According to Bundesbank estimates, the German economy is booming. As described in the current issue of the Monthly Report, the burgeoning order books of industrial firms suggests that the rapid pace of expansion achieved in the course of 2017 will continue into the new year.

Bundesbank Executive Board member Carl-Ludwig Thiele says it would be a bad idea to abolish cash. Besides being highly risky, the drawbacks would far outweigh the benefits, Mr Thiele said at the Bundesbank's fourth cash symposium, adding that he is in no doubt that cash will still matter in the future.

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.

As in the past, German consumers prefer to pay for most of their purchases using cash. This is revealed by the Bundesbank's recent 2017 survey on "Payment behaviour in Germany". In terms of volume, however, the significance of cash has waned somewhat. As a share of the combined value of all payments made by private individuals, cash fell below the 50% mark for the first time.

Bundesbank President Jens Weidmann has reiterated that, if the economic recovery in the euro area continues, further substantial net asset purchases by the Eurosystem beyond the agreed period will not be required. Furthermore, he does not believe that the recent appreciation of the euro will do anything to change this. Speaking at a conference in Frankfurt am Main, Mr Weidmann stated that this is – at least in part – a reaction to brighter growth prospects.

Agustín Carstens, General Manager of the Bank for International Settlements, says central banks should pay special attention to the ties linking cryptocurrencies to real currencies. If cryptocurrencies become more interconnected with the main financial system, they could become a threat to financial stability, he said in a lecture delivered in Frankfurt am Main.

Bundesbank President Jens Weidmann has warned of the flipside of protectionism. "Trade-restrictive measures often provoke backlashes, and these harbour the risk of erupting into trade wars in which there can only be losers," he said in a speech in Hamburg.

Bundesbank Executive Board member Andreas Dombret has defended the Basel III package of reforms in a panel discussion held at the Institute for Law and Finance of the University of Frankfurt. "Yes, we are done with Basel, but we should lose no time and start implementing it," he said.

December 2017 saw an array of central banks and financial supervisory authorities launch a new network to address green finance and sustainable investment. The network, which counts the Bundesbank amongst its members, recently held its inaugural meeting in Paris.

In 2017, the Bundesbank registered around 73,000 counterfeit euro banknotes with a nominal value of €4.1 million – 11% fewer than in the previous year. The number of counterfeit €20 banknotes declined in particular.