ECB's July Monthly Bulletin

The July edition of the "Monthly Bulletin" of the European Central Bank, realeased on 12 July, contains articles on interpreting monetary developments over the last three years, and the recycling of oil revenues.

The Bulletin also gives an overview of recent developments in the eurozone economy. The editorial notes: "Given the positive economic environment in the euro area, the ECB's monetary policy is still on the accommodative side, with overall financing conditions favourable, money and

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