In Q1 2026, 18 % of firms expected a decline in their need for credit financing over the next 12 months, 3 percentage points more than in Q4 2025. The share of firms expecting an increase remained unchanged at 29 % compared with Q4 2025. In terms of short-term liquidity, 30 % of firms expected a decline, 1 percentage point more than in Q4 2025. The share of firms expecting their liquidity to increase was 17 %, 1 percentage point higher than in the previous quarter.

In Q1 2026, the share of firms with reduced credit financing needs over the past 12 months was 21 %, 3 percentage points higher than in Q4 2025. At the same time, the share of firms with lower liquidity fell by 2 percentage points to 33 % compared with Q4 2025. In Q1 2026, more firms reported a decline in their short-term liquidity over the past 12 months than an increase, as before. The remaining metrics remained broadly stable compared with Q4 2025.

Among the problematic developments for firms over the first quarter of 2026, high energy prices recorded the strongest growth, with 61% of firms seeing them as a pressing problem over the next six months in March (December 2025: 43%). In absolute terms, “regulation and government regulations” remain the biggest short-term challenge for firms, with an unchanged 69% in March 2026 reporting that bureaucracy would be a pressing problem over the next six months compared with December 2025.

In the first quarter of 2026, a virtually unchanged share of firms as against the previous quarter reported that they had conducted loan negotiations in the respective quarter prior to the survey period (Q1 2026: 14.7 %, compared with Q4 2025: 14.6 %).

Firms’ short-term inflation expectations rose over the course of the first quarter of 2026, from 2.7 % in January to 3.2 % in March. The median also increased during this period, standing at 2.8 % in March 2026 (January: 2.5 %).

Das Direktorium der Europäischen Zentralbank (EZB) hat die leitenden Führungspositionen von drei Generaldirektionen der EZB neu besetzt. Roland Straub wurde zum Generaldirektor Geldpolitik, Christophe Kamps zum Generaldirektor Internationale und europäische Beziehungen und Petra Senkovic zur Generaldirektorin Rechtsdienste ernannt.

In accordance with Article 4 (52) of the Capital Requirements Regulation (CRR), operational risk is the risk of losses resulting from inadequate or failed internal processes, people and systems or from external events, including legal risk, model risk or information and communication technology (ICT) risk.

Prices of commercial real estate – especially office and retail buildings in Germany’s seven major cities – have risen in previous years. Accordingly, net initial yields have dropped noticeably.