At a press conference today, Bundesbank President Joachim Nagel and First Deputy Governor Sabine Mauderer presented the Bundesbank’s Annual Report for 2025. The loss for the year declined further in 2025, as expected. In view of a significant improvement in profitability, the Bundesbank reported a loss for the year of €8.6 billion, Mr Nagel explained.

Die Bruttoemissionen am deutschen Rentenmarkt lagen im Mai 2025 mit 135,6 Mrd € über dem Wert des Vormonats (115,8 Mrd €). Nach Abzug der Tilgungen und unter Berücksichtigung der Eigenbestandsveränderungen der Emittenten stieg der Umlauf heimischer Rentenwerte um 35,7 Mrd €. Ausländische Schuldverschreibungen wurden für netto 23,1 Mrd € auf dem deutschen Markt untergebracht. Im Ergebnis nahm damit der Umlauf von Schuldverschreibungen in Deutschland um 58,8 Mrd € zu.

Germany’s current account recorded a surplus of €9.6 billion in May 2025, virtually half the level seen in the preceding month. This was mainly attributable to the swing to a deficit in invisible current transactions, which comprise services as well as primary and secondary income. There was also a somewhat smaller surplus in goods trading. 

Monetary policy must be reliable, but policymakers must not overly restrict its flexibility, Bundesbank President Joachim Nagel said at the 10th Bundesbank IAW Lecture in Tübingen. In his speech, Nagel addressed the ECB’s original monetary policy strategy, which has undergone significant reviews.