ECB Monthly Bulletin | May 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:
  • Estimating the size of portfolio shifts from equity to money
  • First results of the bank lending survey for the euro area
  • Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 April 2003
  • Factors underlying the low levels of long-term bond yields in the United States and the euro area
  • Private sector expectations for inflation and economic activity in the euro area: the results of the 2003 Q2 Survey of Professional Forecasters (SPF) and other available indicators
  • Using currency options-based indicators to assess sentiment in the foreign exchange markets
• Recent trends in residential property prices in the euro area
• Electronification of payments in Europe
• The adjustment of voting modalities in the Governing Council
• Euro area statistics
• Chronology of monetary policy measures of the Eurosystem
• Documents published by the European Central Bank