12.11.2026

The German financial system is resilient, but operating in an environment of geopolitical tension. Increased risks arise from high valuations in the financial markets, rising credit risk, real estate financing vulnerabilities, high government debt and the growing importance of private credit. The times are challenging and look set to remain so, said Michael Theurer, Member of the Executive Board of the Deutsche Bundesbank, at the unveiling of the Financial Stability Review 2026.

Speaking at the Bundesbank’s Capital City Reception, President Joachim Nagel told the audience of around 170 guests how important it was for Europe to be sovereign and united. The European idea needed to be strengthened, he argued. The evening’s guest speaker was Daniel Hager, President of the German Electro and Digital Industry Association.

Bundesbank Executive Board member Fritzi Köhler-Geib and economics professor Itay Goldstein recently discussed the opportunities and risks of AI-based trading as part of the Bundesbank Invited Speaker Series. The event was moderated by Falko Fecht, head of the Bundesbank’s Research Centre.

Philipp Nimmermann became a new member of the Executive Board of the Deutschen Bundesbank on 1 November 2026. The Board has therefore decided on a new division of responsibilities, effective immediately.