The Bundesbank believes that there is some scope for lowering the contribution rate to the unemployment insurance scheme. It notably proposes using taxpayers' money to finance the Federal Employment Agency's non-insurance-related benefits in future. By contrast, the Bundesbank's economists, writing in the latest Monthly Report, take a sceptical view of suggestions to introduce a European unemployment insurance scheme.

Bundesbank President Jens Weidmann has warned that the budgetary rules in the euro-area countries should not be interpreted too flexibly. Speaking at an event in Biberach, Mr Weidmann said that sound budgets were a key prerequisite for the stability of the single currency, for which every member state was responsible.

In the assessment of Bundesbank Executive Board member Andreas Dombret, persistently low interest rates are putting a long-standing system of values in danger of toppling. At a speech in Frankfurt, he noted that artificially low interest rates could not only frustrate the long-term strategies of savers, investors and credit institutions, but even prevent economically necessary adjustments.

Bundesbank President Jens Weidmann is critical of the ECB Governing Council's recent decision to purchase government bonds. He does not consider such a programme necessary at present, and sees a risk that the purchases might reduce the pressure on crisis countries to reform. He said that the specific structure would mitigate at least some of the problems that government bond purchases entail.

Am 20. November 2017 erließ der EZB-Rat den Beschluss EZB/2017/37 zur Änderung des Beschlusses EZB/2014/40 über die Umsetzung des dritten Programms zum Ankauf gedeckter Schuldverschreibungen.

Professor Axel A. Weber, President of the Deutsche Bundesbank at the University of Constance

Bundesbank President Jens Weidmann has called for the greater integration of European financial markets. Higher capital requirements for systemically important financial institutions, a functioning resolution mechanism, an end to the preferential regulatory treatment of sovereign debt and the removal of regulatory and tax barriers for capital markets - particularly for equity capital markets - are key prerequisites for this, he said.