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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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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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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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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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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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Banks strengthening their capital positions

Germany’s banks are gearing up for the future capital regime by strengthening their capital positions. That is the outcome of the latest Basel III monitoring exercise, according to which Germany’s largest banks would still need, in absolute terms, a further €2.5 billion in CET 1 capital in order to meet the new standards, which will be binding from 2019 onwards.

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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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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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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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Photo shows Dr. Andreas Dombret

"Reform fatigue would be a huge risk"

Bundesbank Executive Board Member Andreas Dombret believes a waning appetite for reform is one of the biggest threats to financial stability. In an interview with Bloomberg TV, he said that anyone who believes everything will stay as it is is "making a big mistake".

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