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Special factors enhance positive economic performance in July

In the Bundesbank’s assessment, the late school holidays this summer considerably strengthened economic performance in July. Holiday-related output losses in July were smaller than is usual at this time of year, thus overstating economic activity, according to the latest Monthly Report. Bundesbank economists therefore expect a countermovement for August.

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Foto zeigt Claudia M. Buch (c) EUROFORUM DEUTSCHLAND SE / Foto Vogt GmbH

Banking union: credibility of monetary policy must not be jeopardised

In a speech at a banking conference, the Deputy President of the Bundesbank, Claudia Buch, has called for further institutional changes to be made to the European banking union. Monetary policy decisions must not, she said, be influenced by banking supervisory considerations.

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Dr Andreas Dombret © Horst Rumpenhorst / Bundesbank

"Risk is still a factor at banks"

Bundesbank Executive Board Member Andreas Dombret has called for more progress to be made in the field of banking regulation. In an interview with the Handelsblatt newspaper, he said: "I am not yet fully satisfied with how this 'too-big-to-fail' problem is being dealt with at the international level." A lot of "small steps" had been taken, but the "great leap" was still missing, he added.

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Dr. Joachim Nagel

Nagel: Funding terms for banks have improved

Euro-area banks have taken up a total of €82.6 billion in the Eurosystem's first round of targeted longer-term refinancing operations (TLTROs). Bundesbank Executive Board member Joachim Nagel sees the lacklustre take-up as a sign of reduced dependence on Eurosystem funding.

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Professor Hélène Rey and Dr Andreas Dombret at the award ceremony of the Carl Menger Prize © Verein für Socialpolitik

Hélène Rey awarded the Carl Menger Prize

Economist Hélène Rey becomes the first recipient of the Carl Menger Prize for Economics. Bundesbank Executive Board member Andreas Dombret presented her with the award, which carries prize money of €20,000.

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Picture shows a meeting of the Governing council of the ECB

ECB Governing Council agrees on further monetary policy easing

The ECB Governing Council resolved on 4 September to lower the main refinancing rate in the euro area to a historic low of 0.05%. Furthermore, the Eurosystem will launch an ABS purchase programme (ABSPP) and a covered bond purchase programme (CBPP3), the detailed modalities of which will not be announced until October, however.

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How voting rights rotate on the ECB Governing Council

The accession of Lithuania as the euro area’s 19th member state as from the beginning of 2015 will trigger a new voting procedure, in which the voting rights of the national central bank (NCB) governors at ECB Governing Council meetings will rotate. This is designed to ensure that decisions can still be taken efficiently in future, too.

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