ECB Monthly Bulletin | March 2012

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
  • Fiscal developments
  • Boxes:
    • 1 The effective exchange rates of the euro – revised trade weights in the light of global economic integration
    • 2 Recent developments in the financial account of the euro area balance of payments
    • 3 Impact of the two three-year longer-term refinancing operations
    • 4 Liquidity conditions and monetary policy operations in the period from 9 November 2011 to 14 February 2012
    • 5 Developments in the issuance and yield spreads of euro area government debt securities
    • 6 The impact of recent changes in indirect taxes on the HICP
    • 7 Labour market adjustment in the euro area
    • 8 Recent developments in consumer confidence and the link with private consumption
    • 9 Longer-term developments in extra-euro area and intra-euro area trade
    • 10 ECB staff macroeconomic projections for the euro area
    • 11 Government debt projections in Portugal
    • 12 Main elements of the fiscal compact
    • 13 Cyclical adjustment of the government budget balance
• 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

• Primary Source

• Alternative Source