A breakdown of the assets and liabilities of the individual economies in a currency area, which is important for assessing the possible effects of monetary policy. – The financial accounts show in detail the complete financing cycle of an economy and indicate which sector – households, companies, government – provides or draws on financial resources, to what extent and in what form. For the euro area, this information is provided in detail in the “Euro area statistics” section of the ECB’s Monthly Bulletin, together with important explanatory notes. – See the ECB’s Monthly Bulletin of August 2002, pp. 71 ff. , Monthly Bulletin of the Deutsche Bundesbank of June 2004, pp. 49 ff., Monthly Bulletin of the Deutsche Bundesbank of June 2005, pp. 18 ff. (on the special circumstances in Germany; with detailed overviews also pp. 32 ff.), Monthly Bulletin of the Deutsche Bundesbank of October 2014, pp. 13 ff. (changes in the financial accounts; in the notes also important legal and definitions).
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
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