Expected real interest rates are calculated based on nominal yields and inflation expectations from analyst surveys.

In order to achieve its monetary policy objectives, the Eurosystem has at its disposal a set of monetary policy instruments. These include liquidity-providing and liquidity-absorbing open market operations which are settled by the Bundesbank, to the extent of its mandate, with counterparties established or resident in Germany.

Overview of the most important content-related amendments to the external reporting system.

The international importance of a currency is reflected not only in its use as a reserve or anchor currency, but also in its role as an invoicing currency in trade across national borders. In the current issue of the Monthly Report, our experts examine the euro’s international role as an invoicing currency and its potential. 

The Regional Offices monitor credit institutions and financial service providers in their respective regions. The branches are subordinate to the Regional Office and supply the economy with euro banknotes and coins.

Die Jahreswachstumsrate des weit gefassten Geldmengenaggregats M3 lag im Juli 2026 bei 3,4 % nach 3,3 % im Juni. In den drei Monaten bis Juli betrug sie durchschnittlich 3,2 %. 

The securities holdings statistics provide a picture of the structure of securities held in Germany.