Die Leistungsbilanz wies im Dezember 2023 einen Überschuss von 32 Mrd. € auf (nach 22 Mrd. € im Vormonat).

German economic output contracted in the final quarter of 2023, according to the February Monthly Report. Weak demand from abroad was still putting a strain on industry, while higher financing costs continued to dampen investment. Bundesbank economists believe that uncertainty about transformation and climate policy is also likely to have weighed on economic activity. Some headwinds will probably persist into the first quarter of 2024 as well. Economic output could therefore decline again somewhat. 

Finalisierter Leitfaden zu internen Modellen umfasst Überarbeitungen zu allgemeinen Modellthemen sowie zum Kredit-, Markt- und Gegenparteiausfallrisiko. Weitere Klarheit über die Auslegung der EZB von Regelungen zu internen Modellen. Berücksichtigung klimabezogener Risiken, Konkretisierung von Anforderungen an einheitliche Definitionen zu Kreditausfall, Gegenparteiausfallrisiko, Ausfallrisiko im Handelsbuch sowie Erläuterung der Möglichkeiten für die Rückkehr zum Standardansatz.

The People’s Republic of China currently has severe economic problems to contend with. On top of that, relations between advanced economies in the West and China have worsened noticeably of late. These developments also present considerable risks for Germany. “If these risks materialise, Germany’s economy could take a huge hit,” the Bundesbank writes in an article in its January Monthly Report. The article explores Germany’s dependence on China, and is the first to also focus on potential risks to the financial system.