According to the calculations of the Federal Statistical Office, the German economy grew by 0.7 % in the first three months of 2016, with households and general government being the main drivers. In April, consumer prices fell for the first time since January 2015.

In a speech in Rome Bundesbank President Jens Weidmann pointed out that, in order to permanently stabilise the euro area, action and liability again must be aligned. This principle should apply not only to banks, but also for policy decisions in the euro area.

The European Central Bank has published technical details on the corporate sector purchase programme. Starting in June, six Eurosystem central banks, including the Deutsche Bundesbank, will execute the CSPP.

Low inflation rates defined the euro-area economy in the past two years. A recently published discussion paper by the Bundesbank's Research Centre investigates whether this has had any impact on important long-term inflation expectations.

Inflation in Germany has fluctuated strongly in the past eight years. The Bundesbank's economists have now examined the extent to which the Phillips curve model explains recent price developments. Import and energy prices have turned out to be particularly decisive.

Board Member Thiele explained in Hachenburg that the new digital age was posing challenges to the banking industry, with innovative payment options and many new banking and payment service providers capturing the market outside established cashless means of payment.

According to the Bundesbank's latest Monthly Report, growth in the German economy in the first quarter of 2016 was characterised, in particular, by domestic factors such as consumption and construction, whereas exports generated little stimulus.

Bundesbank President Jens Weidmann has stressed the European Central Bank’s independence. In an interview with the Financial Times, Weidmann pointed out that the debate in Germany was too narrow and was not focusing enough on the broader macroeconomic consequences of current monetary policy.

The Federal Ministry of Finance has started issuing the €5 "Planet Earth" collector coin as of 14 April 2016. The new collector coin has met with such strong demand that it is already out of stock at many Bundesbank branches.

Consumer prices have hardly increased and have even fallen at times of late. A key reason for this is the strong decline in the oil price, making fuel and heating distinctly cheaper for consumers. For monetary policy makers, this is a clear sign to look at inflation more closely.