德国央行-月报——2025年6月-213页.pdfVIP

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MonthlyReport–

June

2025

Vol.77No6

TableofContent

ForecastforGermany:UStariffsinitiallyweighoneconomicgrowth;

fiscalpolicyprovidesimpetuswithadelay.................................4

1Keyaspectsofthemacroeconomicoutlook...............................7

2Riskassessment........................................................21

ThepotentialimpactofamorerestrictiveUStradepolicyontheGerman

economy................................................................25

3MoredetailedinformationontheForecastforGermany..................31

4Listofreferences.......................................................59

Reviewoftheoperationalframeworkforimplementingmonetary

policy:outlookfortheEurosystembalancesheetandstructuraloperations

61

1Implementingmonetarypolicyintheeuroarea:instrumentsand

framework..............................................................64

2Excessliquidityresultingfromnon-standardmonetarypolicymeasures...67

Whatrolecancentralbankreservesplayinmonetarypolicytransmission

viathebankingsystem?..................................................72

3Changestotheoperationalframeworkforimplementingmonetarypolicy

in2024..................................................................75

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