Monthly Bulletin April 2008 - European Central Bank - Europa

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LIST OF CHARTS C1 Monetary aggregates S12 C2 Counterparts S12 C3 Components of monetary aggregates S13 C4 Components of longer-term financial liabilities S13 C5 Loans to financial intermediaries and non-financial corporations S14 C6 Loans to households S15 C7 Loans to government and non-euro area residents S16 C8 Total deposits by sector (financial intermediaries) S17 C9 Total deposits and deposits included in M3 by sector (financial intermediaries) S17 C10 Total deposits by sector (non-financial corporations and households) S18 C11 Total deposits and deposits included in M3 by sector (non-financial corporations and households) S18 C12 Deposits by government and non-euro area residents S19 C13 MFI holdings of securities S20 C14 Total assets of investment funds S24 C15 Total outstanding amounts and gross issues of securities, other than shares, issued by euro area residents S35 C16 Net issues of securities, other than shares, seasonally adjusted and non-seasonally adjusted S37 C17 Annual growth rates of long-term debt securities, by sector of the issuer, in all currencies combined S38 C18 Annual growth rates of short-term debt securities, by sector of the issuer, in all currencies combined S39 C19 Annual growth rates for quoted shares issued by euro area residents S40 C20 Gross issues of quoted shares by sector of the issuer S41 C21 New deposits with agreed maturity S43 C22 New loans at floating rate and up to 1 year initial rate fixation S43 C23 Euro area money market rates S44 C24 3-month money market rates S44 C25 Euro area spot yield curves S45 C26 Euro area spot rates and spreads S45 C27 Dow Jones EURO STOXX Broad, Standard & Poor’s 500 and Nikkei 225 S46 C28 Deficit, borrowing requirement and change in debt S59 C29 Maastricht debt S59 C30 B.o.p. current account balance S60 C31 B.o.p. goods S61 C32 B.o.p. services S61 C33 B.o.p. net direct and portfolio investment S64 C34 Main b.o.p. transactions underlying the developments in MFI net external assets S69 C35 Effective exchange rates S72 C36 Bilateral exchange rates S72 C37 Real gross domestic product S75 C38 Consumer price indices S75 S 76 ECB Monthly Bulletin April 2008
TECHNICAL NOTES RELATING TO THE EURO AREA OVERVIEW CALCULATION OF GROWTH RATES FOR MONETARY DEVELOPMENTS The average growth rate for the quarter ending in month t is calculated as: a) where I t is the index of adjusted outstanding amounts as at month t (see also below). Likewise, for the year ending in month t, the average growth rate is calculated as: b) RELATING TO SECTIONS 2.1 TO 2.6 CALCULATION OF TRANSACTIONS Monthly transactions are calculated from monthly differences in outstanding amounts adjusted for reclassifications, other revaluations, exchange rate variations and any other changes which do not arise from transactions. If L t represents the outstanding amount at the end of month t, C t M the reclassification adjustment in month t, E t M the exchange rate adjustment and V t M the other revaluation adjustments, the transactions F t M in month t are defined as: c) Similarly, the quarterly transactions F t Q for the quarter ending in month t are defined as: d) ⎞ ⎟ ⎟ ⎟ ⎠ ⎞ ⎟ ⎟ ⎟ ⎠ 2 0.5I t + ∑ I t−i + 0.5I t−3 i=1 2 0.5I t−12 + ∑ I t−i−12 + 0.5I t−15 i=1 11 0.5I t + ∑ I t−i + 0.5I t−12 i=1 11 0.5I t−12 + ∑ I t−i−12 + 0.5I t−24 i=1 F M t = (L t – L t–1 ) – CM t – EM t – V M t FQ t = (L t – L t–3 ) – CQ t – EQ t – VQ t ⎞ ⎟ −1⎟ ×100 ⎟ ⎠ ⎞ ⎟ −1 ⎟ ×100 ⎟ ⎠ where L t-3 is the amount outstanding at the end of month t-3 (the end of the previous quarter) and, for example, C t Q is the reclassification adjustment in the quarter ending in month t. For those quarterly series for which monthly observations are now available (see below), the quarterly transactions can be derived as the sum of the three monthly transactions in the quarter. CALCULATION OF GROWTH RATES FOR MONTHLY SERIES Growth rates may be calculated from transactions or from the index of adjusted outstanding amounts. If F t M and L t are defined as above, the index I t of adjusted outstanding amounts in month t is defined as: e) The base of the index (of the non-seasonally adjusted series) is currently set as December 2006 = 100. Time series of the index of adjusted outstanding amounts are available on the ECB’s website (www.ecb.europa.eu) under the “Money, banking and financial markets” subsection of the “Statistics” section. The annual growth rate a t for month t – i.e. the change in the 12 months ending in month t – may be calculated using either of the following two formulae: f) g) ⎛ I t = I t−1 × ⎜1+ ⎝ F M t L t−1 Unless otherwise indicated, the annual growth rates refer to the end of the indicated period. For example, the annual percentage change for the year 2002 is calculated in g) by dividing the index of December 2002 by the index of December 2001. ⎞ ⎟ ⎠ 11 ⎡ ⎛ F M ⎞ a t = t−i ⎤ ⎢∏ ⎜1 + L ⎟ −1 ⎥ ⎣ i=0 ⎝ t−1−i ⎠ ⎦ ×100 a t = ⎛ ⎜ ⎝ I t I t−12 ⎞ −1⎟ × 100 ⎠ ECB Monthly Bulletin April 2008S 77
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EN EUROPEAN CENTRAL BANK MONTHLY BU
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© European Central Bank 2008 Addre
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ABBREVIATIONS COUNTRIES LU Luxembou
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months, moderating only gradually o
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ECONOMIC AND MONETARY DEVELOPMENTS
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ARTICLES BUSINESS INVESTMENT IN THE
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Thereafter, in the early part of th
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from an investment project in order
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of fixed capital investment, but al
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ARTICLES of 2007. However, as monet
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ARTICLES Relationship between inves
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SHORT-TERM FORECASTS OF ECONOMIC AC
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designed to extract the common move
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Chart 2 Evolution of GDP forecast p
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DEVELOPMENTS IN THE EU ARRANGEMENTS
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ability to deliver results, and pro
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anking acts in line with the spirit
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There is a close interrelationship
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ARTICLES 2. In a crisis situation,
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the role of the consolidating super
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The ECB strongly supports the initi
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CONTENTS 1 EURO AREA OVERVIEW Summa
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EURO AREA OVERVIEW Summary of econo
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EURO AREA STATISTICS Monetary polic
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EURO AREA STATISTICS Monetary polic
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EURO AREA STATISTICS Money, banking
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Page 113 and 114: EURO AREA STATISTICS Money, banking
Page 115 and 116: EURO AREA STATISTICS Euro area acco
Page 123 and 124: FINANCIAL MARKETS 4 4.1 Securities,
Page 125 and 126: EURO AREA STATISTICS Financial mark
Page 135 and 136: PRICES, OUTPUT, DEMAND AND LABOUR M
Page 137 and 138: EURO AREA STATISTICS Prices, output
Page 143 and 144: GOVERNMENT FINANCE 6 6.1 Revenue, e
Page 145 and 146: EURO AREA STATISTICS Government fin
Page 147 and 148: EURO AREA STATISTICS Government fin
Page 149 and 150: EURO AREA STATISTICS External trans
Page 161 and 162: EURO AREA STATISTICS Exchange rates
Page 163: EURO AREA STATISTICS Developments o
Page 167 and 168: EURO AREA STATISTICS Technical note
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Page 172 and 173: OVERVIEW Developments in key indica
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Page 178 and 179: using harmonised criteria and defin
Page 180 and 181: statistics, such as the MFI consoli
Page 183 and 184: ANNEXES CHRONOLOGY OF MONETARY POLI
Page 185: CHRONOLOGY 5 JULY, 2 AUGUST, 6 SEPT
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Page 190 and 191: 853 “The cyclical behaviour of eq
Page 192 and 193: “Bond markets and long-term inter
Page 194 and 195: Debt (general government): the gros
Page 196 and 197: Fixed rate tender: a tender procedu
Page 198 and 199: MFI interest rates: the interest ra
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Monthly Bulletin April 2008 - European Central Bank - Europa

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