The April 2012 monthly report contains: Potential growth of the German economy – medium-term outlook against the backdrop of demographic strains; The European Systemic Risk Board: from institutional foundation to credible macroprudential oversight

The macroeconomic environment is being shaped by the interest rate reversal and heightened uncertainty. So far, the German financial system has coped well with the rise in interest rates over the last year, but the effects of this rise have not yet fully materialised. Structural change in the economy is also likely to further increase credit risk.