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 June 2017 edition of the Bundesbank's Monthly Report outlines the prospects for the German economy on the basis of macroeconomic projections for 2017 and 2018, with a look ahead at the year 2019. It also discusses the design and implementation of the European fiscal rules.

This paper analyses cash and cashless payment instruments in Germany. After a description of developments in a national and international context, we will compile a critical overview of iterature on cost calculations and on the importance of payments media for different countries.