ECB Monthly Bulletin | May 2005

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
  • Fiscal developments
  • Exchange rate and balance of payments developments
  • Boxes:
    • Recent developments in oil prices
    • The results of the April 2005 bank lending survey for the euro area
    • Change in the index-linked bond used for the calculation of long-term break-even inflation rates
    • Recent trends in residential property prices in the euro area
    • Private sector expectations for the euro area: results of the Survey of Professional Forecasters for the second quarter of 2005
    • Recent developments in output growth divergence across euro area countries
    • Latest developments in investment by type of product
    • Entry of the currencies of Cyprus, Latvia and Malta into the exchange rate mechanism II (ERM II)
    • Developments in the international investment position of the euro area in 2003
• Articles
  • Monetary policy and inflation differentials in a heterogeneous currency area
  • Consolidation and diversification in the euro area banking sector
  • The evolving framework for corporate governance
• Euro Area Statistics
  • Chronology of monetary poly measures of the Eurosystem
  • Documents published by the European Central Bank since 2004
• Glossary