Monthly Report - March 2015

The March 2015 edition of the Bundesbank's Monthly Report describes how macroprudential policy impacts on monetary policymaking and presents some of the ways in which the regulatory framework underpinning European monetary union can be strengthened. It also looks into Germany's 2014 balance of payments and includes an article on the methodology and results of the securities holder statistics and the role they play in analysing the ownership of securities in Germany and Europe.