The June 2016 edition of the Bundesbank's Monthly Report outlines the prospects for the German economy based on macroeconomic projections for 2016 and 2017, including a look ahead at the year 2018. It also explores how quantitative easing is impacting on the aggregate euro-area economy and comments on the structure and dynamics of vertical integration in manufacturing as reflected in the financial statements of German enterprises.

The October 2017 Monthly Report analyses emerging market economies’ global liquidity, foreign reserves and exchange rates and contains an article on developments in the natural interest rate. In addition, the Supervisory Review and Evaluation Process for smaller institutions and proportionality considerations are described, and the initial results of the new money market statistics as well as the new insurance statistics are presented.

Low interest rates and an ample supply of central bank liquidity have helped to ease the tensions on the international financial markets. So far this year, the German financial system has also benefited from this situation. However, the Bundesbank believes that these exceptional financial conditions present risks to financial stability the longer they prevail.

The January 2018 edition of the Monthly Report describes how the internationalisation of German firms is impacting on domestic investment and analyses the importance of banks’ profitability and capital for monetary policy. It also looks at developments in corporate financing in the euro area and includes an article on the finalisation of Basel III.