Die Corona-Pandemie hatte im vergangenen Jahr auch Auswirkungen auf die Bundesbank-Bilanz. Obwohl die Bilanzsumme so hoch war wir noch nie, hat die Bundesbank erstmals seit 1979 keinen Gewinn mehr erzielt. Wie es dazu kommt, erklärt Bundesbankvorstand Johannes Beermann.

The Bundesbank is not distributing a profit for 2020 – for the first time since 1979. The main reason was the greater level of risk provisioning, Bundesbank President Jens Weidmann explained at the press conference to present the annual accounts in Frankfurt am Main. The emergency monetary policy measures taken in response to the coronavirus pandemic are consequently having a noticeable impact on the Bundesbank’s balance sheet. In the previous year, the Bundesbank had distributed a profit of €5.9 billion.

Viele Menschen freuten sich über die neuen Scheine und Münzen, doch es gab auch kritische Stimmen.
 

Im täglichen Leben begegnen uns regelmäßig Begriffe mit „Zins“ im Namen. Doch was sind Zinsen eigentlich genau und welchen Einfluss haben sie? Den wichtigsten Zinsbegriffen und Zusammenhängen wollen wir im Erklärfilm auf den Grund gehen.

Energy prices skyrocketed as a result of the Russian war of aggression. Government stabilization measures such as the gas price brake were intended to support overall economic development. Our study compares the effects of two fiscal stabilization measures for companies: subsidies in the form of quantity-limited price guarantees and production-independent direct transfers. It turns out that the effectiveness of the measures depends on the availability of the good.

In 2020, the Bundesbank registered approximately 58,800 counterfeit euro banknotes with a nominal value of €2.9 million in German payments. The number of counterfeits thus rose by 6.5% on the year, while the nominal value of the banknotes seized fell by 14.3%.

The Bundesbank’s National Analysis Centre in Mainz receives around 30,000 requests every year for the replacement of damaged cash. In order to facilitate reconstruction in cases involving a large number of banknote fragments, the Bundesbank joined forces with the Fraunhofer Institute for Production Systems and Design Technology (Fraunhofer IPK) to develop a digital system for reconstructing badly damaged euro banknotes based on “ePuzzler” technology.

The Bundesbank expects the German economy to grow strongly again after a limited setback in the final quarter of 2020 and first quarter of 2021. According to current projections, real gross domestic product could pick up sharply in the following two years and reach its pre-crisis level again in early 2022. This is predicated on the pandemic containment measures being quickly loosened from spring 2021 and ultimately expiring altogether in the early months of 2022.

This article studies the impact of a digital euro on financial stability. Our survey findings indicate that German households are open to the digital euro – suggesting they perceive that there are benefits to accessing a central bank digital currency. However, demand for the digital euro raises concerns about strong outflows of deposits from the banking sector, with potential implications for financial stability. We study this issue in a new macroeconomic model and conclude that the digital euro – if complemented with an appropriate holding limit, i.e. the maximum digital euro amount that an individual is permitted to hold – can actually strengthen financial stability and improve welfare.

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