The macro-financial environment has deteriorated substantially over the course of 2022. It has been shaped by subdued growth prospects, high inflation as well as rising interest rates and risk premia.

Bundesbank branches can pay out cash at any time, even in contingency and crisis situations – according to Executive Board member Johannes Beermann, comprehensive risk preparedness measures have put the Bundesbank in a good position to deal with such cases, too. At a meeting with the press in Frankfurt, he noted that successful crisis preparedness was predicated on interplay between all cash handlers, however.