Monthly Bulletin April 2008 - European Central Bank - Europa

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lending facility and the deposit facility by 25 basis points, to 4.25% and 2.25%, both with effect from 11 October 2006. 2 NOVEMBER 2006 The Governing Council of the ECB decides that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 3.25%, 4.25% and 2.25% respectively. 7 DECEMBER 2006 The Governing Council of the ECB decides to increase the minimum bid rate on the main refinancing operations by 25 basis points to 3.50%, starting from the operation to be settled on 13 December 2006. In addition, it decides to increase the interest rates on both the marginal lending facility and the deposit facility by 25 basis points, to 4.50% and 2.50%, both with effect from 13 December 2006. 21 DECEMBER 2006 The Governing Council of the ECB decides to increase the allotment amount for each of the longer-term refinancing operations to be conducted in the year 2007 from €40 billion to €50 billion. This increased amount takes the following aspects into consideration: the liquidity needs of the euro area banking system have grown strongly in recent years and are expected to increase further in the year 2007. Therefore the Eurosystem has decided to increase slightly the share of the liquidity needs satisfied by the longer-term refinancing operations. The Eurosystem will, however, continue to provide the bulk of liquidity through its main refinancing operations. The Governing Council may decide to adjust the allotmennt amount again at the beginning of 2008. 11 JANUARY AND 8 FEBRUARY 2007 The Governing Council of the ECB decides that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 3.50%, 4.50% and 2.50% respectively. 8 MARCH 2007 The Governing Council of the ECB decides to increase the minimum bid rate on the main refinancing operations by 25 basis points to 3.75%, starting from the operation to be settled on 14 March 2007. In addition, it decides to increase the interest rates on both the marginal lending facility and the deposit facility by 25 basis points, to 4.75% and 2.75%, both with effect from 14 March 2007. 12 APRIL AND 10 MAY 2007 The Governing Council of the ECB decides that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 3.75%, 4.75% and 2.75% respectively. 6 JUNE 2007 The Governing Council of the ECB decides to increase the minimum bid rate on the main refinancing operations by 25 basis points to 4%, starting from the operation to be settled on 13 June 2007. In addition, it decides to increase by 25 basis points the interest rates on both the marginal lending facility and the deposit facility, to 5% and 3% respectively, with effect from 13 June 2007. II ECB Monthly Bulletin April 2008
CHRONOLOGY 5 JULY, 2 AUGUST, 6 SEPTEMBER, 4 OCTOBER, 8 NOVEMBER AND 6 DECEMBER 2007, AND 10 JANUARY, 7 FEBRUARY, 6 MARCH AND 10 APRIL 2008 The Governing Council of the ECB decides that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 4.00%, 5.00% and 3.00% respectively. ECB Monthly Bulletin April 2008 III
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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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EURO AREA STATISTICS Euro area acco
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FINANCIAL MARKETS 4 4.1 Securities,
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EURO AREA STATISTICS Financial mark
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Page 133 and 134: EURO AREA STATISTICS Financial mark
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Page 145 and 146: EURO AREA STATISTICS Government fin
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Page 149 and 150: EURO AREA STATISTICS External trans
Page 161 and 162: EURO AREA STATISTICS Exchange rates
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Page 165 and 166: TECHNICAL NOTES RELATING TO THE EUR
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
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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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