Germany’s current account recorded a surplus of €28.2 billion in December 2020, up €6.9 billion from the previous month’s level. Although the goods account surplus decreased, the surplus in invisible current transactions – comprising the services account as well as primary and secondary income – increased to a much greater degree.

At its monetary policy meeting on 23 January, the Governing Council of the ECB decided to review its monetary policy strategy. Alongside the national central banks, this newly launched process will also engage with the general public and civil society.

Germany’s outward immediate and indirect foreign direct investment (FDI) was up by €48 billion at the end of 2019 to €1,372 billion. The ranking of individual recipient countries remained broadly unchanged: almost 30%, or €391 billion worth, of all German FDI went to the United States, which was once again number one.

Der Zentralbereich Zahlungsverkehr und Abwicklungssysteme hat eine Umfrage unter 14 ausgewählten Geschäftspartnern zum Thema „Veränderte Sicherheitennutzung und Collateral Scarcity“ durchgeführt. Aktuell zeigen sich keine Anzeichen einer generellen Knappheit, jedoch stellen viele der befragten Geschäftspartner einen signifikanten Bedarfsanstieg an hochqualitativen Sicherheiten fest.