ECB Monthly Bulletin | December 2014

Series Title
Series Details Number 12
Publication Date December 2014
ISSN 1725-2822
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
    • Monetary and financial developments
      • Box 1 Recent developments in the financial account of the euro area balance of payments
      • Box 2 Liquidity conditions and monetary policy operations in the period from 13 August to 11 November 2014
    • Prices and costs
      • Box 3 Indirect effects of oil price developments on euro area inflation
    • Output, demand and the labour market
      • Box 4 The current weakness in euro area investment compared with past crisis episodes
    • Fiscal developments
      • Box 5 New statistical indicators on government debt securities and their use in fiscal analysis and surveillance
      • Box 6 The review of draft budgetary plans for 2015
  • Article
    • December 2014 Eurosystem staff macroeconomic projections for the euro area
  • Euro Area Statistics
  • Annexes
    • Chronology of monetary policy measures of the Eurosystem
    • The TARGET (Trans-European Automated Real-time Gross settlement Express Transfer) system
    • Publications produced by the European Central Bank
    • Glossary
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