The December 2019 Monthly Report describes the outlook for the German economy based on projections for 2020 and 2021, looking further ahead to 2022 as well, and contains an analysis of German enterprises’ profitability and financing conditions in 2018. It also addresses the relevance of surveys of expectations for the Deutsche Bundesbank, and a further article discusses the mixing of euro coins in Germany.

The German financial system remains vulnerable to adverse economic developments. Future credit risk could be underestimated and the recoverability of loan collateral such as real estate overestimated.

The November 2019 edition of the Monthly Report comments on the economic situation in Germany in autumn 2019.

The Bundesbank’s October 2019 Monthly Report reviews and analyses the market for sustainable financial investments, as well as studying the European investment funds market and the role of bond funds in the low interest rate environment. Furthermore, it describes the long-term outlook for the statutory pension insurance scheme and explains structural reforms in the euro area.

On the basis of selected empirical analyses, the September 2019 Monthly Report explains the impact that wages have on prices in Germany and features an analysis of detailed state government budget figures for 2018. In addition, the Monthly Report describes the long-term changes in the unsecured interbank money market and also discusses banks’ profitability in 2018.

The August 2019 edition of the Monthly Report comments on the economic situation in Germany in summer 2019.

In a study prepared together with Professor Friedrich Schneider of the Johannes Kepler University Linz, illegal demand for cash in Germany is investigated. The study presents an overview of economic research on the use of cash in the shadow economy as well as fresh empirical analyses by the authors. They look at the influence of the shadow economy on cash lodgements at Bundesbank branches and the demand for banknotes in Germany.

The July 2019 edition of the Bundesbank’s Monthly Report describes co-movements between the exchange rates of major currencies and addresses the topic of crypto tokens in payments and securities settlement.

The June 2019 edition of the Bundesbank’s Monthly Report outlines the prospects for the German economy on the basis of projections for 2019 and 2020 and looks ahead at the year 2021. It also covers the overhaul of European banking regulation and features an analysis of the costs associated with different means of payment in the retail sector. Lastly, the changing face of payments services is explored, with reference to instant payments, PSD2 and new competitors.