The Eurosystem’s monetary policy from 2020 was shaped by the global outbreak of the COVID-19 pandemic and the surge in inflation from 2021. This ultimately led to a series of Eurosystem policy rate hikes totalling 450 basis points (from July 2022 to September 2023).

To ensure the stable and reliable operation of its payment processing and account management applications, the Bundesbank carries out a wide range of test activities with its customers.

Prior to the global financial crisis starting in 2007, the Eurosystem’s operational framework for implementing monetary policy used to be a corridor system. This involved the ECB Governing Council setting three interest rates, which usually had the same distance from each other. The rates of the deposit facility and the marginal lending facility formed the lower and upper bounds of the corridor, respectively. The relevant key interest rate on the main refinancing operations was the middle of the interest rate corridor. This system aimed to steer short-term money market rates close to the main refinancing operations rate.

The Eurosystem’s operational framework for implementing monetary policy comprises the general rules for Eurosystem monetary policy instruments and procedures, by means of which the ECB Governing Council’s decisions on the implementation of monetary policy in the euro area are enacted in a decentralised manner. The Eurosystem’s monetary policy operations are executed under uniform terms and conditions in all Member States. The Bundesbank is responsible for conducting the Eurosystem’s monetary policy operations with German counterparties.

Die Hauptrefinanzierungsgeschäfte und die längerfristigen Refinanzierungsgeschäfte werden nach einem vom Eurosystem veröffentlichten, unverbindlichen Kalender durchgeführt.

The purpose of CERT-Bundesbank is to promptly detect anomalies as well as attacks from internal and external sources.

The statistics on the money markets is on money market transactions, namely on secured, unsecured and certain derivatives money market transactions, concluded by monetary financial institutions (MFIs), with the exception of money market funds.

Germany’s net international investment position (i.i.p.) rose by €564 billion in 2024. The three-dimensional account system analyses changes in the net i.i.p. from different perspectives.