Notes

“In a globally interconnected world, autonomy is an illusion,” Bundesbank President Joachim Nagel told the German “Frankfurter Allgemeine Zeitung” newspaper. But even so, Europe still needed to invest in certain areas in order to become more independent. Interviewed jointly with Martin Kocher, Governor of the Oesterreichische Nationalbank, they also spoke about the debt ratios of euro area countries, proposals for fiscal consolidation, and central bank independence.

German economic output rose significantly in the fourth quarter of 2025, according to the Monthly Report. Growth towards the end of the year was primarily driven by private and government consumption. Households probably also benefited from strong wage growth. Industry grew its production and construction output rose significantly. According to the experts, there is no sign of any short-term trend reversal for the better in the labour market. The inflation rate stood at around 2 % at the turn of the year.

Germany’s current account recorded a surplus of €16.1 billion in December 2025, up €1.9 billion on the previous month’s level. Although the surplus in the goods account decreased, the surplus in invisible current transactions, which comprise services as well as primary and secondary income, increased more strongly.

“The digital euro will make us more independent and more resilient,” Bundesbank President Joachim Nagel said in an interview with the “Tagesspiegel” newspaper. A combination of cash and the digital euro will equip Germany best for the future and for critical situations. Nagel also used the interview to discuss the effects of US tariff policy and the opportunity it might present for Europe as an investment location.

on the topic of Corporate financial statements