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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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Forecast: German economy remains on solid growth path
14.12.2018 DE
Despite the setback in the third quarter of 2018, the German economy should continue to see solid growth for the time being, in the Bundesbank’s estimation. The Bank’s recently published autumn forecast primarily attributes the slight decline in economic output in the previous quarter to temporary difficulties in the automotive industry and believes it will be overcome rapidly.
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Statistical Series International investment position and external debt February 2026
5 MB, PDF
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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.
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Fiscal and Monetary Responses and Financial Stability Introductory statement prepared for the Panel Discussion at the Financial Stability Conference: “Planning for Surprises, Learning from Crises”