Im April 2025 wies die Leistungsbilanz einen Überschuss von 20 Mrd. € auf (nach 51 Mrd. € im Vormonat).

The recovery of the German economy is being delayed by uncertainty surrounding international trade policy. Only gradually will economic activity be boosted by fiscal measures. The German economy will continue to tread water in the current year.

Monetary policy meets urban policy – this was the theme of a podium discussion with Bundesbank President Joachim Nagel and Sven Schulze, Mayor of Chemnitz, that took place as part of festivities celebrating “Chemnitz 2025”. The two answered questions from visitors and the moderator on the topics of inflation, the digital euro and economic growth.

Population developments are posing challenges for the German labour market and government finances. The scale of these challenges depends on how long people work and when they retire. This issue is addressed in the Bundesbank’s current Monthly Report. It analyses when people covered by the statutory pension insurance scheme (insurees) retire and discusses what might boost employment. The report also shows how reductions and increases for early or late retirement could be determined.