Die Finanzsanktionen gegen den Terrorismus dienen der Durchführung von Maßnahmen des Sicherheitsrats der Vereinten Nationen.

Through its academic survey, the Research Centre of the Deutsche Bundesbank is obtaining a picture of the current situation among firms in Germany and gaining greater insight into their expectations for the coming months. Over time, the survey also provides crucial information on changes within the corporate sector.

Die Finanzsanktionen angesichts der Lage in Haiti dienen der Durchführung von Maßnahmen des Sicherheitsrats der Vereinten Nationen. Sie werden grundsätzlich durch unmittelbar geltende Rechtsakte der Europäischen Union (EU-Verordnungen) in Kraft gesetzt.

Since September 2024
Member of the Executive Board of the Deutsche Bundesbank

Die Online-Ausstellung „Von Inflation und Stabilität“ bietet eine virtuelle Zeitreise durch die Meilensteine der deutschen Währungsgeschichte des 20. und 21. Jahrhunderts.

Die Finanzsanktionen angesichts der Lage in Belarus dienen der Durchführung von Maßnahmen der Europäischen Union.

In the second quarter of 2025, firms’ assessments of the development of various metrics over the past 12 months were similar to their responses from the previous quarter. For 74 % of firms, access to financing sources remained unchanged, while 19 % reported that it had deteriorated – this represented a decline of 1 percentage point compared with the first quarter of 2025 and the lowest figure since the third quarter of 2022.

The monetary policy strategy of the Eurosystem attaches great importance to monetary developments.

All documents relevant to customer testing can be found in this area. These include for example a document containing mandatory test cases, the test calendar and the test specifications (terms of reference).

Firms’ short-term inflation expectations fell slightly over the course of the second quarter of 2025, from an average of 3.1 % in April to 2.7 % in June. During the second quarter, average expectations for inflation on average over the next three and five years fell to 2.8 % and 2.9 %, respectively. In April, both figures had stood at 3.2 %.

As before, there was only a slight quarter-on-quarter change in firms’ expectations over the next 12 months. 73 % of firms also expected that their access to financing sources would remain unchanged in future, which corresponded to an increase of 2 percentage points compared with the first quarter of 2025. The share of firms expecting a deterioration in their access to financing sources decreased by 2 percentage points. A decline in short-term liquidity was expected by 26 % of firms, while 18 % expected it to increase (previous quarter: 31 % and 17 %, respectively).

Mit der wissenschaftlichen Studie zu den Erwartungen der Unternehmen in Deutschland will das Forschungszentrum der Deutschen Bundesbank ein Bild der aktuellen Situation gewinnen.

In the second quarter of 2025, only marginally more firms than in the first quarter of the year reported that they had conducted loan negotiations in the respective preceding quarter (Q2 2025: 15.4 %; Q1 2025: 14.8 %). 

In addition to the regularly recurring questions on enterprise metrics, expectations and access to loans, the Bundesbank frequently asks enterprises questions on various current issues. A selection of the results is presented here.

On the following page you will find charts on various topics from previous publications.

Given the uncertainties in the markets at present, it is gratifying that institutions are well equipped overall, said Bundesbank Executive Board member Michael Theurer, commenting on the outcome of the latest stress test. The stress testing exercise was run by the European Banking Authority (EBA) in cooperation with the European Central Bank (ECB). It indicated that the euro area’s banking sector remains capable of enduring even under tougher economic conditions.