Weidmann: EU has proven itself capable of taking action in these times of crisis
Bundesbank President Jens Weidmann has certified the EU's ability to act in the face of the Corona crisis. "Solidarity in Europe - including financial solidarity - is, I think, the right approach in this situation. Politics must determine the nature and scope of this solidarity", he said in an interview with the Funke media group on the recently adopted EU reconstruction package. Nevertheless, this must remain an exceptional measure, he said.
In 2018, individuals in Germany stored an average of €1,364 in cash at home or in a safe deposit box, a study from the Bundesbank’s latest Monthly Report reveals. Research shows that this is mainly the result of financial and practical reasons such as the low interest rate level or the usability of cash as a means of payment. The study did not provide any evidence of tax avoidance as a motive for storing cash.
German economy contracts sharply in second quarter
“German economic output is likely to have declined considerably more sharply in the second quarter of 2020 as a result of the coronavirus pandemic than in the first quarter,” the Bundesbank explains in the latest edition of its Monthly Report. According to the Bundesbank, it can be assumed, however, that economic activity already bottomed out in April and that the economy has been recovering since then.
Exhibition showcasing designs for Bundesbank campus now open
A new exhibition at the German Architecture Museum (DAM) is showcasing all the designs submitted for the Bundesbank’s new campus on the grounds of its Central Office in Frankfurt am Main. The opening ceremony saw Executive Board member Johannes Beermann award prizes for the best designs.