In March 2024, the ECB Governing Council approved changes to the Eurosystem’s operational framework for implementing monetary policy. The Bundesbank’s economists provide an overview of the adjustments and an outlook for the review of the technical design in 2026 in the current issue of the Monthly Report. 

The greenhouse gas emissions of the Bundesbank’s euro-denominated own portfolio (euro portfolio) and reserve assets have been in decline on aggregate over the past years, the Bank reports in its latest climate-related disclosures. In this report, the Bank looks in particular at the climate performance of its own financial investments. For the first time, the Bundesbank is also disclosing greenhouse gas metrics on its shares of the Eurosystem’s monetary policy holdings of corporate and covered bonds.

The Deutsche Bundesbank mourns the passing of Julia Dingwort-Nusseck. The former President of the Land Central Bank of Lower Saxony and the first woman on the Bundesbank’s Central Bank Council passed away on 7 June 2025 at the age of 103. 

The recovery of the German economy is being delayed by uncertainty surrounding international trade policy. Only gradually will economic activity be boosted by fiscal measures. The German economy will continue to tread water in the current year.