ECB Monthly Bulletin | December 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
  • Eurosystem staff macroeconomic projections for the euro area
  • The global macroeconomic environment, exchange rates and the balance of payments
• Boxes:
  • Recent trends in merger and acquisition finance
  • New ECB statistics on MFI interest rates
  • Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 November 2003
  • Recent developments in the market for index-linked bonds in the euro area
  • Residential property price developments in the euro area
  • What is behind discrepancies between growth in GDP and gross value added?
  • New orders in euro area manufacturing industries
  • Statement of the Governing Council on the ECOFIN Council conclusions regarding the correction of excessive deficits in France and Germany
  • Comparison with June 2003 projections
  • Forecasts by other institutions
  • Non-Japan Asia’s role in the global economy
• 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