Monthly Report – January 2026 Vol. 78 No 1
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Monthly Report – January 2026 Vol. 78 No 1
Published on 22/01/2026
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.