September 2003

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 in the euro area
  • Monetary and financial developments
  • Price developments
  • Output, demand and labour market developments
  • Fiscal developments
  • The global macroeconomic environment, exchange rates and the balance of payments
• Boxes:
  • Enhancements to euro area monetary statistics
  • Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 August 2003
  • Current euro area interest rates from a historical perspective
  • Deriving euro area inflation expectations from inflation-linked swaps
  • Sources of short-term volatility in HICP inflation
  • Latest developments in investment by type of product
  • Progress and gaps in euro area short-term statistics
• Euro area statistics
• 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