# Monthly Report – January 2026


## Attached contents

* [Commentary](https://publikationen.bundesbank.de/content/972386.md)
* [Does increased concentration in the banking market in the euro area cause a change in interest rate pass-through?](https://publikationen.bundesbank.de/content/972380.md)
* [What determines the exchange rate movements of the euro against the US dollar?](https://publikationen.bundesbank.de/content/972880.md)
* [Government investment: gear new scope for borrowing towards infrastructure](https://publikationen.bundesbank.de/content/972822.md)
* [Statistical Section](https://publikationen.bundesbank.de/content/974452.md)