Slight decline in economic output in the final quarter of 2021
In the final quarter of 2021, economic output in Germany is likely to have declined slightly, the Bundesbank writes in its current Monthly Report. According to the Bank’s experts, this is primarily due to the resurgence of the pandemic. While gross domestic product (GDP) rose by 2.7% on the year in 2021 as a whole, this was not nearly enough to offset the sharp decline of the previous year, the Bank’s experts say.
Nagel: Bundesbank will continue to make its voice heard as an advocate for a culture of stability
“Stability is the Bundesbank’s mission and its core,” Bundesbank President Joachim Nagel emphasised in his inaugural speech at the change of office ceremony in Frankfurt am Main. “The German public expect, and rightly so, that the Bundesbank will make its voice heard as an advocate for a culture of stability. I can reassure them that it will continue to do so,” he said. At the same time, the Bundesbank should rise to the challenges that change brings and harness the opportunities it offers.
In 2022, Germany assumed the presidency of the Group of Seven (G7) for the third time. The G7 is an informal gathering of the Heads of State or Government of the seven most advanced industrial economies and an informal forum for exchanging views and opinions and coordinating joint policy positions. Its members are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.