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Structural challenges for the German economy
Speech delivered at the 79th Monetary Workshop
Bundesbank’s external position stood at €933 billion at the end of April 2026, with claims from the TARGET2 payment system worth €1059billion making up around 66 % of total assets. These are followed by international reserves, comprising gold and foreign exchange reserves, including the special drawing rights allocated by the International Monetary Fund (IMF), which account for a total of 26 % of assets. At 88 %, issuance of euro cash accounted for the bulk of liabilities. Deposits of non-euro area residents amount to 5 % of foreign liabilities.
Germany’s foreign direct investment stocks at the end of 2024
At year-end 2024, Germany’s outward foreign direct investment (FDI) stocks in immediate held enterprises (immediate host economy, IHE) were up only marginally on the end of 2023 in net terms, rising from €1,727 billion to €1,750 billion. As in the previous years, equity capital accounted for the bulk of this, at €1,884 billion. German investors’ foreign credit positions reduced the direct investment stocks by €134 billion on balance, as claims of €428 billion were outweighed by liabilities of €562 billion.
The branches of the Bundesbank supply the economy with euro banknotes and coins, and offers private customers the opportunity to exchange D-Mark banknotes and coins free-of-charge and with no fixed deadline.
The Bundesbank launched the first activity under the recently extended European System of Central Banks (ESCB) programme for African central banks, funded by the European Union (EU), with a training event on cash management in Frankfurt am Main.
With new cooperation agreements, the Bundesbank is strengthening its relations with the central banks of Chile and Argentina. The formal partnerships are intended to promote dialogue and an exchange of ideas on topics relating to central banking, such as innovation and cash management, and to facilitate joint projects.
Rising oil prices, higher inflation and the rupee at a record low – India is hit hard by the consequences of the West Asia crisis. At the same time, consumption and investment are supporting high growth. An exclusive expert forum in Mumbai analyses developments.
During his visit to the House of the Euro in Brussels, Bundesbank President Nagel said in a keynote speech, „The digital euro has moved far beyond a technical concept – it is now a political project for more sovereignty”. These remarks came ahead of a panel discussion on the digital euro and its significance for Europe’s strategic autonomy.
