The global economy has rebounded surprisingly strongly and quickly from the COVID-19 pandemic, the Bank for International Settlements (BIS) writes in its Annual Economic Report. A timely, forceful and concerted policy drive on the part of monetary, fiscal and prudential authorities was able to prevent the worst. However, the report explains, recovery has been very uneven across countries and economic sectors. Furthermore, the pandemic has exacerbated income and wealth inequality.

For Bundesbank Executive Board member Joachim Wuermeling, Brexit marks a turning point that will weaken London's role as Europe's financial centre. Speaking at an event in Frankfurt am Main, he explained that the EU could consequently go on to develop its own global, digitally networked financial centre – a digital city of Europe.

The International Monetary Fund's Annual Meeting is being held in early October against the backdrop of weak global growth, low inflation rates and modest growth in world trade. The risk of prolonged stagnation is being overstated, said Bundesbank Executive Board member Andreas Dombret ahead of the meeting.

The German current account recorded a surplus of €18.8 billion in February 2021, up €1.1 billion from the previous month’s level. While the surplus in invisible current transactions, which comprise services as well as primary and secondary income, saw a decline, the surplus in the goods account rose more strongly.

The German current account recorded a surplus of €30.2 billion in March 2021, up €11.5 billion on the previous month’s level. This was due to a considerable increase in the surplus on invisible current transactions, which comprise not only services but also primary and secondary income, as well as that in the goods account.

At the end of 2017, German households’ financial assets amounted to €5,857 billion, up by €78 billion, or 1.4%, on the third quarter of the year.