In his speech at the German Institute for Economic Research (DIW Berlin), Bundesbank President Joachim Nagel highlighted the importance of the European single market. He said that it was truly a source of prosperity and could help to more effectively overcome future challenges. He called for greater efforts to deepen the integration of the single market, particularly in the areas of services, digitalisation, and the capital market. Furthermore, he stressed that credible fiscal rules were essential for monetary union.

At the end of December 2022, Germany’s net external assets stood at €2,721 billion, thus amounting to around 70% of nominal gross domestic product (GDP). Both German assets and liabilities vis-à-vis non-residents rose further in 2022.

“Over time, the IMF has repeatedly managed to emerge stronger from crises. However, the external circumstances have rarely been more challenging than they are today,” Federal Finance Minister Christian Lindner and Bundesbank President Joachim Nagel write in a guest article at Handelsblatt. “An IMF that focuses on its core mandate is best placed to strengthen the global economic and monetary system,” they explain in a contribution to mark the IMF’s 80th anniversary.