Germany’s current account recorded a surplus of €15.1 billion in November 2025, up €0.3 billion on the previous month’s level. Although the surplus in the goods account decreased, the swing to a surplus in invisible current transactions, which comprise services as well as primary and secondary income, was slightly stronger.

The nominal effective exchange rates of the euro condense bilateral exchange rates against multiple countries into a single index. As an aggregate, they capture changes in euro exchange rates against various groups of currencies of key trading partners.

In a piece for the Financial Times, Executive Board member Michael Theurer has addressed the issue of the sovereign-bank nexus. This close link between banks and their home-country sovereign debt represents a significant threat to financial stability in the euro area. Breaking this cycle is crucial to safeguarding the stability of the euro area financial system, Theurer emphasises.

The same methodology as the real effective exchange rates of the euro is used to calculate price competitiveness indicators for individual euro area countries. 

The decision to apply these standards was based on their design and successful implementation in various areas, including logistics, making them a feasible, secure and future-proof investment for all participating parties.

At this year’s European Banking Congress in Frankfurt am Main, Bundesbank President Joachim Nagel issued an emphatic plea for reforms for Europe’s future. Against the backdrop of mounting geopolitical tensions, a challenging global trade environment and demographic change, Mr Nagel urged for a clear European strategy to safeguard productivity and welfare over the long term.