The monthly report contains: The changes to the Stability and Growth Pact, Deficit-limiting budgetary rules and a national stability pact in Germany, Supervision of financial conglomerates in Germany.

The monthly report contains: German balance of payments in 2004, Credit growth, bank capital and economic activity.

The monthly report contains: The economic scene in Germany around the turn of 2004-05.

The monthly report contains: Comments on reforming the Stability and Growth Pact, German banks' foreign direct investment and cross-border services, The relationship between money and prices.

The monthly report contains: Credit default swaps - functions, importance and information content, Demographic burdens on growth and wealth in Germany, The insurance sector as a financial intermediary.

The monthly report contains: Economic conditions in Germany, Foreign trade and payments, Global and European setting, Monetary policy, banking business and the capital market, Public finances.

The monthly report contains: Report on the stability of the German financial system, Stress tests at German banks - methods and results.

The monthly report contains: New capital requirements for credit institutions (Basel II), How the Bundesbank analyses enterprises' creditworthiness, Greater flexibility on the German labour market, The performance of German credit institutions in 2003.

The monthly report contains: Economic conditions in Germany, The economic scene in Germany summer 2004, Foreign trade and payments, Global and European setting, Monetary policy, banking business and the capital market, Public finances.

The monthly report contains: Financial development and outlook of the statutory health insurance scheme, Initial experience with the new monetary policy framework and the Bundesbank's contribution to liquidity management by the Eurosystem, Regulation of the European securities markets.