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A page of the Monthly Report of the Deutsche Bundesbank

Bundesbank: treatment of fiscal rules is a cause for concern

The Bundesbank believes that the European Commission's most recent actions weaken Europe's fiscal rules. Owing to numerous exceptions, frequent changes and the increasing complexity of the rules, it is now "barely possible" to apply them consistently, the Bundesbank argues in the current edition of its Monthly Report. It sees the weakening of the binding effect of the rules and of the incentives to ensure sound public finances in the euro area as a cause for concern.


Flags of the European Union in front of the Berlaymont in Brussels

Bundesbank welcomes the creation of a Capital Markets Union

The Bundesbank supports the European Commission's initiative to build a European Capital Markets Union (CMU). In a statement the Bundesbank said that closer integration of the European Union's capital markets could make the European financial system both more growth-friendly and shock-resistant.


Cash payment with a 50-euro banknote in a department store

May issue of the Monthly Report: private consumption driving the German economy

The Bundesbank is expecting continued distinct economic growth in the coming months. According to the current issue of the Monthly Report, private consumption is the key driver of this growth. In the industrial sector, however, the Bundesbank's economists expect a more sluggish economic development.


Alexandre Lamfalussy

Bundesbank mourns the passing of Alexandre Lamfalussy

Alexandre Lamfalussy, one of the founding fathers of the euro, passed away on 9 May at the age of 86. Bundesbank President Jens Weidmann praised him as one of the important pioneers of European monetary union.


International Monetary Fund (IMF)

IMF: Germany should strengthen the foundations of economic success

The International Monetary Fund (IMF) expects Germany’s upswing to continue in 2015, according to the preliminary conclusions of the “Article IV consultations” for Germany. Growth is being supported mainly by private consumption, according to the Fund. The IMF’s economists recommend that Germany use the favourable cyclical position in order to accomplish important policy objectives.


Skyline Frankfurt am Main

Dombret draws positive conclusion after six months of Single Supervisory Mechanism

Six months on from the launch of Europe´s Single Supervisory Mechanism (SSM), Bundesbank Executive Board member Andreas Dombret is upbeat about what has been accomplished so far. "European banking supervision makes it possible for banks throughout the euro area to be supervised according to the same high standards," he said at a conference in Frankfurt am Main, adding that harmonising national supervisory practices for small banks as well remains a challenge.


Jens Weidmann during a speech

"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.


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.


Head office of the German Federal Employment Agency in Nuremberg

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.


Spring meetings of IMF and the World Bank 2015

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.


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