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Photo shows Dr Jens Weidmann during a speech © Jens Braune del Angel

"Sustainable growth cannot be built on a mountain of debt"

Bundesbank President Jens Weidmann has warned of the risks and side-effects of the Eurosystem's extremely expansionary monetary policy. Among other things, it significantly weakened the disciplining of fiscal policy by the financial markets, he said at an event in Essen.


Spring meetings of IMF and the World Bank 2015 © Simone D. McCourtie / World Bank

Weidmann: do not artificially weaken German competitiveness

Speaking on the sidelines of the Spring Meetings of the International Monetary Fund and the World Bank, Bundesbank President Jens Weidmann voiced his opposition to proposals for economic policy measures to counteract German current account surpluses. It would be “absurd”, Weidmann said, to discuss measures aimed at artificially weakening German competitiveness.


Head office of the German Federal Employment Agency in Nuremberg © Bundesagentur für Arbeit

Scope for cutting contribution rate to unemployment insurance scheme

The Bundesbank believes that there is some scope for lowering the contribution rate to the unemployment insurance scheme. It notably proposes using taxpayers' money to finance the Federal Employment Agency's non-insurance-related benefits in future. By contrast, the Bundesbank's economists, writing in the latest Monthly Report, take a sceptical view of suggestions to introduce a European unemployment insurance scheme.


Statistische Tabellen

Discussion paper: fiscal policy's marginal impact on economic growth in other euro-area countries

A study conducted by the Bundesbank's Research Centre shows that Germany's expansionary fiscal policy had a stimulating effect during the crisis. However, its impact on other countries within the euro area was marginal.


industry © Getty Images

Monthly Report April: continuation of upswing in Germany

The Bundesbank is expecting economic growth in Germany to remain quite robust. According to the current issue of the Monthly Report, the underlying pace of economic activity is still high. The Bundesbank’s economists believe that private consumption will be the main driver of growth.


Photo shows residential property in Frankfurt am Main © Wilfried Krecichwost / gettyimages

Sharp rise in demand for loans for house purchase in Germany

Demand for loans for house purchase and consumer credit rose sharply in Germany in the first quarter of 2015. This is revealed by the Bundesbank's most recent Bank Lending Survey in Germany. The increased demand was met with only a slight change in German credit institutions' credit standards.



Expert Panel "Central bank transparency and monetary policy communication"

Call for papers: The Deutsche Bundesbank would like to encourage experts from central banks around the world to submit their application for the Expert Panel on 14-16 July in Frankfurt by sending us a presentation title and a short abstract. To promote lively discussions we are eager to invite people with similar level of experience in the respective area. Please follow the link to see the list of topics that are of particular relevance to the expert panel. Deadline for online submissions: 28 May 2015.


Conference on Debt and Financial Stability – Regulatory Challenges © Frank Rumpenhorst / Bundesbank

"Sovereign debt needs to be backed by capital"

Bundesbank President Jens Weidmann calls for a reassessment of the risks of government bonds in banks’ balance sheets. At a high-level Bundesbank conference in Frankfurt am Main, he advocated moving forward with a European solution should it be impossible to achieve global agreement.


Photo by Dr Andreas Dombret, Member of the Executive Board

Next step to European financial integration: the capital market union

Andreas Dombret, member of the Bundesbank´s Executive Board, considers a capital market union to be another project that will contribute to enhancing the stability of the European economy. "Following monetary union and the banking union, this will be the third major step of financial integration in Europe", he said in a speech at the South African Institute for International Affairs in Johannesburg.


Debt level and debt ratio as defined in the Maastricht Treaty, 2000-2014

German Maastricht debt ratio down markedly to 74.7%

According to the provisional Bundesbank calculations, general government debt in Germany as defined in the Maastricht Treaty amounted to approximately €2.168 trillion at the end of 2014. The debt level thus increased by €2 billion on the year. Owing to nominal GDP growth, the debt ratio decreased by 2.4 percentage points to 74.7%.


Picture shows an IPhone with Bundesbank-App

New Bundesbank app for smartphones and tablets

The Deutsche Bundesbank has launched its own app for smartphones and tablets, which is available for download free of charge. This new app provides users with the latest information on Bundesbank publications, matters of interest and key dates, all in one convenient location. An interactive module on banknote recognition explains the security features of euro banknotes.


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.


Additional information

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The German gold reserves  

The relocation of Germany's gold reserves is currently in full swing. In 2014, the Bundesbank transferred 120 tonnes of gold to Frankfurt am Main from storage locations abroad: 35 tonnes from Paris and 85 tonnes from New York.


German G7 Presidency  

Interest rates  

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