German enterprises constitute net debtors vis-à-vis non-residents: Standing at €1900 billion at the end of November 2025, their liabilities arising from financial operations and trade credits, exceeded their corresponding assets of €1611 billion by €289 billion. Compared with the previous month, this is a change of -€38 billion.

Im November 2025 lag das Emissionsvolumen am deutschen Rentenmarkt mit einem Brutto-Absatz von 106,3 Mrd € unter dem Vormonat (127,3 Mrd €). 

Banknotes are part of our economy, our identity and our culture – and we at the ECB have an immense responsibility to ensure that people maintain their trust in them.

We use money every day, taking it for granted in our daily lives. At the same time, money is one of the most important business areas for any central bank. But what exactly is money? What forms does it take, and what are the characteristics that turn something into money? We answer these and other questions in the following animation film.

Would you like to see the financial industry from a different angle? Would you like a glimpse into everyday working life at a central bank?