Die Finanzsanktionen gegen diejenigen, die Gewalttaten der Hamas und des Palästinensischen Islamischen Dschihads unterstützen, erleichtern oder ermöglichen, dienen der Durchführung von Maßnahmen der Europäischen Union. 

Firms’ short-term inflation expectations rose over the course of the first quarter of 2026, from 2.7 % in January to 3.2 % in March. The median also increased during this period, standing at 2.8 % in March 2026 (January: 2.5 %).

In Q1 2026, 18 % of firms expected a decline in their need for credit financing over the next 12 months, 3 percentage points more than in Q4 2025. The share of firms expecting an increase remained unchanged at 29 % compared with Q4 2025. In terms of short-term liquidity, 30 % of firms expected a decline, 1 percentage point more than in Q4 2025. The share of firms expecting their liquidity to increase was 17 %, 1 percentage point higher than in the previous quarter.

In Q1 2026, the share of firms with reduced credit financing needs over the past 12 months was 21 %, 3 percentage points higher than in Q4 2025. At the same time, the share of firms with lower liquidity fell by 2 percentage points to 33 % compared with Q4 2025. In Q1 2026, more firms reported a decline in their short-term liquidity over the past 12 months than an increase, as before. The remaining metrics remained broadly stable compared with Q4 2025.

Among the problematic developments for firms over the first quarter of 2026, high energy prices recorded the strongest growth, with 61% of firms seeing them as a pressing problem over the next six months in March (December 2025: 43%). In absolute terms, “regulation and government regulations” remain the biggest short-term challenge for firms, with an unchanged 69% in March 2026 reporting that bureaucracy would be a pressing problem over the next six months compared with December 2025.

In the first quarter of 2026, a virtually unchanged share of firms as against the previous quarter reported that they had conducted loan negotiations in the respective quarter prior to the survey period (Q1 2026: 14.7 %, compared with Q4 2025: 14.6 %).

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.

Mit „Bits & Bargeld“ möchte die Bundesbank mit der Gesellschaft in Dialog treten. Besuchen Sie unsere Veranstaltungen in verschiedenen Städten Deutschlands.

Profile Gunnar Dickfeld

Prices of commercial real estate – especially office and retail buildings in Germany’s seven major cities – have risen in previous years. Accordingly, net initial yields have dropped noticeably.

This is where users and payment service providers discuss current developments.

Interest rate hikes will become increasingly likely if the inflation picture does not change fundamentally, Bundesbank President Joachim Nagel said in an interview with Germany’s “Handelsblatt” newspaper, pointing to the rising inflation rates in the euro area. Nagel used the interview to talk about current prices, the role of monetary policy and the digital euro.

In accordance with Article 4 (52) of the Capital Requirements Regulation (CRR), operational risk is the risk of losses resulting from inadequate or failed internal processes, people and systems or from external events, including legal risk, model risk or information and communication technology (ICT) risk.

The G7 is an informal club of seven of the world's most advanced industrial economies (Germany, France, Italy, Japan, Canada, the United States and the United Kingdom). The Bundesbank has a particular interest in issues concerning the policies pursued by international financial institutions and the stability and integrity of the international financial and monetary system.

Der Krieg im Nahen Osten löst einen großen Angebotsschock aus, dessen Folgen äußerst unsicher sind. Der anhaltende geopolitische Stress und weiter bestehende Herausforderungen für die Finanzpolitik könnten die Stimmung an den Finanzmärkten auf die Probe stellen.

The weekly activity index (WAI) is an index designed to measure real economic activity in Germany in a timely manner. The index is based on daily, weekly, monthly and quarterly indicators for the German economy.

Daniel und Alexander zeigen, wie moderne KI-Methoden bei der Bundesbank helfen, wachsende Datenmengen intelligenter auszuwerten und statistische Prozesse weiterzuentwickeln. Ihre Story gibt Einblicke in ein Arbeitsfeld, in dem technologische Innovation direkt zur Stabilität des Finanzsystems beiträgt.

When the third stage of European monetary union (EMU) was initiated on 1 January 1999, monetary and foreign exchange policy was transferred to the European System of Central Banks (ESCB), which consists of the European Central Bank (ECB) and the national central banks of the participating member states.

This year’s “Banking supervision in dialogue” symposium centred around the competitiveness of Germany’s banking sector, the way forward for banking regulation, and the impact of technological and geopolitical trends. Hosted by Corinna Egerer and Philipp Otto, this industry event in Frankfurt am Main brought together around 800 representatives from the supervisory and banking communities.

In TIPS there are two regular releases scheduled per year – one following the second weekend of June and one following the third weekend of November. The dates have been coordinated with the releases in the other TARGET Services. This area contains information on the content as well as milestone planning of the releases.

In spite of many burdens, the German economy grew more strongly than expected at the beginning of 2026 – partly because industry proved to be quite resilient. However, the labour market continued to deteriorate and the consequences of the war in Iran are clouding the outlook for the German economy in the second quarter.

Anna sucht relevante Technologietrends für die Bundesbank und zeigt auf, wie sie genutzt werden könnte. Was sie antreibt und welche Rahmenbedingungen sie dabei unterstützen berichtet sie hier.

Commercial property prices in Germany increased by 2.1 % on the year in the first quarter of 2026. This means the rise that had begun in mid-2024 continued almost unchanged.

Für die Portraitreihe „Unterwegs mit…“ des ZDF‑Morgenmagazins hat Reporter Cherno Jobatey Bundesbankpräsident Nagel beim Wocheneinkauf begleitet. Im Interview diskutierten sie darüber, warum Preise steigen, Bargeld weiterhin unverzichtbar bleibt und der digitale Euro Europas Souveränität stärken würde. Der Bundesbankpräsident verriet außerdem, was er gerne in seiner Freizeit macht. 

The war in Iran and the blockade of the Strait of Hormuz have shaken global energy markets and evoked memories of 2022, when Russia’s attack on Ukraine significantly exacerbated the energy crisis of 2021/22. In the current issue of the Monthly Report, Bundesbank experts examine both crises and show that while there are parallels there are also significant differences.

The branches of the Bundesbank supply the economy with euro banknotes and coins, and offers private customers the opportunity to exchange D-Mark banknotes and coins free-of-charge and with no fixed deadline.

Bundesbank’s external position stood at €933 billion at the end of April 2026, with claims from the TARGET2 payment system worth €1059 billion making up around 66 % of total assets. These are followed by international reserves, comprising gold and foreign exchange reserves, including the special drawing rights allocated by the International Monetary Fund (IMF), which account for a total of 26 % of assets. At 88 %, issuance of euro cash accounted for the bulk of liabilities. Deposits of non-euro area residents amount to 5 % of foreign liabilities.

The Regional Offices monitor credit institutions and financial service providers in their respective regions. The branches are subordinate to the Regional Office and supply the economy with euro banknotes and coins.

The Bundesbank launched the first activity under the recently extended European System of Central Banks (ESCB) programme for African central banks, funded by the European Union (EU), with a training event on cash management in Frankfurt am Main.

Our new representatives provide a personal insight into their tasks at the Consulate General in Mumbai and at the OECD in Paris.

With new cooperation agreements, the Bundesbank is strengthening its relations with the central banks of Chile and Argentina. The formal partnerships are intended to promote dialogue and an exchange of ideas on topics relating to central banking, such as innovation and cash management, and to facilitate joint projects.

Rising oil prices, higher inflation and the rupee at a record low – India is hit hard by the consequences of the West Asia crisis. At the same time, consumption and investment are supporting high growth. An exclusive expert forum in Mumbai analyses developments.

During his visit to the House of the Euro in Brussels, Bundesbank President Nagel said in a keynote speech, „The digital euro has moved far beyond a technical concept – it is now a political project for more sovereignty”. These remarks came ahead of a panel discussion on the digital euro and its significance for Europe’s strategic autonomy.

Since 2006 the Deutsche Bundesbank's research centre has organised its spring conference, often jointly with other institutions like the Banque de France.

Germany’s current account recorded a surplus of €23.6 billion in March 2026. This was €3.1 billion up on the previous month’s level. The goods account surplus decreased, but the surplus in invisible current transactions, which comprise services as well as primary and secondary income, increased more strongly.