How did the ECB Governing Council arrive at its new monetary policy operational framework for the Eurosystem? What principles will be followed when implementing monetary policy in the future? Bundesbank President Joachim Nagel addressed these questions at the 55th Konstanz Seminar on monetary theory and monetary policy. 

The German current account recorded a surplus of €29.8 billion in February 2024, up €1.8 billion on the previous month’s level. Although the surplus in invisible current transactions, which comprise services as well as primary and secondary income, declined, the surplus in the goods account grew by an even wider margin.  

Energy prices skyrocketed and the cost of groceries went up significantly: life suddenly became more expensive in many places starting in early 2021. In the current issue of the Monthly Report, the Bundesbank’s economists examine what was behind these price increases, why inflation has since eased again and what role was played by central banks. They also reveal why the path back to price stability has posed no major disruptions to the real economy so far.