ECONOMIC AND MONETARY DEVELOPMENTS

The external environment of the euro area
Monetary and financial developments
Prices and costs
Output, demand and the labour market
Exchange rate and balance of payments developments

Boxes:
- Features of mortgage contracts in the euro area
- The results of the October 2004 bank lending survey for the euro area
- Recent trends in implied stock market volatility
- Private sector expectations for inflation and economic activity in the euro area: results of the 2004 Q4 Survey of Professional Forecasters (SPF) and other available indicators
- Latest developments in investment by type of product

ARTICLES
Oil prices and the euro area economy
Extracting information from financial asset prices
Developments in the EU framework for financial regulation, supervision and stability

EURO AREA STATISTICS S1

CHRONOLOGY OF MONETARY POLICY MEASURES OF THE EUROSYSTEM
DOCUMENTS PUBLISHED BY THE EUROPEAN CENTRAL BANK SINCE 2003
GLOSSARY