ECB Monthly Bulletin | April 2006

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
  • The external environment of the euro area
  • Monetary and financial developments
  • Prices and costs
  • Output, demand and the labour market
  • Exchange rate and balance of payments developments
  • Boxes:
    • Factors explaining the robust growth of M1
    • How is news about macroeconomic fundamentals incorporated into the euro area bond market?
    • Latest developments in sectoral wages and labour costs in the euro area
    • Labour productivity and price developments in the euro area services sector: the role of competition
    • Cross-border labour mobility within the enlarged EU
    • A comparison of employment developments in the euro area and the United States since 1995
    • How close are the co-movements of main currencies?
• Articles
  • The importance of public expenditure reform for economic growth and stability
  • Portfolio management at the ECB
  • Monetary and exchange rate arrangements of the euro area with selected third countries and territories
• Euro Area Statistics
• Annexes
  • Chronology of monetary policy measures of the Eurosystem
  • Documents published by the European Central Bank since 2005
  • Glossary