The October 2022 edition of the Monthly Report examines the subject of state government finances in 2021, focusing on the surplus and growing reserves partly derived from emergency loans. Another article delves into Member States’ financial ties with the EU budget and the Next Generation EU (NGEU) off-budget entity. A third article discusses the validity of interest parity in times of crisis. In addition, the Monthly Report examines the market situation of Federal securities in the context of monetary policy purchases and heightened uncertainty.

The September 2022 edition of the Monthly Report features an article on how the negative interest rate policy period and the pandemic are reflected in the Bank Lending Survey, and analyses the effects of reallocation in the corporate sector during the pandemic on developments in productivity. In other articles, the Monthly Report outlines the profitability of German credit institutions in 2021 and discusses the role of the International Monetary Fund in preventing and managing crises.