The January 2022 edition of the Monthly Report discusses the changes in the secured money market and features an article on the topic of climate change and climate policy: analysis requirements and options from a central bank perspective. In addition, scenario-based valuation effects on the stock market are analysed using greenhouse gas emissions.

The monthly report contains: Outlook for the German economy – macroeconomic projections for 2010 and 2011, Uncertainty of macroeconomic forecasts, Extended investment cycle with stable prices: supply and demand in the German housing market from a longer-term perspective, The whole and its parts: problems with the aggregation of seasonally adjusted data.

The monetary policy turnaround shaped the Bundesbank’s balance sheet last year. The profit and loss account for 2022 reported a distributable profit of zero.

The Bundesbank is not distributing a profit to the Federal Government for 2020 – for the first time since 1979. The main reason was the greater level of risk provisioning.