ECB Monthly Bulletin | May 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
    • Boxes:
    • 1 Recent developments in the US housing market
    • 2 The relationship between base money, broad money and risks to price stability
    • 3 The results of the euro area bank lending survey for the first quarter of 2012
    • 4 The results of the “Survey on the access to finance of small and medium-sized enterprises in the euro area: October 2011 to March 2012”
    • 5 Integrated euro area accounts for the fourth quarter of 2011
    • 6 Recent house price developments in the euro area
    • 7 Results of the ECB Survey of Professional Forecasters for the second quarter of 2012
    • 8 Stockbuilding – theoretical considerations and recent developments
    • 9 Identifying cyclical signals from euro area economic indicators
• Articles
  • A fiscal compact for a stronger Economic and Monetary Union Comparing the recent financial crisis in the United States and the euro area with the experience of Japan in the 1990s
• Euro Area Statistics
• Annexes
  • Chronology of monetary policy measures of the Eurosystem
  • Publications produced by the European
  • Central Bank
  • Glossary

• Primary Source

• Alternative Source