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November Monthly Report: Fewer people unemployed in Spain, Portugal and Ireland

Fewer people are unemployed in Spain, Portugal and Ireland according to the Deutsche Bundesbank’s latest Monthly Report. Bundesbank economists believe that the reforms implemented in these countries are suited to "reducing structural unemployment". Further topics include the economic situation in Germany and the overestimation of global growth forecasts in recent years.

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Gabor Steingart and Dr Jens Weidmann at the event "people in europe" © MENSCHEN in EUROPA

Weidmann: "Government bond purchases harbour major moral hazard"

Bundesbank President Jens Weidmann has warned of the potential adverse effects of quantitative easing. Speaking at an event in Passau, Weidmann said that purchases of government bonds by the Eurosystem might ultimately create new incentives to run up debt, besides adding to the reform fatigue in a number of countries. Nor was it certain that quantitative easing would have the desired positive impact on the economy, he noted further.

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Claudia M. Buch © Alexandra Lechner / Bundesbank

Claudia Buch: "Need bigger risk buffers in the system"

There are still banks capable of jeopardising the stability of the entire financial system. A new set of rules is designed to now force systemically important institutions to maintain private funds in order to cover their losses in an insolvency. Bundesbank Deputy President Claudia Buch discusses the details of the new requirements with the Börsen-Zeitung newspaper.

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Dr Joachim Nagel

"Internationalisation of the renminbi: challenges and opportunities"

The renminbi has succeeded in becoming a trade currency and its use has increased rapidly over the last few years, said Bundesbank Executive Board member Joachim Nagel at the European-Chinese Banking Day at the Euro Finance Week in Frankfurt. He added that the renminbi ultimately had the potential to become an international reserve currency.

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Dr Andreas Dombret ©EUROFORUM, Stefanie Hergenröder

"A bank's good fortune comprises not only stability but also profitability"

Bundesbank Executive Board member Andreas Dombret has warned German banks not to rest on their laurels following their good showing in the comprehensive assessment (CA). At a conference in Mainz, he noted that their profitability, by international standards, was sub-par. He added that German banks would therefore be well advised to rethink their business models and to gear them towards the objective of sustainable strong profitability.

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Dr Andreas Dombret © Frank Rumpenhorst / Bundesbank

Adding another layer of protection to the firewall

The Basel Committee on Banking Supervision has published the final rules for the net stable funding ratio (NSFR), a set of new standards which credit institutions need to comply with. The NSFR will enter into force on 1 January 2018. This will usher in greater stability in the banking sector, writes Bundesbank Executive Board Member Andreas Dombret in a guest article for the Börsen-Zeitung newspaper.

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Dr. Jens Weidmann

Weidmann: Fiscal rules must be accepted

In an interview with the Latvian magazine "IR", Bundesbank President Jens Weidmann said that sound public finances were crucial for the credibility of a stability-oriented monetary policy. "With a view to the specific institutional set-up of the monetary union, it is important that fiscal rules are adhered to because the costs of an unsound policy can be partly shifted to other member states", he added.

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Skyline Frankfurt am Main © Horst Rumpenhorst / Bundesbank

SSM up and running

The Single Supervisory Mechanism (SSM) has created a new framework for banking supervision in Europe, under which the European Central Bank (ECB) has assumed, with effect from 4 November 2014, responsibility for supervising the 120 largest banking groups in the euro area. National authorities such as the Bundesbank and BaFin will cooperate closely with the ECB.

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Photo shows the podium participants of the press conference 26/10/2014

German banks perform well in comprehensive assessment

The 25 largest banks in Germany have passed the European Central Bank's comprehensive assessment with good results. The asset quality review (AQR) revealed no major provisioning needs. The stress test identified a capital shortfall at only one bank. However, the institution has already covered its shortfall this year.

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Live stream of the press conference on the Financial Stability Review

Bundesbank Deputy President Claudia Buch and Executive Board Member Andreas Dombret will be presenting the Bundesbank's Financial Stability Review on 25 November 2014. The press conference will be streamed live on the Bundesbank website.

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Photo shows Dr Jens Weidmann during a speech

Weidmann: "No need for a debt-financed fiscal stimulus"

According to Bundesbank President Jens Weidmann, the structural barriers that impede competition, innovation and productivity form the biggest bottleneck for growth in the euro area. The member states of the European Union – including Germany – still had much to do with regard to economic reforms, said Dr Weidmann in a speech he held in Riga.

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Technical Central Bank Cooperation

International Central Banking Courses 2015

The Centre for Technical Central Bank Cooperation will be offering a range of international central banking courses in 2015 as well. Please use the online application to apply. An overview of these courses you can find here.

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