On the basis of selected empirical analyses, the September 2019 Monthly Report explains the impact that wages have on prices in Germany and features an analysis of detailed state government budget figures for 2018. In addition, the Monthly Report describes the long-term changes in the unsecured interbank money market and also discusses banks’ profitability in 2018.

The July 2018 edition of the Bundesbank’s Monthly Report describes the ownership structure and the main drivers of yield movements in the market for Federal securities, and discusses the rebalancing of the Chinese economy as well as its international implications. It also includes an article on trends in the financing structure of German non-financial corporations as reflected in the corporate financial statement statistics.

The July 2016 edition of the Monthly Report describes how the Bank Lending Survey has evolved since the onset of the financial crisis and analyses approaches to containing sovereign debt crises in the euro area. It also discusses two new minimum prudential standards – total loss-absorbing capacity (TLAC) and the minimum requirement for own funds and eligible liabilities (MREL) – in connection with the resolution and restructuring of banks.