The Monthly Report May 2014 comments on the economic situation in Germany in spring 2014.

The Monthly Report April 2014 comments on the reliability of international organisations' estimates of the output gap as well as on the implications of the Eurosystem's monetary operations during the financial crisis. Furthermore, some approaches to explaining the behaviour of inflation since the last financial and economic crisis are described.

The March 2014 edition of the Monthly Report describes the shadow banking system in the euro area and its monetary policy implications. In addition, the German balance of payments in 2013 is reconsidered and it comments on the vulnerability to crises of the manufacturing enterprises in Germany.

This paper analyses cash and cashless payment instruments in Germany. After a description of developments in a national and international context, we will compile a critical overview of iterature on cost calculations and on the importance of payments media for different countries.

The economic situation in Germany at the end of 2013.

The January 2014 edition of the Monthly Report analyses in several essays the reform measures taken by the economic and monetary union member states in the course of the current adjustment processes.

The brochure describes the architecture of the building and takes a brief look at its interior and at our art collection. This glimpse inside the Bundesbank’s headquarters includes some surprising features, for the building offers unexpected perspectives.