Germany’s current account recorded a surplus of €16.0 billion in July 2024, down €4.6 billion on the previous month’s level. This was attributable to a lower goods account surplus and a higher deficit in invisible current transactions, which comprise services as well as primary and secondary income.

In his speech at the German Institute for Economic Research (DIW Berlin), Bundesbank President Joachim Nagel highlighted the importance of the European single market. He said that it was truly a source of prosperity and could help to more effectively overcome future challenges. He called for greater efforts to deepen the integration of the single market, particularly in the areas of services, digitalisation, and the capital market. Furthermore, he stressed that credible fiscal rules were essential for monetary union.

France and Germany are at a crossroads. Banque de France Governor François Villeroy de Galhau and Bundesbank President Joachim Nagel have published a common call for three things.

Germany’s current account recorded a surplus of €14.8 billion in September 2022 and was thus up again significantly on the narrow result of €0.9 billion in the previous month.