Dates in the legal framework of German monetary policy 1948 - 2007

Times of strong growth and low interest rates have seen vulnerabilities build up in the German financial system. In addition, the probability of an economic downturn has increased. “Now is the time to build up sufficient capital and strengthen the financial system’s defences,” said Bundesbank Vice-President Claudia Buch at the press conference on the publication of the new Financial Stability Review.

The German economy's underlying cyclical trend is fairly robust. According to the projection, this year's economic growth is being additionally boosted by purchasing power gains resulting from renewed falls in crude oil prices and from an expansionary fiscal policy.