The monthly report contains: Economic conditions in Germany, The financial markets in Germany, Foreign trade and payments, The international and European setting, Public finances.

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.

Risks to the German financial system are clearly on the increase – main challenges lie in the worsening and widening sovereign debt crisis and the associated loss of confidence in the European banking system.

The March 2013 monthly report contains: Germany’s balance of payments in 2012; Banks’ internal methods for assessing and maintaining internal capital adequacy and their relevance to supervision.