06.11.2025

Executive Board member Michael Theurer will be presenting the Bundesbank’s Financial Stability Review at a press conference at 10:30 CET on 6 November 2025. The press conference will be streamed live on the internet. Further information can be found here.

Regulation is not an end in itself. It provides the infrastructure for trust, said Bundesbank Executive Board member Lutz Lienenkämper in Frankfurt at the second symposium on the regulation of investment firms in the capital markets union. Representatives from academia and supervisors spoke about current regulatory developments in the securities sector and supervisory trends in 2025.

State and local government finances recorded a large deficit of €43 billion in 2024. Excluding one-off factors, this figure is considerably lower, but it is clear nonetheless that local governments, in particular, are bearing a substantial structural burden. They are unlikely to be able to balance their budgets on their own. The federal states share responsibility for this, and the Monthly Report sets out specific starting points. It also sheds light on the situation in individual federal states as well as the new financial leeway arising from the debt brake reform and the special fund. This leeway should be used specifically for additional investment.

16.10.2025

The Bundesbank’s latest Monthly Report shows that industry is continuing to suffer due to structural problems and raised US tariffs. In their analysis, the Bundesbank’s experts found that output, real sales and exports of goods declined in the third quarter. Moreover, the still low level of capacity utilisation in industry and weak competitiveness probably continued to weigh on investment activity. Meanwhile, private consumption is likely to have registered a slight increase, the authors write.