The June 2025 edition of the Monthly Report contains the Bundesbank’s current Forecast for Germany, which provides an outlook for how the German economy is likely to develop in the near future in view of US tariff policy and the new Federal Government’s fiscal package. A second article looks at the review of the Eurosystem’s operational framework for implementing monetary policy. Another article considers the question of when insurees retire and how pension reductions and increases could be determined depending on the timing of retirement.

The greenhouse gas emissions of the Bundesbank's euro-denominated own portfolio (euro portfolio) and currency reserves have declined overall in recent years. For the first time, greenhouse gas figures on the shares of the Eurosystem's monetary policy holdings, which include corporate bonds, covered bonds and Pfandbriefe (covered bonds), are also disclosed.