ECB Monthly Bulletin | December 2005

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
  • Eurosystem staff macroeconomic projections for the euro area
  • Exchange rate and balance of payments developments
  • Boxes:
    • Liquidity conditions and monetary policy operations from 10 August to 8 November 2005
    • The term structure of implied interest rate volatilities
    • Saving, financing and investment of euro area households and non-financial corporations in 2004
    • The debt servicing burden of euro area households – some macroeconomic and microeconomic evidence
    • Improvements to euro area GDP and national accounts
    • Further progress on the Principal European Economic Indicators
    • Technical assumptions
    • Forecasts by other institutions
    • Entry of the Slovak koruna into the exchange rate mechanism II (ERM II)
• Euro Area Statistics
• Annexes
  • Chronology of monetary policy measures of the Eurosystem
  • The TARGET (Trans-European Automated Real-time Gross settlement Express Transfer) system
  • Documents published by the European Central Bank since 2004
  • Glossary

• Primary Source