Monthly Bulletin April 2008 - European Central Bank - Europa

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CONTENTS EDITORIAL 5 ECONOMIC AND MONETARY DEVELOPMENTS 9 The external environment of the euro area 9 Monetary and financial developments 14 Prices and costs 32 Output, demand and the labour market 41 Exchange rate and balance of payments developments 49 Boxes: 1 Recent developments in bond market liquidity premia and implications for break-even inflation rates 25 2 Recent developments in euro area services price inflation 34 3 The 2008 update of the integrated policy guidelines of the Lisbon strategy 44 4 Developments in extra-euro area exports 53 ARTICLES Business investment in the euro area and the role of firms’ financial positions 57 Short-term forecasts of economic activity in the euro area 69 Developments in the EU arrangements for financial stability 75 EURO AREA STATISTICS ANNEXES Chronology of monetary policy measures of the Eurosystem Documents published by the European Central Bank since 2007 Glossary S1 I V XI ECB Monthly Bulletin April 2008 3
ABBREVIATIONS COUNTRIES LU Luxembourg BE Belgium HU Hungary BG Bulgaria MT Malta CZ Czech Republic NL Netherlands DK Denmark AT Austria DE Germany PL Poland EE Estonia PT Portugal IE Ireland RO Romania GR Greece SI Slovenia ES Spain SK Slovakia FR France FI Finland IT Italy SE Sweden CY Cyprus UK United Kingdom LV Latvia JP Japan LT Lithuania US United States OTHERS BIS Bank for International Settlements b.o.p. balance of payments BPM5 IMF Balance of Payments Manual (5th edition) CD certificate of deposit c.i.f. cost, insurance and freight at the importer’s border CPI Consumer Price Index ECB European Central Bank EER effective exchange rate EMI European Monetary Institute EMU Economic and Monetary Union ESA 95 European System of Accounts 1995 ESCB European System of Central Banks EU European Union EUR euro f.o.b. free on board at the exporter’s border GDP gross domestic product HICP Harmonised Index of Consumer Prices HWWI Hamburg Institute of International Economics ILO International Labour Organization IMF International Monetary Fund MFI monetary financial institution NACE Rev. 1 Statistical classification of economic activities in the European Community NCB national central bank OECD Organisation for Economic Co-operation and Development PPI Producer Price Index SITC Rev. 3 Standard International Trade Classification (revision 3) ULCM unit labour costs in manufacturing ULCT unit labour costs in the total economy In accordance with Community practice, the EU countries are listed in this Bulletin using the alphabetical order of the country names in the national languages. 4 ECB Monthly Bulletin April 2008
Page 1 and 2: EN EUROPEAN CENTRAL BANK MONTHLY BU
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Page 7 and 8: months, moderating only gradually o
Page 10 and 11: ECONOMIC AND MONETARY DEVELOPMENTS
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ECONOMIC AND MONETARY DEVELOPMENTS
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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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EURO AREA STATISTICS Prices, output
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GOVERNMENT FINANCE 6 6.1 Revenue, e
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EURO AREA STATISTICS Government fin
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EURO AREA STATISTICS Government fin
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EURO AREA STATISTICS External trans
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EURO AREA STATISTICS Exchange rates
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EURO AREA STATISTICS Developments o
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TECHNICAL NOTES RELATING TO THE EUR
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EURO AREA STATISTICS Technical note
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EURO AREA STATISTICS Technical note
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OVERVIEW Developments in key indica
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EURO AREA ACCOUNTS Section 3.1 show
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seasonally adjusted growth rates ha
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using harmonised criteria and defin
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statistics, such as the MFI consoli
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ANNEXES CHRONOLOGY OF MONETARY POLI
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CHRONOLOGY 5 JULY, 2 AUGUST, 6 SEPT
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“Globalisation, trade and the eur
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853 “The cyclical behaviour of eq
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“Bond markets and long-term inter
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Debt (general government): the gros
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Fixed rate tender: a tender procedu
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MFI interest rates: the interest ra
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Monthly Bulletin April 2008 - European Central Bank - Europa

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