Monthly Bulletin April 2008 - European Central Bank - Europa

More documents

Recommendations

Info

statistics, such as the MFI consolidated balance sheet, and conforms to the IMF Balance of Payments Manual. The outstanding amounts of the Eurosystem’s international reserves and related assets and liabilities are shown in Section 7.3, Table 7. These figures are not fully comparable with those of the Eurosystem’s weekly financial statement owing to differences in coverage and valuation. The data in Table 7 are in line with the recommendations for the template on international reserves and foreign currency liquidity. Changes in the gold holdings of the Eurosystem (column 3) are due to transactions in gold within the terms of the Central Bank Gold Agreement of 26 September 1999, which was updated on 8 March 2004. More information on the statistical treatment of the Eurosystem’s international reserves can be found in a publication entitled “Statistical treatment of the Eurosystem’s international reserves” (October 2000), which can be downloaded from the ECB’s website. The website also contains more comprehensive data in accordance with the template on international reserves and foreign currency liquidity. Section 7.4 contains a monetary presentation of the euro area balance of payments, in which the balance of payments transactions mirror the transactions in the external counterpart to M3. In portfolio investment liabilities (Columns 5 and 6), the transactions include sales and purchases of equity and debt securities issued by MFIs in the euro area, excluding shares of money market funds and debt securities with a maturity of up to two years. A methodological note on the monetary presentation of the euro area balance of payments is available in the “Statistics” section of the ECB’s website. See also Box 1 in the June 2003 issue of the Monthly Bulletin. Section 7.5 shows data on euro area external trade in goods. The source is Eurostat. Unit value indices are shown without any adjustment, while value data and volume indices are seasonally and working day-adjusted. The breakdown by product group in columns 4 to 6 and 9 to 11 of Table 1 in Section 7.5 is in line with the classification by Broad Economic Categories. Manufactured goods (columns 7 and 12) and oil (column 13) are in line with the SITC Rev. 4 definition. The geographical breakdown (Table 2 in Section 7.5) shows main trading partners individually or in regional groups. China excludes Hong Kong. On account of differences in definitions, classification, coverage and time of recording, external trade data, in particular for imports, are not fully comparable with the goods item in the b.o.p. statistics (Sections 7.1 and 7.2). The difference for imports has been around 5% in recent years (ECB estimate), a significant part of which relates to the inclusion of insurance and freight services in the external trade data (c.i.f. basis). EXCHANGE RATES Section 8.1 shows nominal and real effective exchange rate (EER) indices for the euro, calculated by the ECB on the basis of weighted averages of bilateral exchange rates of the euro against the currencies of the euro area’s trading partners. A positive change denotes an appreciation of the euro. Weights are based on trade in manufactured goods with the trading partners in the periods 1995-1997 and 1999- 2001, and are calculated to account for thirdmarket effects. The EER indices result from the linking at the beginning of 1999 of the indices based on 1995-1997 weights to those based on 1999-2001 weights. The EER-22 group of trading partners is composed of the 12 non-euro area EU Member States plus Australia, Canada, China, Hong Kong, Japan, Norway, Singapore, South Korea, Switzerland and the United States. The EER-42 group includes the EER-22 and the following countries: Algeria, Argentina, Brazil, Chile, Croatia, Iceland, India, Indonesia, Israel, Malaysia, Mexico, Morocco, New Zealand, the Philippines, Russia, South Africa, Taiwan, Thailand, Turkey and Venezuela. Real EERs are calculated using consumer price indices, producer price indices, gross domestic product deflators, unit labour costs in manufacturing and unit labour costs in the total economy. ECB Monthly Bulletin S 92 April 2008
EURO AREA STATISTICS General notes For more detailed information on the calculation of the EERs, see Box 8 entitled “The effective exchange rates of the euro following the recent euro area and EU enlargements” in the March 2007 issue of the Monthly Bulletin and the ECB’s Occasional Paper No 2 (“The effective exchange rates of the euro” by Luca Buldorini, Stelios Makrydakis and Christian Thimann, February 2002), which can be downloaded from the ECB’s website. The bilateral rates shown in Section 8.2 are monthly averages of those published daily as reference rates for these currencies. DEVELOPMENTS OUTSIDE THE EURO AREA Statistics on other EU Member States (Section 9.1) follow the same principles as those for data relating to the euro area. The data for the United States and Japan contained in Section 9.2 are obtained from national sources. ECB Monthly Bulletin April 2008S 93
Page 1 and 2:
EN EUROPEAN CENTRAL BANK MONTHLY BU
Page 3 and 4:
© European Central Bank 2008 Addre
Page 5 and 6:
ABBREVIATIONS COUNTRIES LU Luxembou
Page 7 and 8:
months, moderating only gradually o
Page 10 and 11:
ECONOMIC AND MONETARY DEVELOPMENTS
Page 12 and 13:
Page 14 and 15:
Page 16 and 17:
Page 18 and 19:
Page 20 and 21:
Page 22 and 23:
Page 24 and 25:
Page 26 and 27:
Page 28 and 29:
Page 30 and 31:
Page 32 and 33:
Page 34 and 35:
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
Page 42 and 43:
Page 44 and 45:
Page 46 and 47:
Page 48 and 49:
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
ARTICLES BUSINESS INVESTMENT IN THE
Page 60 and 61:
Thereafter, in the early part of th
Page 62 and 63:
from an investment project in order
Page 64 and 65:
of fixed capital investment, but al
Page 66 and 67:
ARTICLES of 2007. However, as monet
Page 68 and 69:
ARTICLES Relationship between inves
Page 70 and 71:
SHORT-TERM FORECASTS OF ECONOMIC AC
Page 72 and 73:
designed to extract the common move
Page 74 and 75:
Chart 2 Evolution of GDP forecast p
Page 76 and 77:
DEVELOPMENTS IN THE EU ARRANGEMENTS
Page 78 and 79:
ability to deliver results, and pro
Page 80 and 81:
anking acts in line with the spirit
Page 82 and 83:
There is a close interrelationship
Page 84 and 85:
ARTICLES 2. In a crisis situation,
Page 86 and 87:
the role of the consolidating super
Page 88 and 89:
The ECB strongly supports the initi
Page 91 and 92:
CONTENTS 1 EURO AREA OVERVIEW Summa
Page 93 and 94:
EURO AREA OVERVIEW Summary of econo
Page 95 and 96:
EURO AREA STATISTICS Monetary polic
Page 97 and 98:
EURO AREA STATISTICS Monetary polic
Page 99 and 100:
EURO AREA STATISTICS Money, banking
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
EURO AREA STATISTICS Euro area acco
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
FINANCIAL MARKETS 4 4.1 Securities,
Page 125 and 126:
EURO AREA STATISTICS Financial mark
Page 127 and 128:
EURO AREA STATISTICS Financial mark
Page 129 and 130: 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 and 164: EURO AREA STATISTICS Developments o
Page 165 and 166: TECHNICAL NOTES RELATING TO THE EUR
Page 167 and 168: EURO AREA STATISTICS Technical note
Page 169: EURO AREA STATISTICS Technical note
Page 172 and 173: OVERVIEW Developments in key indica
Page 174 and 175: EURO AREA ACCOUNTS Section 3.1 show
Page 176 and 177: seasonally adjusted growth rates ha
Page 178 and 179: using harmonised criteria and defin
Page 183 and 184: ANNEXES CHRONOLOGY OF MONETARY POLI
Page 185: CHRONOLOGY 5 JULY, 2 AUGUST, 6 SEPT
Page 188 and 189: “Globalisation, trade and the eur
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
show all

Monthly Bulletin April 2008 - European Central Bank - Europa

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?