Germany’s current account posted a surplus of €18.6 billion in June 2025, up €11.1 billion on the previous month’s level. This was mainly attributable to the swing to a surplus in invisible current transactions, which comprise services as well as primary and secondary income. Moreover, the surplus in the goods account increased somewhat.

The European sovereign debt crisis was characterised by the fact that some euro area countries, owing to their high levels of debt – caused in part by efforts to counter the consequences of the global financial crisis – experienced difficulties refinancing their debt and, in some cases, lost access to capital market funding. In order to protect monetary policy transmission and safeguard sufficient liquidity provision for the financial system, the ECB Governing Council adopted various non-standard measures during the course of the crisis that went beyond the scope of the usual operational framework at that time.

His pictures and sculptures are the perfect symbiosis of beauty and rationality. Just about every work that Max Bill produced can be deciphered as a verifiable solution to a mathematical problem, without becoming overladen with meaning.

Mondrian’s later works – The Victory Boogie Woogie – those lights! That is where we see vibration being incorporated into painting for the first time. It seemed to me […] that he was on the verge of bringing a visual motion into the picture, wrote the Venezuelan artist Jesús Rafael Soto, who lived and worked in Paris.

TARGET2-Securities (T2S) is the name given to the integrated settlement platform provided by the Eurosystem that enables settlement of securities transactions with immediate finality in central bank money.

Der EZB-Rat hat beschlossen, weitere LTRO, genannt PELTRO (Pandemic emergency longer-term refinancing operation) durchzuführen, um die Liquiditätsbedingungen im Euroraum zu unterstützen und einen Beitrag zu leisten, das Funktionieren der Geldmärkte sicher zu stellen.