Germany’s current account recorded a surplus of €24.0 billion in December 2024, up €2.1 billion on the previous month’s level. The surplus in the goods account decreased sharply, but the surplus in invisible current transactions, which comprise services as well as primary and secondary income, increased more strongly.

The tendency of monetary policy to influence investors’ risk appetite has a significant impact on the effectiveness of the Eurosystem’s monetary policy on the macroeconomy and financial markets, according to an article in the latest Monthly Report. In it, the authors examine the impact of monetary policy measures on the risk appetite of euro area investors. Their analysis is based on a new broad-based indicator of risk appetite in the euro area.