Der tagesdurchschnittliche Umsatz der Geldaufnahme im unbesicherten Segment sank von 137 Mrd € in der zweiten Mindestreserve-Erfüllungsperiode 2022 auf 129 Mrd € in der dritten Mindestreserve-Erfüllungsperiode 2022.

Bundesbank President Joachim Nagel has cautioned against using monetary policy instruments to limit risk premia. “Unusual monetary policy measures to combat fragmentation can be justified only in exceptional circumstances and under narrowly-defined conditions,” he said at the Frankfurt Euro Finance Summit.

Demographic developments will put the finances of the pension insurance scheme under pressure in future. The Bundesbank’s experts present long-term simulations on this topic in the current Monthly Report. These simulations illustrate how the government plans to achieve a permanently stable replacement rate of 48% would affect the pension contribution rate and the federal budget. They also show the effects of two reform options on the replacement rate, the contribution rate and the federal budget. Both options are international standard practice. One ties pensions in payment to inflation, whilst the other links the retirement age to rising life expectancy.