ECB (MONTHLY BULLETIN: AUGUST)

EN0112010MONTHLY BULLETIN0212010AUGUST0312010041201005120100612010071201008120100912010101201011120101212010EUROPEAN CENTRAL BANK MONTHLY BULLETIN 0812010MONTHLY BULLETINAUGUST 2010In 2010 all ECB publications feature a motif taken from the €500 banknote.© European Central Bank, 2010Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone +49 69 1344 0 Website http://www.ecb.europa.eu Fax +49 69 1344 6000 This Bulletin was produced under the responsibility of the Executive Board of the ECB. Translations are prepared and published by the national central banks.All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. The cut-off date for the statistics included in this issue was 4 August 2010. ISSN 1561-0136 (print) ISSN 1725-2822 (online)CONTENTSEDITORIAL 5 EURO AREA STATISTICS S1ECONOMIC AND MONETARY ANNEXESDEVELOPMENTS 9Chronology of monetary policy The external environment of the euro area 9 measures of the Eurosystem IMonetary and fi nancial developments 14 Documents published by the European Central Bank since 2009 VPrices and costs 48Glossary XIIIOutput, demand and the labour market 61Exchange rate and balance of payments developments 67Boxes:1 The funding of euro area MFIs through the issuance of debt securities 172 The results of the July 2010 bank ...