ECB Monthly Bulletin | April 2014

Series Title
Series Details Number 4
Publication Date April 2014
ISSN 1725-2822
EC QB-AG-14-004-EN-N
Content Type , ,


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
      • Box 1 Is the unemployment rate a sound gauge of labour market developments in the United States?
    • Monetary and financial developments
      • Box 2 Recent developments in debt securities issued by non-financial corporations in the euro area
      • Box 3 Eurosystem Credit Assessment Framework for monetary policy operations
    • Prices and costs
      • Box 4 Potential measurement issues in consumer price indices
    • Output, demand and the labour market
      • Box 5 Slack in the euro area economy
      • Box 6 Factors behind the fall and recovery in business investment
      • Box 7 Euro area sectoral value added growth and the Purchasing Managers’ Index
  • Articles
    • The ECB’s forward guidance
    • Fiscal multipliers and the timing of consolidation
  • Euro Area Statistics
  • Annexes
    • Chronology of monetary policy measures of the Eurosystem
    • Publications produced by the European Central Bank
    • Glossary
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