Germany’s current account posted a surplus of €19.0 billion in June 2026, up €10.1 billion on the previous month’s level. This was mainly attributable to the swing to a surplus in invisible current transactions, which comprise services as well as primary and secondary income. There was also a higher surplus in the goods account.

“Oil and gas prices keep going up and down. Financial markets are very volatile. There is a lot of uncertainty. […] But the meeting-by-meeting approach has served us well in the past and will certainly do so in the future,” said Joachim Nagel in an interview with French newspaper “Le Monde”. In the interview, Mr Nagel spoke about current economic developments in Germany, the possibility of interest rate rises at the next ECB Governing Council meeting, and the need for common European solutions.

January 2026 saw the EU conclude two major trade agreements – with the Mercosur countries and with India – culminating many years of negotiations. These agreements largely eliminate trade barriers and could, over the long run, help diversify the EU’s trade relations. Ratification of the two deals is still pending, however. Writing in the latest Monthly Report, Bundesbank experts illuminate the main features of the trade agreements and explore their potential economic impact.

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.

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Germany's current account recorded a surplus of €10.4 billion in May 2026. The figure was €6.2 billion lower than the previous month's level.