German enterprises constitute net debtors vis-à-vis non-residents: Standing at €1786 billion at the end of October 2024, their liabilities arising from financial operations and trade credits, exceeded their corresponding assets of €1450 billion by €336 billion. Compared with the previous month, this is a change of €18 billion.

Financial operations with foreign non-banks are of particular importance here, while those with foreign banks play a secondary role. The first group accounts for 74 % of claims and 84 % of liabilities. At 21 % and 16 % respectively, the share of trade credits in these total figures remains comparatively small.

Germany’s current account recorded a surplus of €12.5 billion in October 2024, down €8.8 billion on the previous month’s level. This was caused by the smaller surplus in the goods account and especially by the shift to a deficit in invisible current transactions, which comprise services as well as primary and secondary income.

In an interview with the news magazine Focus, Bundesbank President Joachim Nagel talks about how inflation will develop over the next few years and what the change in US presidency could mean for Europe. He also explains the advantages of the digital euro for both retailers and customers.

Overview of the most important content-related amendments to the external reporting system.

Selected papers by Bundesbank researchers accepted for publication or recently published.