ECB Monthly Bulletin | October 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
  • Exchange rate and balance of payments developments
• Boxes:
  • What could happen with the accumulated excess liquidity in the euro area?
  • The relationship between intermediated and debt securities financing of non-financial corporations in the euro area
  • Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 September 2003
  • Recent developments in euro area inflation perceptions
• Recent developments in financial structures of the euro area
• The integration of Europe’s financial markets
• Euro area statistics
• Chronology of monetary policy measures of the Eurosystem
• Documents published by the European Central Bank