Despite the impact of the coronavirus pandemic, euro area enterprises and households have not seen their debt situation deteriorate significantly. This is the conclusion reached by Bundesbank experts after examining developments in greater detail. “The expected normalisation of monetary policy will probably not unduly exacerbate the debt situation of non-financial corporations and households,” they also note in the current edition of the Bank’s Monthly Report

Germany’s current account recorded a surplus of €13.1 billion in May 2021, down €7.9 billion on the previous month’s level. In addition to the declining surplus in the goods account, the main reason for this decrease was the balance in invisible current transactions, which comprise primary and secondary income as well as services, switching from a surplus to a deficit. 

At the end of the first quarter of 2017, households' financial assets amounted to €5,676 billion; this figure was up markedly, by just over €84 billion (1.5%), from the fourth quarter of 2016. The rise was predominantly attributable to the transaction-based acquisition of financial assets, which, at roughly €60 billion, was higher than in the preceding quarters.

Germany’s current account posted a surplus of €22.5 billion in June 2021, up €9.4 billion on the previous month’s level. This was attributable to an increase in the goods account balance and especially in the invisible current transactions balance comprising services as well as primary and secondary income.

The group of emerging market economies have experienced impressive growth over the past 20 years, substantially boosting their share of global economic output and worldwide trade. Recently, however, economic momentum has tailed off considerably in a large number of emerging market economies, and the growth lead they once enjoyed over the industrial countries has narrowed.