ECB Monthly Bulletin | November 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 and monetary 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:
  • The results of the October 2003 bank lending survey for the euro area
  • Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 October 2003
  • Recent developments in spreads between euro area government bond yields
  • Recent developments in network industries
  • Private sector expectations for inflation and economic activity in the euro area: results of the 2003 Q4 Survey of Professional Forecasters (SPF) and other available indicators
  • Developments in the nominal effective exchange rate of the US dollar: a regional perspective
• Developments in the debt financing of the euro area private sector
• Crisis resolution in emerging market economies – challenges for the international community
• The international role of the euro: main developments since the inception of Stage Three of Economic and Monetary Union
• Euro area statistics
• Chronology of monetary policy measures of the Eurosystem
• Documents published by the European Central Bank