The Bundesbank aims to use resources sustainably, minimise its environmental impact and reduce the greenhouse gas emissions caused by its business operations.

Intensive debate about the digital transformation at central banks and “Financial stability, probabilities of default and COVID-19”, new faces at our representations abroad and a look ahead to new courses in 2022.

Is there a difference between the inflation expectations of private households in Germany formed under the ECB’s previous target definition of “below, but close to, 2%” and those under the new inflation target of “symmetrically 2%”? New survey results from the Bundesbank Online Panel Households (BOP-HH) show that the new inflation target is associated with moderately higher inflation expectations for the next two to three years. The differences become more accentuated when the respondents are also told that the new monetary policy strategy entails the possibility of inflation exceeding the target.

The ongoing monitoring of institutions also includes conducting on-site inspections. These give the Bundesbank deeper insights into institutions’ risk structures and the procedures they use to control risk. The Bundesbank’s supervisors investigate whether the internal risk measurement methods which institutions use to calculate their capital requirements can be approved.

The research programme offering a thematic overview of ongoing and planned research activities in the areas of monetary policy, financial stability and banking supervision.