ECB Monthly Bulletin | March 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
  • Fiscal developments
  • The global macroeconomic environment, exchange rates and the balance of payments
• Boxes:
  • Financial investment of the non-financial sectors in the euro area up to the third quarter of 2002
  • Financing and financial investment of insurance corporations and pension funds in the euro area
  • Recent trends in equity issuance in the euro area
  • Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 February 2003
  • Direct impact of changes in administered prices and indirect taxes on euro area HICP developments
  • Developments in compensation per employee and unit labour costs in the main euro area sectors
  • Factors behind the weakness in investment by type of product
  • The information content of data on total hours worked in industry
  • Code of best practice on the compilation and reporting of data in the context of the excessive deficit procedure
• 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