The Bundesbank’s September 2023 Monthly Report takes a look at se-lected aspects of the current dependencies and medium-term challenges for Germany as a business location. It also discusses the question of whether there are heterogeneous effects in the implementation of monetary policy in the euro area. The report further includes an analysis of the reliability of models for short-term economic forecasting during recent crises. Another article describes Member States’ financial relationships with the EU budget and the Next Generation EU off-budget entity in 2022. And finally, the performance of German credit institutions in 2022 is discussed.