ECB Monthly Bulletin | April 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 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:
  • Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 March 2003
  • Recent movements in corporate bond spreads and stock prices
  • The dispersion of inflation across the euro area countries and the US metropolitan areas
  • Revisions of consumer expenditure weights in the HICP
  • Broad versus narrow indices for the effective exchange rate of the euro
• The need for comprehensive reforms to cope with population ageing
• Developments in general economic statistics for the euro area
• A bank lending survey for the euro area
• Euro area statistics
• Chronology of monetary policy measures of the Eurosystem
• Documents published by the European Central Bank