Contents Update on economic and monetary developments Summary External environment 2 Financial developments 9 3 Economic activity Prices and costs Money and credit Boxes 1 What the maturing tech cycle signals for the global economy 2 Emerging market currencies: the role of global risk, the US dollar and domestic forces 3 Exploring the factors behind the 2018 widening in euro area corporate bond spreads 31 4 The predictive power of real M1 for real economic activity in the euro area Articles The economic implications of rising protectionism: a euro area and global perspective 2 Fiscal rules in the euro area and lessons from other monetary unions Statistics S1 ECB Economic Bulletin. Issue 3/2019-ContentsECB Economic Bulletin, Issue 3 / 2019 – Contents 1 Contents Update on economic and monetary developments 2 Summary 2 1 External environment 5 2 Financial developments 9 3 Economic activity 11 4 Prices and costs 15 5 Money and credit 18 Boxes 22 1 What the maturing tech cycle signals for the global economy 22 2 Emerging market currencies: the role of global risk, the US dollar and domestic forces 26 3 Exploring the factors behind the 2018 widening in euro area corporate bond spreads 31 4 The predictive power of real M1 for real economic activity in the euro area 35 Articles 40 1 The economic implications of rising protectionism: a euro area and global perspective 40 2 Fiscal rules in the euro area and lessons from other monetary unions 63 Statistics S1