Der digitale Euro ist eine notwendige Modernisierung, sagt Bundesbankvorstand Burkhard Balz im Gespräch mit der WirtschaftsWoche. In dem Interview verdeutlicht Balz den Unterschied zwischen bestehenden digitalen Bezahllösungen und dem digitalen Euro.

The recovery of the German economy is being delayed by uncertainty surrounding international trade policy. Only gradually will economic activity be boosted by fiscal measures. The German economy will continue to tread water in the current year.

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).

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.

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.

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 %.

Aggregierte harte Kernkapitalquote im ersten Quartal 2025 bei 16,05 % (nach 15,95 % im Vorquartal und 15,74 % ein Jahr zuvor).

In the first half of 2025, the Bundesbank withdrew approximately 36,600 counterfeit euro banknotes with a nominal value of just under €2.1 million from circulation in Germany. The number of counterfeits rose by 8 % compared with the second half of 2024. However, the loss arising from counterfeiting remained unchanged.

In the first quarter of 2025, German households’ financial assets grew only slightly, closing the quarter at €9,053 billion. This represents a rise of €9 billion on the previous quarter. Households increased their claims by €90 billion, but suffered valuation losses of €82 billion.

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.

Der Median der Wahrnehmung der Verbraucherinnen und Verbraucher bezüglich der Inflation in den vergangenen zwölf Monaten war unverändert. Auch der Median der Erwartungen bezüglich der Inflation in drei und in fünf Jahren war unverändert, während jener bezüglich der Inflation in einem Jahr zurückging.

Der gewichtete Indikator der Kreditfinanzierungskosten für neue Kredite an Unternehmen sank um 5 Basispunkte auf 3,61 %. Der entsprechende Indikator für neue Wohnungsbaukredite an private Haushalte blieb mit 3,30 % unverändert.

Der Wage Tracker der Europäischen Zentralbank (EZB), der ausschließlich laufende Tarifverträge abdeckt, weist auf ein Wachstum der Tarifverdienste hin.

Der Rat der Europäischen Zentralbank (EZB) hat beschlossen, eine neue Maßnahme innerhalb des Sicherheitenrahmens einzuführen, um die mit der Klimakrise verbundenen finanziellen Risiken besser steuern zu können.

Der Median der Wahrnehmung der Verbraucherinnen und Verbraucher bezüglich der Inflation in den vergangenen zwölf Monaten war unverändert. Auch der Median der Erwartungen bezüglich der Inflation in drei und in fünf Jahren war unverändert, während jener bezüglich der Inflation in einem Jahr zurückging.

Überarbeiteter Leitfaden berücksichtigt neue regulatorische Anforderungen gemäß der CRR3, einschließlich des aktualisierten Baseler Rahmenwerks. Klarstellungen bezüglich des Einsatzes von Techniken des maschinellen Lernens in internen Modellen. Höhere Transparenz und Harmonisierung bei der Beaufsichtigung interner Modelle.