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Bundesbank publications

Monthly reports

You will find here the latest monthly reports of the Deutsche Bundesbank. The monthly reports handle economic issues, including in particular monetary policy, and financial and economic policy issues. Older monthly reports can be found on www.bundesbank.de.

2026
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Monthly Report

Monthly Report – April 2026

The April 2026 edition of the Monthly Report covers sustainability risks in banking supervision. Another article looks at Germany’s external assets in the light of geoeconomic tensions. The report also discusses the Banking Directive Implementation and Bureaucracy Relief Act (Bankenrichtlinienumsetzungs- und Bürokratieentlastungsgesetz, BRUBEG) and highlights trends in the financing structure of non-financial corporations in the euro area.

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Monthly Report

Monthly Report – March 2026

The March 2026 Monthly Report looks at current developments in demand for euro cash. A further article explains the key elements of, and outlook for, the digital euro. In addition, the significance of sectoral structural change for productivity growth in the euro area is examined, and the German balance of payments in 2025 is analysed.

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Monthly Report – February 2026

The February 2026 edition of the Monthly Report comments on the economic situation in Germany at the turn of 2025/26.

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Monthly Report

Monthly Report – January 2026

The January 2026 Monthly Report looks at whether a more highly concentrated euro area banking market leads to a change in interest rate pass-through. Another article examines the underlying causes of euro/US dollar exchange rate movements. A third article describes government infrastructure investment in Germany and how new scope for borrowing should be used in a targeted manner in the future.

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2025
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Monthly Report

Monthly Report – December 2025

The Bundesbank’s Forecast for Germany, which provides an outlook on how the German economy is likely to develop in the near future, will be published in the December 2025 edition of the Monthly Report. A second article describes the acceptance of cash in various economic sectors in Germany. In addition, current developments in the card payment market in Germany are discussed within the context of the shift that is occurring in cashless payments. The fourth and final article analyses the profitability and financing of German enterprises in 2024.

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Monthly Report

Monthly Report – November 2025

The November 2025 edition of the Monthly Report comments on the economic situation in Germany in autumn 2025.

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Monthly Report

Monthly Report – October 2025

In the October 2025 Monthly Report, one article looks at the finances of the European Union, examining Member States’ financial relationships with the EU in 2024 as well as the multiannual financial framework for the period from 2028 to 2034. In another article, authors analyse the effects of global uncertainty on international portfolio flows. 

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Monthly Report – September 2025

The September 2025 Monthly Report examines the impact of exchange rate changes on domestic prices in times of high inflation and describes the performance of German credit institutions in 2024. It also outlines options for large-value payments in central bank digital currency.

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Monthly Report – August 2025

The August 2025 edition of the Monthly Report comments on the economic situation in Germany in summer 2025.

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Monthly Report – July 2025

The July 2025 Monthly Report examines the reasons behind the multi-year decline in German export market shares. It also examines collateral management in the euro area since the introduction of the Eurosystem Collateral Management System (ECMS). Another article looks at the key results of the latest monetary policy strategy review.

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Monthly Report

Monthly Report – June 2025

The June 2025 edition of the Monthly Report contains the Bundesbank’s current Forecast for Germany, which provides an outlook for how the German economy is likely to develop in the near future in view of US tariff policy and the new Federal Government’s fiscal package. A second article looks at the review of the Eurosystem’s operational framework for implementing monetary policy. Another article considers the question of when insurees retire and how pension reductions and increases could be determined depending on the timing of retirement.

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Monthly Report

Monthly Report – May 2025

The May 2025 edition of the Monthly Report comments on the economic situation in Germany in spring 2025.

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Monthly Report

Monthly Report – April 2025

The April 2025 Monthly Report presents the results of the 2023 household wealth survey. Another article in the report provides an up-to-date overview of the role cash plays in German society. The report also covers the debt situation in the private non-financial sector of the euro area since the start of monetary policy tightening.

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Monthly Report

Monthly Report – March 2025

The March 2025 Monthly Report contains a proposal to reform the debt brake and investigates access to cash in Germany. In addition to these topics, one article discusses the analysis of monetary policy communications using artificial intelligence. Another article examines the role of central securities depositories in Europe given their importance to the capital markets union. The Monthly Report also takes a look at Germany’s balance of payments in 2024.

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Monthly Report

Monthly Report – February 2025

The February 2025 monthly report explains the economic situation in Germany at the turn of 2024/25.

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Monthly Report

Monthly Report – January 2025

The January 2025 Monthly Report analyses the connection between risk appetite in financial markets and monetary policy in the euro area.

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2024
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Monthly Report – December 2024

The December 2024 Monthly Report publishes the Deutsche Bundesbank’s forecast for Germany, which provides an outlook on how the German economy is likely to develop in the near future. A second article looks into the funding costs of banks in Germany in the monetary policy interest rate cycle. Finally, an article analyses the profitability and financing of German enterprises during the monetary policy tightening period.

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Monthly Report – November 2024

The November 2024 edition of the Monthly Report comments on the economic situation in Germany in autumn 2024.

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Monthly Report

Monthly Report – October 2024

In the October 2024 Monthly Report, the first article investigates how a different method of recording retained earnings in the balance of payments affects the German current account surplus. The second article highlights current developments in Germany’s international interconnectedness via foreign direct investment. The third outlines the development of state government finances in 2023, noting that the situation has deteriorated, but that there is still a structural surplus. The Monthly Report then rounds off with an article examining the topic of wage developments in Germany, detailing the current situation, providing a comparison with the euro area, and offering an outlook.

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Monthly Report

Monthly Report – September 2024

The September 2024 edition of the Monthly Report examines the impact of European climate policy on German foreign direct investment and discusses the profitability of German credit institutions in 2023. In addition, it looks at the Digital Operational Resilience Act (DORA) from the perspective of on-site inspections. The report concludes with an article on Member States’ financial relationships with the EU budget and the NextGenerationEU off-budget entity in 2023.

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Monthly Report

Monthly Report – August 2024

The August 2024 edition of the Monthly Report comments on the economic situation in Germany in summer 2024.

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Monthly Report

Monthly Report – July 2024

The July 2024 Monthly Report looks at the global disinflation process and its costs. In one of its articles, it describes the development of loans to enterprises in Germany since the start of the monetary policy tightening cycle. It also closely examines the EU banking package, a key element of which is the implementation of Basel III.

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Monthly Report

Monthly Report – June 2024

The June 2024 Monthly Report contains an article comparing the tax wedge on labour across countries as well as a commentary on economic developments in the second quarter of 2024.

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Monthly Report

Monthly Report – May 2024

The May 2024 edition of the Monthly Report comments on the economic situation in Germany in spring 2024.

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Monthly Report

Monthly Report – April 2024

The April 2024 Monthly Report describes the development of households’ wealth accounts, outlines the impact of technological progress on energy efficiency and provides an overview of the creditor structure of government bonds in the euro area.

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Monthly Report

Monthly Report – March 2024

The March 2024 Monthly Report explains business dynamism in the euro area, discusses demand for banknotes in crises and presents the German balance of payments for 2023.

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