The monthly report contains: Economic conditions in Germany, The economic scene in Germany in summer 2005, Foreign trade and payments, Global and European setting, Monetary policy, banking business and the capital market, Public finances.

The monthly report contains: Economic conditions in Germany, Financial markets, Global and European setting, Monetary policy and banking business, Public finances.

It is often said that wage moderation in Germany was the primary cause of the current account imbalances in the euro area that emerged prior to the financial crisis. A new study puts this hypothesis to the test.

The monthly report contains: The Deutsche Bundesbank's involvement in banking supervision, The role of the International Monetary Fund in a changing global economic environment, The performance of German credit institutions in 1999.

Are asset prices driven by news or by factors unrelated to economic fundamentals, such as market sentiment? In most asset pricing models news play a dominant role, but most empirical applications find only a low explanatory power of news. A new study examines this problem using an extensive time-stamped event database and finds that about half of all high-frequency market movements can be attributed to news.