Monthly Bulletin July 2009 - Banque de France

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CONTENTS 1 EURO AREA OVERVIEW Summary of economic indicators for the euro area S5 1 MONETARY POLICY STATISTICS 1.1 Consolidated financial statement of the Eurosystem S6 1.2 Key ECB interest rates S7 1.3 Eurosystem monetary policy operations allotted through tenders S8 1.4 Minimum reserve and liquidity statistics S9 2 MONEY, BANKING AND INVESTMENT FUNDS 2.1 Aggregated balance sheet of euro area MFIs S10 2.2 Consolidated balance sheet of euro area MFIs S11 2.3 Monetary statistics S12 2.4 MFI loans, breakdown S14 2.5 Deposits held with MFIs, breakdown S17 2.6 MFI holdings of securities, breakdown S20 2.7 Revaluation of selected MFI balance sheet items S21 2.8 Currency breakdown of selected MFI balance sheet items S22 2.9 Aggregated balance sheet of euro area investment funds S24 2.10 Assets of euro area investment funds broken down by investment policy and type of investor S25 3 EURO AREA ACCOUNTS 3.1 Integrated economic and financial accounts by institutional sector S26 3.2 Euro area non-financial accounts S30 3.3 Households S32 3.4 Non-financial corporations S33 3.5 Insurance corporations and pension funds S34 4 FINANCIAL MARKETS 4.1 Securities, other than shares, by original maturity, residency of the issuer and currency S35 4.2 Securities, other than shares, issued by euro area residents, by sector of the issuer and instrument type S36 4.3 Growth rates of securities, other than shares, issued by euro area residents S38 4.4 Quoted shares issued by euro area residents S40 4.5 MFI interest rates on euro-denominated deposits and loans by euro area residents S42 4.6 Money market interest rates S44 4.7 Euro area yield curves S45 4.8 Stock market indices S46 5 PRICES, OUTPUT, DEMAND AND LABOUR MARKETS 5.1 HICP, other prices and costs S47 5.2 Output and demand S50 5.3 Labour markets S54 6 GOVERNMENT FINANCE 6.1 Revenue, expenditure and deficit/surplus S55 6.2 Debt S56 1 For further infomation, please contact us at: statistics@ecb.europa.eu. See the ECB Statistical Data Warehouse on the Statistics section of the ECB website (http://sdw.ecb.europa.eu) for longer runs and more detailed data. ECB Monthly Bulletin July 2009S 3
6.3 Change in debt S57 6.4 Quarterly revenue, expenditure and deficit/surplus S58 6.5 Quarterly debt and change in debt S59 7 EXTERNAL TRANSACTIONS AND POSITIONS 7.1 Summary balance of payments S60 7.2 Current and capital accounts S61 7.3 Financial account S63 7.4 Monetary presentation of the balance of payments S69 7.5 Trade in goods S70 8 EXCHANGE RATES 8.1 Effective exchange rates S72 8.2 Bilateral exchange rates S73 9 DEVELOPMENTS OUTSIDE THE EURO AREA 9.1 In other EU Member States S74 9.2 In the United States and Japan S75 LIST OF CHARTS TECHNICAL NOTES GENERAL NOTES S76 S77 S83 ENLARGEMENT OF THE EURO AREA ON 1 JANUARY 2009 TO INCLUDE SLOVAKIA Unless otherwise indicated, all data series covering observations for 2009 relate to the Euro 16 (the euro area including Slovakia) for the whole time series. For interest rates, monetary statistics and the HICP (and, for consistency reasons, the components and counterparts of M3 and the components of the HICP), the statistical series relating to the euro area cover the EU Member States that had adopted the euro at the time to which the statistics relate. Where applicable, this is indicated in the tables by means of a footnote. In such cases, where underlying data are available, absolute and percentage changes for the respective year of entry into the euro area of Greece (2001), Slovenia (2007), Cyprus (2008), Malta (2008) and Slovakia (2009), calculated from bases covering the year prior to the year of entry, use a series in which the impact of these countries’ joining the euro area is taken into account. Historical data referring to the euro area before the entry of Slovakia are available on the ECB’s website at http://www.ecb.europa.eu/stats/services/downloads/html/index.en.html S 4 ECB Monthly Bulletin July 2009 Conventions used in the tables “-” data do not exist/data are not applicable “.” data are not yet available “…” nil or negligible “billion” 10 9 (p) provisional s.a. seasonally adjusted n.s.a. non-seasonally adjusted
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EN 0712009 EUROPEAN CENTRAL BANK MO
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© European Central Bank 2009 Addre
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ABBREVIATIONS COUNTRIES LU Luxembou
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Risks to the outlook for inflation
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ECONOMIC AND MONETARY DEVELOPMENTS
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Page 52 and 53: ECONOMIC AND MONETARY DEVELOPMENTS
Page 64 and 65: ARTICLES THE IMPACT OF GOVERNMENT S
Page 66 and 67: others also take into account the r
Page 68 and 69: exceeds the market price, a capital
Page 70 and 71: 4 THE IMPACT ON GOVERNMENT BOND YIE
Page 72 and 73: yield differential to Germany despi
Page 74 and 75: 5 IMPLICATIONS FOR FISCAL SUSTAINAB
Page 76 and 77: THE IMPLEMENTATION OF MONETARY POLI
Page 78 and 79: to loans with shorter maturities to
Page 80 and 81: Chart 2 Average daily reserve surpl
Page 82 and 83: In pre-turmoil times, such allotmen
Page 84 and 85: Chart 5 US dollars provided by the
Page 86 and 87: in Chart 7, which shows that lendin
Page 88 and 89: Chart A The EONIA, the euro interba
Page 90: euro-denominated covered bonds issu
Page 93 and 94: Table 1 Two-group rotation system (
Page 95 and 96: for each governor; (ii) transparenc
Page 97 and 98: Chart C The three-group rotation sy
Page 99 and 100: 7. The share of each national centr
Page 102: EURO AREA STATISTICS ECB Monthly Bu
Page 107 and 108: 1 MONETARY POLICY STATISTICS 1.1 Co
Page 109 and 110: 1), 2) 1.3 Eurosystem monetary poli
Page 111 and 112: 2 MONEY, BANKING AND INVESTMENT FUN
Page 113 and 114: 2.3 Monetary statistics 1) (EUR bil
Page 115 and 116: 1), 2) 2.4 MFI loans, breakdown (EU
Page 117 and 118: 1), 2) 2.4 MFI loans, breakdown (EU
Page 119 and 120: 1), 2) 2.5 Deposits held with MFIs,
Page 121 and 122: 1), 2) 2.6 MFI holdings of securiti
Page 123 and 124: 2.8 Currency breakdown of selected
Page 125 and 126: 2.9 Aggregated balance sheet of eur
Page 127 and 128: 3 EURO AREA ACCOUNTS 3.1 Integrated
Page 129 and 130: 3.1 Integrated economic and financi
Page 131 and 132: 3.2 Euro area non-financial account
Page 133 and 134: 3.3 Households (EUR billions; four-
Page 135 and 136: 3.5 Insurance corporations and pens
Page 137 and 138: 4.2 Securities, other than shares,
Page 139 and 140: 4.3 Growth rates of securities, oth
Page 141 and 142: 4.4 Quoted shares issued by euro ar
Page 143 and 144: 4.5 MFI interest rates on euro-deno
Page 145 and 146: 4.6 Money market interest rates (pe
Page 147 and 148: 4.8 Stock market indices (index lev
Page 149 and 150: 5.1 HICP, other prices and costs (a
Page 151 and 152: 5.2 Output and demand 1. GDP and ex
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5.2 Output and demand (annual perce
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5.3 Labour markets 1) (annual perce
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6.2 Debt 1) (as a percentage of GDP
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6.4 Quarterly revenue, expenditure
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7 EXTERNAL 7.1 Summary balance of p
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7.2 Current and capital accounts (E
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7.3 Financial account (EUR billions
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7.5 Trade in goods 1. Values and vo
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8 EXCHANGE 8.1 Effective exchange r
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9 DEVELOPMENTS 9.1 In other EU Memb
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LIST OF CHARTS C1 Monetary aggregat
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Growth rates for intra-annual perio
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k) l) a t = ⎛ ⎜ −1⎟×100
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GENERAL NOTES The “Euro area stat
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EURO AREA STATISTICS General notes
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oth the marginal lending facility a
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DOCUMENTS PUBLISHED BY THE EUROPEAN
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DOCUMENTS PUBLISHED 89 “An analys
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DOCUMENTS PUBLISHED “Euro area ba
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GLOSSARY This glossary contains sel
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GLOSSARY ERM II (exchange rate mech
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GLOSSARY Investment funds (except m
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GLOSSARY is determined on the basis
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Monthly Bulletin July 2009 - Banque de France

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