Forms for the external position report

On this page, you will find the Bundesbank’s economic publications.

Am deutschen Aktienmarkt wurden im Berichtsmonat neue Aktien für 5,1 Mrd € begeben. Der Umlauf ausländischer Aktien in Deutschland stieg um 4,1 Mrd €. Erworben wurden Dividendenwerte im Juni im Ergebnis durch inländische Nichtbanken (8,6 Mrd €) und heimische Kreditinstitute (2,0 Mrd €). Ausländische Investoren trennten sich hingegen per saldo von hiesigen Dividendenwerten (1,4 Mrd €).

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.

A picture by Rupprecht Geiger provokes an immediate response: the force of the colour is well-nigh overpowering. This shade of red, which the artist intersperses time and again with hints of pink or orange, triggers associations of peril and passion.

Alf Lechner’s sculptures are defined by his choice of material – steel. He works virtually exclusively with this material, creating works which often weigh hundreds of kilos. The monumental steel forms are stamped, pressed, broken, cut and rolled into shape during the production process according to his precise specifications.