Acemoglu, D. (2025), The simple macroeconomics of AI , NBER Working Paper No 32487.

Aguirre, Á., M. Brunnermeier and D. Saravia (2019), Monetary Policy and Financial Stability: Transmission Mechanisms and Policy Implications – An Overview , in Monetary Policy and Financial Stability: Transmission Mechanisms and Policy Implications, Central Bank of Chile, 1st edition, Vol. 1, Chapter 1, pp. 1- 11.

Ahmed, R. and I. Aldasoro (2025), Stablecoins and safe asset prices , BIS Working Papers No 1270.

Aldasoro, I., L. Gambacorta, A. Korinek, V. Shreeti and M. Stein (2024), Intelligent financial system: how AI is transforming finance , BIS Working Papers No 1194.

Arellano, C., Y. Bai and L. Bocola (2024), Sovereign default risk and firm heterogeneity , Staff Reports No 547, Federal Reserve Bank of Minneapolis.

Avalos, F., S. Doerr and G. Pinter (2025), The global drivers of private credit , BIS Quarterly Review, March 2025.

Baily, M. N., E. Brynjolfsson and A. Korinek (2023), Machines of mind: The case for an AI-powered productivity boom , May 2023.

Bains, P., A. Ismail, F. Melo and N. Sugimoto (2022), Regulating the crypto ecosystem: The case of unbacked crypto assets , Fintech Notes No 007/2022, International Monetary Fund.

Bank for International Settlements (1986), Recent innovations in international banking , April 1986.

Bank for International Settlements, Committee on Payments and Market Infrastructures (2023), Considerations for the use of stablecoin arrangements in cross-border payments , October 2023.

Bank of England (2024), Artificial intelligence in UK financial services , November 2024.

Basel Committee on Banking Supervision (2025), Banks’ interconnections with non-bank financial intermediaries , July 2025.

BDO Italia S.p.A. (2025), Tether International, S.A. de C.V.: Independent auditors' report on the financials figures and reserves report .

Bernanke, B. S., M. Gertler and S. Gilchrist (1999), The financial accelerator in a quantitative business cycle framework , Handbook of Macroeconomics, Vol. 1 No 1, pp. 1341‑1393.

Caballero, R. J., E. Farhi and P. O. Gourinchas (2017), Rents, technical change, and risk premia accounting for secular trends in interest rates, returns on capital, earning yields, and factor shares , The American Economic Review, Vol. 107 No 5, pp. 614‑620.

Calvo, G. A. (1983), Staggered prices in a utility-maximizing framework , Journal of Monetary Economics, Vol. 12 No 3, pp. 383‑398.

Chevalier, J. and G. Ellison (1999), Are some mutual fund managers better than others? Cross-sectional patterns in behavior and performance , The Journal of Finance, Vol. 54 No 3, pp. 875‑899.

Christiano, L. J., Trabandt, M. and K. Walentin (2011), Introducing financial frictions and unemployment into a small open economy model , Journal of Economic Dynamics and Control, Vol. 35 No 12, pp. 1999‑2041.

Congress of the United States Congressional Budget Office (2025), Effects on deficits and the debt of enacting H.R. 1 and of making certain tax policies in H.R. 1 permanent , press release of 12 June 2025, Washington D.C.

Deloitte & Touche LLP (2025), USDC reserve report , June 2025.

Deutsche Bundesbank (2025a), Monthly Report , August 2025.

Deutsche Bundesbank (2025b), Monthly Report , July 2025.

Deutsche Bundesbank (2025c), Monthly Report , June 2025.

Deutsche Bundesbank (2025d), Monthly Report , May 2025.

Deutsche Bundesbank (2025e), Monthly Report , April 2025.

Deutsche Bundesbank (2025f), Monthly Report , February 2025.

Deutsche Bundesbank (2024a), Measures to improve the macroprudential framework for the non-banking financial sector , press release of 26 November 2024, Frankfurt am Main.

Deutsche Bundesbank (2024b), Monthly Report , December 2024.

Deutsche Bundesbank (2024c), Monthly Report , July 2024.

Deutsche Bundesbank (2024d), Monthly Report , June 2024.

Deutsche Bundesbank (2024e), Monthly Report , April 2024.

Deutsche Bundesbank (2024f), Financial Stability Review .

Deutsche Bundesbank (2023a), Monthly Report , July 2023.

Deutsche Bundesbank (2023b), Financial Stability Review .

Deutsche Bundesbank (2023c), Monthly Report , December 2023.

Deutsche Bundesbank (2021), Financial Stability Review .

Deutsche Bundesbank (2019), Financial Stability Review .

Deutscher Bundestag (2018), Drucksache 19/4243: Antwort der Bundesregierung auf die Kleine Anfrage der Abgeordneten Dr. Gerhard Schick, Dr. Danyal Bayaz, Lisa Paus, weiterer Abgeordneter und der Fraktion BÜNDNIS 90/DIE GRÜNEN – Drucksache 19/3458 – Bilanz der Bankenrettung in Deutschland .

ECB Committee on Financial Integration (2024), Financial integration and structure in the euro area .

Erceg, C. J., L. Guerrieri and C. Gust (2006), SIGMA: A new open economy model for policy analysis , International Journal of Central Banking, Vol. 2 No 1, pp. 1‑50.

Erceg, C. J. and J. Lindé (2013), Fiscal consolidation in a currency union: Spending cuts vs. tax hikes , Journal of Economic Dynamics and Control, Vol. 37 No 2, pp. 422‑445.

European Banking Authority (2024), Risk assessment report of the European Banking Authority , November 2024.

European Central Bank (2025a), Monetary policy decisions , press release of 5 June 2025, Frankfurt am Main.

European Central Bank (2025b), Eurosystem expands initiative to settle DLT-based transactions in central bank money , press release of 20 February 2025.

European Central Bank (2025c), Financial Stability Review , May 2025.

European Central Bank (2024a), Eurosystem response to EU Commission’s consultation on macroprudential policies for non-bank financial intermediation (NBFI) , FSC high level task force on NBFI, November 2024.

European Central Bank (2024b), Supervisory priorities 2025‑27 .

European Central Bank (2023), Financial Stability Review , May 2023.

European Central Bank (2020), Economic Bulletin, Issue 5/2020: Update on economic and monetary developments , July 2020.

European Commission (2025a), Communication from the Commission to the European Parliament, the European Council, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions: Savings and Investments Union. A strategy to foster citizens’ wealth and economic competitiveness in the EU, COM/2025/124 final .

European Commission (2025b), European economic forecast: Spring 2025 , Institutional Paper 318, May 2025.

European Commission (2025c), Draft commission delegated regulation amending Delegated Regulation (EU) 2015/35 as regards technical provisions, long-term guarantee measures, own funds, equity risk, spread risk on securitisation positions, other standard formula capital requirements, reporting and disclosure, proportionality and group solvency .

European Insurance and Occupational Pensions Authority (2025), Viewpoint: The right balance: Solvency II and capital requirements , July 2025.

European Systemic Risk Board (2025), Recommendation of the European Systemic Risk Board of 25 September 2025 on third-country multi-issuer stablecoin schemes , ESRB/2025/9, September 2025.

European Union (2013), Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (CRR 575/2013) .

Federal Employment Agency (2025), Monatsbericht zum Arbeits- und Ausbildungsmarkt , May 2025.

Federal Financial Supervisory Authority (2025), Annual Report 2024 .

Federal Financial Supervisory Authority (2022a), General Administrative Act ordering a capital buffer for systemic risks under section 10e of the KWG .

Federal Financial Supervisory Authority (2022b), General Administrative Act governing the rate for the domestic countercyclical capital buffer under section 10d of the KWG .

Federal Ministry of Finance (2025), Referentenentwurf: Gesetz zur Begrenzung der Risiken durch Investmentfonds und zur Umsetzung der Richtlinie (EU) 2024/927 im Hinblick auf Übertragungsvereinbarungen, Liquiditätsrisikomanagement, die aufsichtliche Berichterstattung, die Erbringung von Verwahr- und Hinterlegungsdienstleistungen und die Kreditvergabe durch alternative Investmentfonds sowie zur Umsetzung der Richtlinie (EU) 2024/2994 im Hinblick auf die Behandlung des Konzentrationsrisikos, das aus Risikopositionen gegenüber zentralen Gegenparteien erwächst, und des Ausfallrisikos bei zentral geclearten Derivategeschäften und zur Änderung weiterer Vorschriften (Fondsrisikobegrenzungsgesetz) .

Federal Ministry of Finance, Deutsche Bundesbank and Federal Financial Supervisory Authority (2024), High-level response of the Federal Financial Supervisory Authority (BaFin), the Federal Ministry of Finance and the Deutsche Bundesbank on the European Commission’s targeted consultation document “Assessing the adequacy of macroprudential policies for non-bank financial intermediation (NBFI)” .

Federal Statistical Office (2025), Beantragte Regelinsolvenzen im Juni 2025: + 2,4 % zum Vorjahresmonat , press release of 11 July 2025.

Financial Stability Board (2024a), The financial stability implications of artificial intelligence , November 2024.

Financial Stability Board (2024b), The financial stability implications of tokenisation , October 2024.

Financial Stability Board (2024c), Global monitoring report on non-bank financial intermediation , December 2024.

Financial Stability Board (2023), Revised policy recommendations to address structural vulnerabilities from liquidity mismatch in open-ended funds , December 2023.

Financial Stability Board (2022), Enhancing the resilience of non-bank financial intermediation: Progress report , November 2022.

Fink, K., U. Krüger, B. Meller and L.-H. Wong (2016), The credit quality channel: Modeling contagion in the interbank market , Journal of Financial Stability, Vol. 25, pp. 83‑97.

Fricke, D., S. Jank and H. Wilke (2025), Mutual fund clienteles, The Review of Financial Studies, forthcoming.

Fricke, D. and H. Wilke (2023), Connected funds , The Review of Financial Studies, Vol. 36 No 11, pp. 4546‑4587.

Furceri, D., C. Goncalves and H. Li (2025), The impact of debt and deficits on long-term interest rates in the US , IMF Working Paper No WP/25/142, International Monetary Fund.

German Financial Stability Committee (2018), Fünfter Bericht an den Deutschen Bundestag zur Finanzstabilität in Deutschland .

Gilchrist, S. and B. Mojon (2018), Credit Risk in the Euro Area , The Economic Journal, Vol. 128 No 608, pp. 118‑158.

Goldstein, I., H. Jiang and D. T. Ng (2017), Investor flows and fragility in corporate bond funds , Journal of Financial Economics, Vol. 126 No 3, pp. 592‑613.

Gomez-Cram, R., H. Kung and H. Lustig (2024), Government debt in mature economies. Safe or risky?

Hafemann, L. (2023), A house prices at risk approach for the German residential real estate market , Deutsche Bundesbank Technical Paper No 07/2023.

Herbst, T., J. Plaasch and F. Stammwitz (2024), A Price-at-Risk approach for the German commercial real estate market , Deutsche Bundesbank Technical Paper No 08/2024.

Herbst, T. and M. Stieglitz (mimeo), Government bond yields and commercial real estate markets, Deutsche Bundesbank Discussion Paper.

International Association of Insurance Supervisors (2024), Global insurance market report (GIMAR) , December 2024.

International Monetary Fund (2025), World economic outlook update: Global growth: Divergent and uncertain , January 2025. 

International Monetary Fund (2022), Global financial stability report: Navigating the high-inflation environment , October 2022.

International Organization of Securities Commissions (2023), Anti-dilution liquidity management tools – Guidance for effective implementation of the recommendations for liquidity risk management for collective investment schemes: Final report , FR/15/2023.

Jin, D., M. Kacperczyk, B. Kahraman and F. Suntheim (2022), Swing pricing and fragility in open-end mutual funds , The Review of Financial Studies, Vol. 35 No 1, pp. 1‑50.

Joint Economic Forecast Project Group (2025), Joint Economic Forecast: Autumn 2025 , Joint Economic Forecast No 2/2025.

Korinek, A. (2024), Economic policy challenges for the age of AI , NBER Working Paper No 32980.

Leibniz-Zentrum für Europäische Wirtschaftsforschung (2025), ZEW-Konjunkturerwartungen , press release of 15 July 2025.

Lindé, J. and A. Pescatori (2019), The macroeconomic effects of trade tariffs: Revisiting the Lerner symmetry result , Journal of International Money and Finance, Vol. 95 Issue C, pp. 52‑69.

Marx, M., B. Mojon and F. R. Velde (2021), Why have interest rates fallen far below the return on capital? , Journal of Monetary Economics, Vol. 124 No 1, pp. 57‑76.

Metiu, N. (2022), A composite indicator of financial conditions for Germany , Deutsche Bundesbank Technical Paper No 03/2022.

Misch, F., B. Park, C. Pizzinelli and G. Sher (2025), Artificial intelligence and productivity in Europe , IMF Working Paper No 2025/067.

Plaasch, J. and A. Röthig (2025), A Growth-at-Risk model for the German economy, Deutsche Bundesbank Technical Paper, forthcoming.

Schmitt-Grohé, S. and M. Uribe (2017), Open economy macroeconomics, Princeton University Press.

Schoenwald, S. (2025), Kreditzugang für KMU immer beschwerlicher , KfW-ifo-Kredithürde Q2 2025.

Sirri, E. R. and P. Tufano (1998), Costly search and mutual fund flows , Journal of Finance, Vol. 53 No 5, pp. 1589‑1622.

The White House (2025), Strengthening American leadership in digital financial technology .

U.S. Department of Commerce (2025a), Joint statement on a United States-European Union framework on an agreement on reciprocal, fair, and balanced trade , press release of 11 September 2025.

U.S. Department of Commerce (2025b), Implementing certain tariff-related elements of the U.S.-EU framework on an agreement on reciprocal, fair, and balanced trade , publication of 25 September 2025.

United States Court of Appeals for the Federal Circuit (2025), V.O.S. Selections, et al. v. Trump (Fed. Cir. Case No 25‑1812).