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 Dr. Jens Weidmann

"Low-risk securities, if at all"

With regard to a possible programme under which central banks purchase asset-backed securities, Bundesbank President Jens Weidmann believes it is the European Central Bank’s obligation to confine any such purchases to low-risk securities. In an interview with the German weekly news magazine "Der Spiegel", Weidmann said that banks should not be exempted from risk at taxpayers’ expense. He also noted the importance of ensuring that the purchases were completely transparent.

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German equities mostly foreign-owned

Most listed equities of enterprises domiciled in Germany are held by non-resident investors. This is shown by a recent analysis of the Bundesbank's statistics on securities investments, published in the September Monthly Report. The Bundesbank's economists believe that this can be seen as reflecting the growth in international ties.

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Claudia Buch, © René Zimmer / Bundesbank

More capital makes financial system more stable

The current low-interest-rate environment and the low level of asset price volatility could tempt investors to incur excessively high risks. "This can jeopardise financial stability," Bundesbank Deputy President Claudia Buch remarks in an interview with Süddeutsche Zeitung. More capital, she explains, is a key factor in making the entire financial system more stable.

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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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Euro banknotes

Bundesbank backs simpler revenue-sharing scheme and greater tax autonomy for states

In its latest Monthly Report, the Bundesbank argues in favour of putting Germany's state government revenue-sharing scheme on a more transparent and logical footing. To give the federal states greater responsibility for their own affairs, including against the backdrop of the new debt brake, the Bundesbank endorses the proposal to expand their tax autonomy.

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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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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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