Monthly Bulletin April 2008 - European Central Bank - Europa

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“Globalisation, trade and the euro area macroeconomy”, January 2008. “The Eurosystem’s experience with forecasting autonomous factors and excess reserves”, January 2008. “The analysis of the euro money market from a monetary policy perspective”, February 2008. “Securitisation in the euro area”, February 2008. “The new euro area yield curves”, February 2008. “Business investment in the euro area and the role of firms’ financial positions”, April 2008. “Short-term forecasts of economic activity in the euro area”, April 2008. “Developments in the EU arrangements for financial stability”, April 2008. STATISTICS POCKET BOOK Available monthly since August 2003. LEGAL WORKING PAPER SERIES 4 “Privileges and immunities of the European Central Bank” by G. Gruber and M. Benisch, June 2007. 5 “Legal and institutional aspects of the currency changeover following the restoration of the independence of the Baltic States” by K. Drevina, K. Laurinavicius and A. Tupits, July 2007. OCCASIONAL PAPER SERIES 55 “Globalisation and euro area trade: interactions and challenges” by U. Baumann and F. di Mauro, February 2007. 56 “Assessing fiscal soundness: theory and practice” by N. Giammarioli, C. Nickel, P. Rother and J.-P. Vidal, March 2007. 57 “Understanding price developments and consumer price indices in south-eastern Europe” by S. Herrmann and E. K. Polgar, March 2007. 58 “Long-term growth prospects for the Russian economy” by R. Beck, A. Kamps and E. Mileva, March 2007. 59 “The ECB Survey of Professional Forecasters (SPF) – A review after eight years’ experience” by C. Bowles, R. Friz, V. Genre, G. Kenny, A. Meyler and T. Rautanen, April 2007. 60 “Commodity price fluctuations and their impact on monetary and fiscal policies in Western and Central Africa” by U. Böwer, A. Geis and A. Winkler, April 2007. 61 “Determinants of growth in the central and eastern European EU Member States – A production function approach” by O. Arratibel, F. Heinz, R. Martin, M. Przybyla, L. Rawdanowicz, R. Serafini and T. Zumer, April 2007. 62 “Inflation-linked bonds from a central bank perspective” by J. A. Garcia and A. van Rixtel, June 2007. 63 “Corporate finance in the euro area – including background material” by the Task Force of the Monetary Policy Committee of the ESCB, June 2007. 64 “The use of portfolio credit risk models in central banks”, by the Task Force of the Market Operations Committee of the ESCB, July 2007. 65 “The performance of credit rating systems in the assessment of collateral used in Eurosystem monetary policy operations” by F. Coppens, F. González and G. Winkler, July 2007. 66 “Structural reforms in EMU and the role of monetary policy – a survey of the literature” by N. Leiner-Killinger, V. López Pérez, R. Stiegert and G. Vitale, July 2007. VI ECB Monthly Bulletin April 2008
DOCUMENTS PUBLISHED 67 “Towards harmonised balance of payments and international investment position statistics – the experience of the European compilers” by J.-M. Israël and C. Sánchez Muñoz, July 2007. 68 “The securities custody industry” by D. Chan, F. Fontan, S. Rosati and D. Russo, August 2007. 69 “Fiscal policy in Mediterranean countries – developments, structures and implications for monetary policy” by M. Sturm and F. Gurtner, August 2007. 70 “The search for Columbus’ egg: finding a new formula to determine quotas at the IMF” by M. Skala, C. Thimann and R. Wölfinger, August 2007. 71 “The economic impact of the Single Euro Payments Area” by H. Schmiedel, August 2007. 72 “The role of financial markets and innovation in productivity and growth in Europe” by P. Hartmann, F. Heider, E. Papaioannou and M. Lo Duca, September 2007. 73 “Reserve accumulation: objective or by-product?” by J. O. de Beaufort Wijnholds and L. Søndergaard, September 2007. 74 “Analysis of revisions to general economic statistics” by H. C. Dieden and A. Kanutin, October 2007. 75 “The role of the other financial intermediates in monetary and credit developments in the euro area” edited by P. Moutot and coordinated by D. Gerdesmeier, A. Lojschová and J. von Landesberger, October 2007. 76 “Prudential and oversight requirements for securities settlement” by D. Russo, G. Caviglia, C. Papathanassiou and S. Rosati, December 2007. 77 “Oil market structure, network effects and the choice of currency for oil invoicing” by E. Mileva and N. Siegfried, December 2007. 78 “A framework for assessing global imbalances” by T. Bracke, M. Bussière, M. Fidora and R. Straub, January 2008. 79 “The workings of the Eurosystem: monetary policy preparations and decision-making – selected issues” by P. Moutot, A. Jung and F. P. Mongelli, January 2008. 80 “China’s and India’s roles in global trade and finance: twin titans for the new millennium?” by M. Bussière and A. Mehl, January 2008. 81 “Measuring financial integration in new EU Member States” by M. Baltzer, L. Cappiello, R. A. De Santis and S. Manganelli, March 2008. 82 “The sustainability of China’s exchange rate policy and capital account liberalisation” by L. Cappiello and G. Ferrucci, March 2008. 83 “The predictability of monetary policy” by T. Blattner, M. Catenaro, M. Ehrmann, R. Strauch and J. Turunen, March 2008. RESEARCH BULLETIN Research Bulletin, No 6, June 2007. WORKING PAPER SERIES 848 “Economic growth and budgetary components: a panel assessment for the EU” by A. Afonso and J. González Alegre, January 2008. 849 “Government size, composition, volatility and economic growth” by A. Afonso and D. Furceri, January 2008. 850 “Statistical tests and estimators of the rank of a matrix and their applications in econometric modelling” by G. Camba-Méndez and G. Kapetanios, January 2008. 851 “Investigating inflation persistence across monetary regimes” by L. Benati, January 2008. 852 “Determinants of economic growth: will data tell?” by A. Ciccone and M. Jarocinski, January 2008. ECB Monthly Bulletin April 2008 VII
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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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PRICES, OUTPUT, DEMAND AND LABOUR M
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Page 161 and 162: EURO AREA STATISTICS Exchange rates
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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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