Germany’s current account recorded a surplus of €5.9 billion in October 2022, almost half of the previous month’s result.

According to Bundesbank President Jens Weidmann, central banks should beware of crowding out private payment solutions and should play a supportive role instead. Mr Weidmann pointed out that competition and regulation are essential for a good market outcome. As central banks provide the backbone of the payment system, they need to be at the cutting edge of technology, he explained. This, he emphasised to participants of a Bundesbank virtual conference, includes working on central bank digital currency.

Link to selected standards and initiatives at national level, of the European System of Central Banks (ESCB), at European level (outside the ESCB), selected international standards and initiatives and links to English language websites of EU/ESCB central banks.

Germany’s current account recorded a surplus of €14.8 billion in September 2022 and was thus up again significantly on the narrow result of €0.9 billion in the previous month.

Germany’s current account recorded a surplus of only €0.6 billion in August 2022, down €4.8 billion on the previous month’s level. This was due to a decrease in the goods account surplus. The deficit on invisible current transactions, which comprise services as well as primary and secondary income, changed only slightly.

The German current account recorded a surplus of €18.8 billion in March 2022, down €2.3 billion on the previous month’s level.