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Coronavirus pandemic continuing to shape German economy
11.12.2020 DE
The Bundesbank expects the German economy to grow strongly again after a limited setback in the final quarter of 2020 and first quarter of 2021. According to current projections, real gross domestic product could pick up sharply in the following two years and reach its pre-crisis level again in early 2022. This is predicated on the pandemic containment measures being quickly loosened from spring 2021 and ultimately expiring altogether in the early months of 2022.
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Important Notice
Due to the amendment of the Foreign Trade and Payments Regulation (AWV), which came into effect in January 2025, the contents of our websites and the documents provided thereon are currently being revised.
Please note that during this updating process, it may happen that contents and documents are still in their old state. We are working intensively to bring all information up to date as quickly as possible.
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The Phillips curve
The Phillips curve was invented by UK economist Alban William Phillips, who observed a correlation between nominal wage growth and the unemployment rate for the period 1861 to 1957. The original version of the curve implies a trade-off between unemployment and inflation. Empirical evidence shows, however, that the relationship is not nearly as simple as that. Over the past 50 years, the Phillips curve has time and again been hotly debated, leading to numerous modifications.
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Europäischer Wirtschaftsraum (EWR)
No English translation available
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MiFID II / MiFIR
59 KB, PDF
The effectiveness of monetary policy greatly depends on the operations agreed for this purpose being conducted in a timely and confidential manner. For all operations performed with non-capital instruments, Article 1 (6) MiFIR therefore requires members of the European System of Central Banks (ESCB) to obtain an explicit exemption from the obligation to publish trade data when implementing monetary policy in line with their statutory powers.
For further information, please refer to Bundesbank Circular No 53/2017.