ECB Monthly Bulletin | April 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:
    • Publication of the benchmark allotment in the main refinancing operations
    • Stock market reactions to the terrorist attacks in Madrid on 11 March 2004
    • Recent developments in long-term inflation expectations
    • First estimates of retail trade turnover in the euro area
• Articles
  • Fiscal policy influences on macroeconomic stability and prices
  • Future developments in the TARGET system
  • The Barcelona partner countries and their relations with the euro area
• Euro Area Statistics
  • Chronology of monetary policy measures of the Eurosystem
  • Documents published by the European Central Bank since January 2003
• Glossary