Households’ financial assets fell by €98 billion in the second quarter of 2022 and thus for the second time in succession. At the end of the quarter they stood at €7,496 billion.

The Bank for International Settlements believes that the current economic upswing offers an opportunity to strengthen economic resilience. According to its latest Annual Report, this is the key to reaping the benefits of globalisation.

Germany’s current account posted a surplus of €5.0 billion in July 2022, down €9.3 billion on the previous month’s level. This was primarily caused by the shift into a deficit in invisible current transactions, which comprise services as well as primary and secondary income. There was also a smaller surplus in goods trading.

In the view of Bundesbank President Jens Weidmann, the ECB Governing Council’s forward guidance has contributed to lowering long-term interest rates and stimulating the euro area economy. However, at the 2019 European Banking Congress in Frankfurt, he also highlighted the risks and side effects of a highly expansionary monetary policy. ECB President Christine Lagarde called for increased public investment.