Did German banks take on a particularly high level of risk during the financial crisis by investing in risky government bonds? A new study examines the behaviour of German banks between 2008 and 2014 and reveals that German banks – especially those that received government support and were comparatively undercapitalised – de-risked. This finding contrasts with the results of similar studies for banks in the euro area periphery countries.

The monthly report contains: Reports from the Economic Research Centre, Financial markets in central and east European countries before accession to the EU, Economic and monetary policy cooperation between the EU and the acceding countries following the signature of the accession treaty, The state of public finance in the EU acceding countries.