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Indicative calendar for the Eurosystem´s regular tender operations in 2026
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Announcement – Federal Treasury discount paper (Bubills)
126 KB, PDF
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Invitation to bid – Federal Treasury discount paper (Bubills)
130 KB, PDF
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Monetary policy in challenging times Introductory remarks at Forum Analysis
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Bundesbank: The financial system has coped well with the interest rate reversal so far However, according to the Financial Stability Review 2023, the effects of the rise in interest rates have not yet fully materialised
The macroeconomic environment is being shaped by the interest rate reversal and heightened uncertainty. So far, the German financial system has coped well with the rise in interest rates over the last year, but the effects of this rise have not yet fully materialised. Structural change in the economy is also likely to further increase credit risk.