In the fourth quarter of 2025, households’ financial assets increased significantly, closing the year at €9,504 billion. This represents a rise of €148 billion on the previous quarter, with households increasing their assets by €78 billion and generating valuation gains of €70 billion.

Since January 2003, the Eurosystem has carried out a quarterly bank lending survey (BLS) to expand its knowledge about the role of lending in the monetary transmission mechanism and thus to obtain additional information for monetary policy analysis.

Erwartungen zur Gesamtinflation und zur HVPI-Kerninflation in der kürzeren Frist nach oben revidiert, in der längeren Frist jedoch unverändert. Erwartungen zum Wachstum des realen BIP für 2026 und 2027 nach unten revidiert, danach aber unverändert. Erwartungen zur Arbeitslosenquote blieben gleich.

Here you will find a compilation of special issues of the coin collection (available only in German).

Following significant GDP growth in the previous quarter, the German economy is likely to stagnate in the first quarter of 2026 in seasonally adjusted terms, according to the March issue of the Bundesbank’s Monthly Report. Industry’s weak competitive position, continued low capacity utilisation and a lag in the impact of government stimuli are dampening developments. The Middle East conflict is a source of additional burdens, especially as a result of rising energy prices, and these factors are keeping the inflation outlook particularly uncertain at present.