Der tagesdurchschnittliche Umsatz der Geldaufnahme im unbesicherten Segment verringerte sich von 145 Mrd € in der dritten Mindestreserve-Erfüllungsperiode 2020 auf 136 Mrd € in der vierten Mindestreserve-Erfüllungsperiode.

The Bundesbank’s TARGET2 balance has been growing again significantly since March. It exceeded the €1 trillion mark in July. This renewed increase over the past few months can largely be put down to the expansion of the Eurosystem’s purchase programmes in response to the COVID-19 pandemic.

Russia’s invasion of Ukraine triggered an energy crisis in 2022 that posed major challenges to the German economy and sparked broad debate on the economic ramifications of the marked rise in natural gas prices. In a new study, we examine the causes and consequences of this crisis and show how supply shocks and a surge in demand for natural gas storage impacted on natural gas prices and industrial production in Germany.