德国央行11月报——2025年11月.pdfVIP

MonthlyReport–

November2025

Vol.77No11

TableofContent

Overview..................................................................6

1Globaleconomy.........................................................7

1.1Globaleconomyremainsresilient.........................................7

1.2Disinflationprocessstalls.................................................8

2Financialmarketenvironment............................................9

2.1Growingriskappetiteinthefinancialmarketsdespiterecurringuncertainties...9

2.2EurodepreciatesslightlyagainsttheUSdollardespitenarrowinginterestrate

spreadbetweenthecurrencyareas...........................................9

3Monetarypolicyandbankingbusiness...................................11

3.1ECBGoverningCouncilleaveskeyinterestratesunchangedagain............11

3.2Lendingtothedomesticprivatesectorincreasesonlymoderately............11

4Germaneconomy......................................................12

4.1Germaneconomystagnantinthethirdquarter............................12

4.2Labourmarketremainssubdued,wagegrowthgenerallyweakening.........13

4.3Inflationratestillsomewhatabove2 %