ECB Monthly Bulletin | November 2004

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:
    • Features of mortgage contracts in the euro area
    • The results of the October 2004 bank lending survey for the euro area
    • Recent trends in implied stock market volatility
    • Private sector expectations for inflation and economic activity in the euro area: results of the 2004 Q4 Survey of Professional Forecasters (SPF) and other available indicators
    • Latest developments in investment by type of product
• Articles
  • Oil prices and the euro area economy
  • Extracting information from financial asset prices
  • Developments in the EU framework for financial regulation, supervision and stability
• Euro Area Statistics
• Chronology of monetary poly measures of the Eurosystem
• The TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer) System
• Documents published by the European Central Bank since 2003
• Glossary