ECB Monthly Bulletin | February 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:
    • The results of the January 2004 bank lending survey for the euro area
    • Liquidity conditions and monetary policy operations from 24 November 2003 to 23 January 2004
    • Private sector expectations for inflation and economic activity in the euro area: results of the 2004 Q1 Survey of Professional Forecasters (SPF) and other available indicators
    • The assessment of current and expected economic conditions according to European Commission surveys
• Articles
  • The acceding countries’ economies on the threshold of the European Union
  • Developments in private sector balance sheets in the euro area and the United States
  • The impact of fair value accounting on the European banking sector – a financial stability perspective
• Euro Area Statistics
  • Chronology of monetary policy measures of the Eurosystem
  • Documents published by the European Central Bank since 2003
• Glossary