Information on trials and experiments already conducted with the Trigger Solution as part of the Eurosystem exploratory work to test new technologies for the settlement of wholesale transactions in central bank money.

Speaking at the 34th European Banking Congress in Frankfurt am Main, Bundesbank President Joachim Nagel stressed the need for a united Europe in order to meet the many challenges it faces. In a joint appeal with François Villeroy de Galhau, Governor of the Banque de France, the pair highlighted the importance of strengthening Franco-German dialogue as a tool for European progress.

Germany’s current account recorded a surplus of €22.6 billion in September 2024, up €5.5 billion on the previous month’s level. This was caused by the larger surplus in the goods account and especially by the shift to a surplus in invisible current transactions, which comprise services as well as primary and secondary income.

German economic output rose unexpectedly in the third quarter of 2024, according to the Monthly Report. However, none of the key demand components currently give any cause to expect a marked recovery in the short term. “The industrial sector is faced with a difficult environment and is under high pressure to adapt,” the economists write. In addition, the labour market is becoming increasingly gloomy owing to the protracted bout of economic weakness.

We could be on the verge of a global economic turning point, Bundesbank President Joachim Nagel said in an interview with the weekly newspaper “Die Zeit”. In this situation, we need more Europe, not less. Trump’s proposed trade tariffs could prove very painful for Germany. Should they be implemented, he said, we might even see negative economic growth next year. Mr Nagel considers European monetary policy to be on the right track.

France and Germany are at a crossroads. Banque de France Governor François Villeroy de Galhau and Bundesbank President Joachim Nagel have published a common call for three things.

At the end of 2023, Germany’s net external assets totalled €2,964 billion, thus amounting to just over 70% of Germany’s nominal gross domestic product (GDP). Overall, both assets and liabilities vis-à-vis non-residents rose further in 2023.

The Single Collateral Rulebook for Europe (SCoRE) was published in December 2019. It sets out the harmonised collateral management processes agreed by the Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo).

Since January 2022
President of the Deutsche Bundesbank
Member of the Governing Council of the ECB