ECB Monthly Bulletin Articles




2011.01: "Recent developments in loans to the private sector"

2011.01: "Trends in potential output"

2011.01: "The financial crisis and the strengthening of global policy cooperation"

2011.02: "Inflation expectations in the euro area: a review of recent developments"

2011.02: "The information content of option prices during the financial crisis"

2011.03: "The reform of economic convergence in the euro area Ė essential elements"

2011.04: "Ensuring fiscal sustainability in the euro area"

2011.04: "The use of euro banknotes Ė results of two surveys among households and firms"




2010.01: "The ECBís monetary policy stance during the financial crisis"
2010.01: "The ECBís relations with European Union institutions and bodies: trends and prospects"
2010.01: "Entitlements of households under government pension schemes in the euro area Ė results on the basis of the new system of national accounts"
2010.02: "Euro repo markets and the financial market turmoil"
2010.02: "Euro area commercial property markets and their impact on banks"
2010.02: "Update on developments in general economic statistics for the euro area"

2010.04: "Tools for preparing short-term projections of euro area inflation"

2010.04: "Measures taken by euro area governments in support of the financial sector"

2010.04: "Prospects for real and financial imbalances and a global rebalancing"

2010.05: "Monetary policy transmission in the euro area, a decade after the introduction of the euro"

2010.05: "The ĎGreat Inflationí: lessons for monetary policy"

2010.07: "Labour market adjustments to the recession in the euro area"

2010.07: "The effectiveness of euro area fiscal policies"

2010.07: "The impact of the financial crisis on the central and eastern European countries"

2010.08: "Oil prices Ė their determinants and impact on euro area inflation and the macroeconomy"

2010.08: "Recent developments in global and euro area trade"

2010.08: "Harmonised ECB statistics on euro area investment funds and their analytical use for monetary policy purposes"

2010.10: "The ECBís response to the financial crisis"

2010.11: "Asset price bubbles and monetary policy revisited"

2010.11: "Enhancing monetary analysis"



2009.01: "Housing wealth and private consumption in the euro area"
2009.01: "Foreign asset accumulation by authorities in emerging markets"
2009.02: "New survey evidence on wage setting in Europe"
2009.02: "Assessing global trends in protectionism"
2009.04: "The external financing of households and non-financial corporations: a comparison of the euro area and the United States"
2009.04: "Revisions to GDP estimates in the euro area"
2009.04: "The functional composition of government spending in the European Union"
2009.05: "Expectations and the conduct of monetary policy"
2009.05: "Five years of EU membership"
2009.05: "Credit rating agencies: developments and policy issues"
2009.07: "The impact of government support to the banking sector on euro area public finances"
2009.07: "The implementation of monetary policy since August 2007"
2009.07: "Rotation of voting rights in the Governing Council of the ECB"
2009.08: "Housing finance in the euro area"
2009.08: "Recent developments in the retail bank interest rate pass-through in the euro area"
2009.10: "Monetary policy and loan supply in the euro area"
2009.10: "Recent developments in the balance sheets of the Eurosystem, the Federal Reserve System and the Bank of Japan"
2009.10: "Financial development in emerging economies Ė stock-taking and policy implications"
2009.11: "Central bank communication in periods of heightened uncertainty"
2009.11: "Monetary analysis in an environment of financial turmoil"
2009.11: "The latest euro area recession in a historical context"


2008.01: "Productivity developments and monetary policy"
2008.01: "Globalisation, trade and the euro area macroeconomy"
2008.01: "The Eurosystemís experience with forecasting autonomous factors and excess reserves"
2008.02: "The analysis of the euro money market from a monetary policy perspective"
2008.02: "Securitisation in the euro area"
2008.02: "The new euro area yield curves"
2008.04: "Business investment in the euro area and the role of firmsí financial positions"
2008.04: "Short-term forecasts of economic activity in the euro area"
2008.04: "Developments in the EU arrangements for financial stability"
2008.05: "Price stability and growth"
2008.05: "The Eurosystemís open market operations during the recent period of financial market volatility"
2008.07: "One monetary policy and many fiscal policies: ensuring a smooth functioning of EMU"
2008.07: "Euro area trade in services: some key stylised facts"
2008.07: "The Eurosystem as a provider of technical assistance to EU neighbouring regions"
2008.08: "The external dimension of monetary analysis"
2008.08: "The role of banks in the monetary policy transmission mechanism"
2008.10: "Ten years of the Stability and Growth Pact"
2008.10: "Cross-border bank mergers & acquisitions and institutional investors"
2008.11: "Monitoring labour cost developments across euro area countries"
2008.11: "Valuing stock markets and the equity risk premium"
2008.11: "Ten years of TARGET and the launch of TARGET2"


2007.01: "The enlarged EU and euro area economies"
2007.01: "Developments in the structural features of the euro area labour markets over the last decade"
2007.01: "Putting Chinaís economic expansion in perspective"
2007.02: "Challenges to fiscal sustainability in the euro area"
2007.02: "The EU arrangements for financial crisis management"
2007.02: "Migrant remittances to regions neighbouring the EU"
2007.04: "Communicating monetary policy to financial markets"
2007.04: "Output growth differentials in the euro area: sources and implications"
2007.04: "From government deficit to debt: bridging the gap"
2007.05: "Measured inflation and inflation perceptions in the euro area"
2007.05: "Competition in and economic performance of the euro area services sector"
2007.05: "Determinants of growth in the EU Member States of central and eastern Europe"
2007.05: "Share buybacks in the euro area"
2007.07: "Interpreting monetary developments since mid-2004"
2007.07: "Oil-exporting countries: key structural features, economic developments and oil revenue recycling"
2007.08: "Adjustment of global imbalances in a financially integrating world"
2007.08: "The financing of small and medium-sized enterprises in the euro area"
2007.08: "Leveraged buyouts and financial stability"
2007.10: "Long-term developments in MFI loans to households in the euro area: main patterns and determinants"
2007.10: "The collateral frameworks of the Federal Reserve System, the Bank of Japan and the Eurosystem"
2007.10: "Circulation and supply of euro banknotes and preparations for the second series of banknotes"
2007.11: "The stock marketís changing structure and its consolidation: implications for the efficiency of the financial system and monetary policy"
2007.11: "The introduction of quarterly sectoral accounts statistics for the euro area"


2006.01: "The predictability of the ECBís monetary policy"
2006.01: "Hedge funds: developments and policy implications"
2006.02 "Assessing house price developments in the euro area"
2006.02: "Fiscal policies and financial markets"
2006.04: "The importance of public expenditure reform for economic growth and stability"
2006.04: "Portfolio management at the ECB"
2006.04: "Monetary and exchange rate arrangements of the euro area with selected third countries and territories"
2006.05: "The contribution of the ECB and the Eurosystem to European financial integration"
2006.05: "The single list in the collateral framework of the Eurosystem"
2006.05: "Equity issuance in the euro area"
2006.07: "Measures of inflation expectations in the euro area"
2006.07: "Competitiveness and the export performance of the euro area"
2006.08: "Sectoral money holding: determinants and recent developments"
2006.08: "The evolution of large-value payment systems in the euro area"
2006.10: "Demographic change in the euro area: projections and consequences"
2006.10: "Integrated financial and non-financial accounts for the institutional sectors in the euro area"
2006.11: "Monetary policy Ďactivismí"
2006.11: "The Eurosystemís experience with fine-tuning operations at the end of the reserve maintenance period"
2006.11: "Financial development in central, eastern and south-eastern Europe"


2005.01: "The new Basel Capital Accord: main features and implications"
2005.01: "Financial flows to emerging market economies: changing patterns and recent developments"
2005.02: "Bank market discipline"
2005.02: "Initial experience with the changes to the Eurosystemís operational framework for monetary policy implementation"
2005.02: "Euro area balance of payments and international investment position vis-ŗ-vis main counterparts"
2005.04: "Asset price bubbles and monetary policy"
2005.04: "Comparability of statistics for the euro area, the United States and Japan"
2005.04: "The ESCB-CESR standards for securities clearing and settlement in the European Union"
2005.05: "Monetary policy and inflation differentials in a heterogeneous currency area"
2005.05: "Consolidation and diversification in the euro area banking sector"
2005.05: "The evolving framework for corporate governance"
2005.07: "The Harmonised Index of Consumer Prices: concept, properties and experience to date"
2005.07: "The Lisbon strategy Ė five years on"
2005.07: "The use of harmonised MFI interest rate statistics"
2005.08: "The reform of the Stability and Growth Pact"
2005.08: "The role of ĎEmerging Asiaí in the global economy"
2005.08: "The euro banknotes: developments and future challenges"
2005.10: "Money demand and uncertainty"
2005.10: "Assessing the performance of financial systems"
2005.11: "Price-setting behaviour in the euro area"
2005.11: "Developments in corporate finance in the euro area"
2005.11: "Economic and financial relations between the euro area and Russia"


2004.01: "EMU and the conduct of fiscal policies"
2004.01: "Opinion survey on activity, prices and labour market developments in the euro area: features and uses"
2004.02: "Measuring and analysing profit developments in the euro area"
2004.02: "The acceding countriesí economies on the threshold of the European Union"
2004.02: "Developments in private sector balance sheets in the euro area and the United States"
2004.02: "The impact of fair value accounting on the European banking sector Ė a financial stability perspective"
2004.04: "Fiscal policy influences on macroeconomic stability and prices"
2004.04: "Future developments in the TARGET system"
2004.04: "The Barcelona partner countries and their relations with the euro area"
2004.05: "The EU economy following the accession of the new Member States"
2004.05: "The natural real interest rate in the euro area"
2004.05: "Risk mitigation methods in Eurosystem credit operations"
2004.07: "Labour productivity developments in the euro area: aggregate trends and sectoral patterns"
2004.07: "Accounting for the resilience of the EU banking sector since 2000"
2004.08: "The European Constitution and the ECB"
2004.08: "Properties and use of general government quarterly accounts"
2004.08: "Euro banknotes: first years of experience"
2004.10: "Monetary analysis in real time"
2004.10: "Economic integration in selected regions outside the European Union"
2004.11: "Oil prices and the euro area economy"
2004.11: "Extracting information from financial asset prices"
2004.11: "Developments in the EU framework for financial regulation, supervision and stability"



2003.01: "The demand for currency in the euro area and the impact of the euro cash changeover"
2003.01: "CLS Ė purpose, concept and implications"
2003.02: "The relationship between monetary policy and fiscal policies in the euro area"
2003.02: "Exchange rate regimes for emerging market economies"
2003.04: "The need for comprehensive reforms to cope with population ageing"
2003.04: "Developments in general economic statistics for the euro area"
2003.04: "A bank lending survey for the euro area"
2003.05: "Recent trends in residential property prices in the euro area"
2003.05: "Electronification of payments in Europe"
2003.05: "The adjustment of voting modalities in the Governing Council"
2003.06: "The outcome of the ECBís evaluation of its monetary policy strategy"
2003.07: "Trends in euro area gross fixed capital formation"
2003.07: "Early experience of the management of euro banknote printing and issuance"
2003.08: "Changes to the Eurosystemís operational framework for monetary policy"
2003.08: "Recent developments in the euro area banking sector"
2003.08: "Developments in the euro areaís international cost and price competitiveness"
2003.10: "Recent developments in financial structures of the euro area"
2003.10: "The integration of Europeís financial markets"
2003.11: "Developments in the debt financing of the euro area private sector"
2003.11: "Crisis resolution in emerging market economies Ė challenges for the international community"
2003.11: "The international role of the euro: main developments since the inception of Stage Three of Economic and Monetary Union"



2002.01: "Economic fundamentals and the exchange rate of the euro"
2002.01: "Euro banknote preparations: from cash changeover to post-launch activities"
2002.02: "The stock market and monetary policy"
2002.02: "Recent developments in international co-operation"
2002.04: "The operation of automatic fiscal stabilisers in the euro area"
2002.04: "The role of the Eurosystem in payment and clearing systems"
2002.04: "Enhancements to MFI balance sheet and interest rate statistics"
2002.05: "The liquidity management of the ECB"

2002.05: "International supervisory co-operation"
2002.05: "Implications of the euro cash changeover on the development of banknotes and coins in circulation"
2002.07: "Characteristics of the euro area business cycle in the 1990s"
2002.07: "The Eurosystemís dialogue with EU accession countries"
2002.07: "Developments in the external direct and portfolio investment flows of the euro area"
2002.08: "Price level convergence and competition in the euro area"
2002.08: "Recent developments and risks in the euro area banking sector"
2002.08: "Saving, financing and investment in the euro area"
2002.10: "Recent findings on monetary policy transmission in the euro area"
2002.10: "Main features of the repo market in the euro area"
2002.11: "The accountability of the ECB"
2002.11: "Transparency in the monetary policy of the ECB"
2002.11: "The composition of employment growth in the euro area in recent years"



2001.01: "The euro area after the entry of Greece"
2001.01: "Monetary policy-making under uncertainty"
2001.01: "The ECBís relations with international organisations and fora"
2001.02: "Characteristics of corporate finance in the euro area"
2001.02: "Towards a uniform service level for retail payments in the euro area"
2001.02: "The external communication of the European Central Bank"
2001.04: "Assessment of general economic statistics for the euro area"
2001.04: "The collateral framework of the Eurosystem"
2001.04: "The introduction of euro banknotes and coins"
2001.05: "Framework and tools of monetary analysis"
2001.05: "The new capital adequacy regime Ė the ECB perspective"
2001.05: "Financing and financial investment of the non-financial sectors in the euro area"
2001.07: "New technologies and productivity in the euro area"
2001.07: "Measures of underlying inflation in the euro area"
2001.08: "Fiscal policies and economic growth"
2001.08: "Product market reforms in the euro area"
2001.08: "Consolidation in central counterparty clearing in the euro area"
2001.10: "Issues related to monetary policy rules"
2001.10: "Bidding behaviour of counterparties in the Eurosystemís regular open market operations"
2001.10: "The euro cash changeover in markets outside the euro area"
2001.11: "The information content of composite indicators of the euro area business cycle"
2001.11: "The economic policy framework in EMU"




2000.01: "The euro area one year after the introduction of the euro: key characteristics and changes in the financial structure"
2000.01: "Foreign exchange reserves and operations of the Eurosystem"
2000.02: "The Eurosystem and the EU enlargement process"
2000.02: "Consolidation in the securities settlement industry"
2000.04: "The nominal and real effective exchange rates of the euro"
2000.04: "EMU and banking supervision"
2000.05: "The information content of interest rates and their derivatives for monetary policy"
2000.05: "Developments in and structural features of the euro area labour markets"
2000.07: "The switch to variable rate tenders in the main refinancing operations"
2000.07: "Monetary policy transmission in the euro area"
2000.07: "Population ageing and fiscal policy in the euro area"
2000.08: "Price and cost indicators for the euro area: an overview"
2000.08: "The external trade of the euro area economy: stylised facts and recent trends"
2000.10: "Potential output growth and output gaps: concept, uses and estimates"
2000.10: "The ECBís relations with institutions and bodies of the European Community"
2000.11: "The two pillars of the ECBís monetary policy strategy"
2000.11: "Issues arising from the emergence of electronic money"



1999.01: "The stability-oriented monetary policy strategy of the Eurosystem"
1999.02: "Euro area monetary aggregates and their role in the Eurosystemís monetary policy strategy"
1999.04: "The role of short-term economic indicators in the analysis of price developments in the euro area"
1999.04: "Banking in the euro area: structural features and trends"
1999.05: "The operational framework of the Eurosystem: description and first assessment"
1999.05: "The implementation of the Stability and Growth Pact"
1999.07: "Longer-term developments and cyclical variations in key economic indicators across euro area countries"
1999.07: "The institutional framework of the European System of Central Banks"
1999.08: "The international role of the euro"
1999.08: "The balance sheets of the Monetary Financial Institutions of the euro area in early 1999"
1999.10: "Inflation differentials in a monetary union"
1999.10: "ESCB preparations for the year 2000"
1999.11: "Stability-oriented policies and developments in long-term real interest rates in the 1990s"
1999.11: "TARGET and payments in euro"
1999.11: "Legal instruments of the European Central Bank"