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“I am against talking the country down” Interview with the “Tagesspiegel” newspaper
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The external position of the Bundesbank, International reserves and foreign currceny liquidity of the Eurosystem
Bundesbank’s external position stood at € 808 billion at the end of June 2024, with claims from the TARGET2 payment system worth € 1,090 billion making up around 74 % of total assets. These are followed by international reserves, comprising gold and foreign exchange reserves, including the special drawing rights allocated by the International Monetary Fund (IMF), which account for a total of 16 % of assets. At 82 %, issuance of euro cash accounted for the bulk of liabilities. Deposits of non-euro area residents amount to 9 % of foreign liabilities.
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Invitation to bid for 6-months Bills of the European Stability Mechanism (ESM)
140 KB, PDF
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Monetary policy
Stable money is a precious public good. It protects savers and income earners from the erosion of wealth while promoting growth and employment. The primary objective of monetary policy in the euro area is therefore to ensure price stability. The President of the Bundesbank is involved in making monetary policy decisions as a member of the Governing Council of the European Central Bank. The Bundesbank is charged with implementing these decisions in Germany.
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The varying degrees of “net” – an international comparison of the tax wedge on labour
19.06.2024 DE
The tax wedge on labour – i.e. the burden of taxes and social security contributions on labour income – is a frequently discussed topic. An article from the Bundesbank’s current Monthly Report examines the tax wedge on labour in greater detail. It looks, in particular, at the difference between pension contributions and tax payments. “A nuanced analysis of tax wedge ratios makes an important contribution to enabling better interpretation of tax wedges,” the authors of the article write.
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Deutschlands Wachstumspfad mit Investitionen pflastern: Hindernisse abbauen, Finanzierung erleichtern Videobotschaft beim Frankfurt EURO FINANCE Summit
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Real estate price expectations Survey on Consumer Expectations
12.07.2024 DE
Expectations for real estate price developments over the next 12 months rose again slightly in June. On average, an increase of 4.3% was now expected, compared with 4.1% in May. At 45%, the share of individuals in June expecting rising real estate prices in their region was also somewhat higher than in the previous month (42%).
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Controlling at central banks
The course is designed for high-level employees from non-EU countries who work in controlling at their central bank. Applicants should be familiar with cost accounting and budgeting. Participants are expected to make an active contribution to discussions, drawing on their own experiences.
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Supervisory Review and Evaluation Process (SREP) BaFin and Bundesbank introduce new cycle
As part of the SREP, the national competent authorities assess the regulations, strategies and processes enacted by the institutions. They also evaluate the risks they are exposed to and their own funds and liquidity.