Looking back on 30 years of central bank cooperation – key issues remain – shift in focus, looking ahead to our online course programme for the first half of 2021, insights into EU twinning project with the National Bank of Albania and courses on cash management

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.

Scientific study on the expectations of firms in Germany

Institutional funds manage the majority of the assets under management of all German investment funds. This research brief documents that institutional funds act in a strongly procyclical manner: they actively invest in higher-yielding, longer-duration and lower-rated assets as yield spreads compress. We show that this intensifies asset price volatility and highlight reasons behind this procyclical investment behaviour.

The January 2021 edition of the Monthly Report analyses the slowdown in productivity growth in the euro area and describes the data collection methodology and analysis options for the new securities holding statistics on banking groups. It also discusses the two-tier system for remunerating reserve holdings and its impact on banks and financial markets.