The June 2022 edition of the Monthly Report outlines the outlook for the German economy for 2022 to 2024 and lays out long-term scenarios and options for reforming the pension insurance scheme. Furthermore, it analyses both bracket creep in income tax rates and the current developments and challenges facing public finances in the euro area. The report concludes with an article on the survey of firms conducted by the Deutsche Bundesbank and how it is used to assess the financial situation of the corporate sector.

The root causes of the Great Depression from 1929 to 1933 have been researched extensively. In this context, economic historians view central bank policy as having played a pivotal role, something which empirical modelling often fails to confirm. A new study likewise examines this influence empirically, but more explicitly takes into account the functioning of the international monetary system at the time – the international gold standard.