# List of references

*Non-final working translation*{#par-i28727}

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Deutsche Bundesbank (2025c), [Monthly Report](https://publikationen.bundesbank.de/publikationen-en/reports-studies/monthly-reports/monthly-report-september-2025-965138), September 2025.{#par-u2e82e}

Deutsche Bundesbank (2025d), [Monthly Report](https://publikationen.bundesbank.de/publikationen-en/reports-studies/monthly-reports/monthly-report-july-2025-960438), July 2025.{#par-ou68aa}

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Drott, C., S. Mitzlaff and D. Schläger (2026), [Appia als Wegbereiter einer europäischen Wholesale-‑Architektur](https://www.bundesbank.de/resource/blob/1000910/6c3f8e592c75e7ae8ab5ded6462645ca/472B63F073F071307366337C94F8C870/drott-mitzlaff-schlaeger-appia-data.pdf), Recht der Zahlungsdienste, Vol. 7, No 2, pp. 139‑142.{#par-i39e2i}

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German Financial Stability Committee (2026a), [German Financial Stability Committee uses new data to monitor lending standards for housing loans: first results point to potential risks](https://www.afs-bund.de/afs/Content/EN/News/FSC-activities/2026/2026-05-11-wifsta.html), press release of 11 May 2026.{#par-uie34i}

German Financial Stability Committee (2026b), [Thirteenth Report on Financial Stability in Germany -- geopolitical tensions are increasing uncertainty for the financial system](https://www.afs-bund.de/afs/Content/EN/News/Financial-Stability-Committe-Reports/13th-report-fsc.html), July 2026.{#par-eu8264}

Ghirelli, C., J. J. Pérez and A. Urtasun (2019), [A new economic policy uncertainty index for Spain](https://doi.org/10.1016/j.econlet.2019.05.021), Economic Letters, Vol. 182, pp. 64‑67.{#par-u7oeo3}

Grau, P., S. Mitzlaff and V. Stockerl (2026), [Nutzung von Blockchain-Technologie und Kryptowerten im deutschen Unternehmenssektor](https://www.bundesbank.de/de/publikationen/suche/nutzung-von-blockchain-technologie-und-kryptowerten-im-deutschen-unternehmenssektor-1014408), Deutsche Bundesbank Technical Paper No 04/2026.{#par-o278i6}

Hafemann, L. (2024), [A house prices at risk approach for the German residential real estate market](https://www.bundesbank.de/en/publications/reports/technical-papers/a-house-prices-at-risk-approach-for-the-german-residential-real-estate-market-922202), Deutsche Bundesbank Technical Paper No 07/2023.{#par-i2oa3a}

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Hofmann, B., M. Kaldorf and M. Rottner (2026), [The macroeconomics of stablecoins](https://www.bis.org/publications/working-paper-1363-macroeconomics-stablecoins.pdf), Working Paper No 1363.{#par-au1984}

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Institut der deutschen Wirtschaft (2026), [Immobilien: Bis zu 87.000 Euro Steuernachteil für Selbstnutzer](https://www.iwkoeln.de/presse/pressemitteilungen/michael-voigtlaender-immobilien-bis-zu-87000-euro-steuernachteil-fuer-selbstnutzer.html), press release of 4 July 2026.{#par-a5iua7}

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*[EEA]: European Economic Area
*[CBDC]: central bank digital currency
*[Q2]: second quarter
*[ESMA]: European Securities and Markets Authority
*[IMF]: International Monetary Fund
*[NBER]: National Bureau of Economic Research
*[AI]: artificial intelligence
*[BIS]: Bank for International Settlements
*[DLT]: distributed ledger technology
*[ESCB]: European System of Central Banks
*[EU]: European Union
*[COVID]: coronavirus disease
*[ifo]: economic research institution
*[MiCAR]: Markets in Crypto-Assets Regulation
*[FSC]: Financial Stability Committee
*[SSRN]: Social Science Research Network
*[CEPR]: Centre for Economic Policy Research
*[KfW]: Kreditanstalt für Wiederaufbau
*[EC]: European Community
*[ESRB]: European Systemic Risk Board