Much progress on resolution planning and preparedness has been achieved since the last FSAP in 2016. Germany's resolution planning is well advanced, with resolution powers broadly in line with best practice and well-developed internal resolution processes. However, the large weight of Less...

The Financial Sector Assessment Program (FSAP) conducted a focused review that primarily assessed banking regulation and supervision of Germany's less significant institutions (LSIs).1 Germany accounts for 1,324 of about 2,400 total LSIs in the Euro Area (representing 40 percent of Germany's...

The Financial Sector Assessment Program (FSAP) conducted a focused review of insurance regulation and supervision in Germany. This technical note (TN) provides an update on the insurance sector and highlights risks and vulnerabilities. It analyzes four key aspects of regulatory and supervisory...

Germany's macroprudential policy framework and toolkit are well developed. The FSAP found the institutional arrangements for macroprudential policy to be mostly sound and operating well. Capacity and expertise in risk monitoring is good, thanks to the analytical power and data access of the...

Clearstream Banking Frankfurt (CBF) is a highly interconnected financial market infrastructure that provides a critical service for German financial markets and beyond. CBF is the central securities depository (CSD) in Germany providing mainly custody and settlement services, having received its...

This paper reviews Germany's Financial System Stability Assessment report. The financial sector has weathered the impact of the pandemic and the war in Ukraine relatively well so far, but risks remain elevated. The Financial System Assessment Program (FSAP) solvency stress tests show that the...

This Technical Assistance Report on Montenegro highlights Public Investment Management Assessment. Due to the importance of the tourism sector, the pandemic has had a deep economic impact. In addition, as government debt already exceeds one hundred percent of gross domestic product, fiscal space...

This 2022 Article IV Consultation with Germany discusses that before Russia's invasion of Ukraine, economic activity in Germany was firming up. Uncertainty is very high, with risks to the baseline growth forecast skewed downward and risks to the inflation forecast skewed upward. The greatest...

We analyze the potential impacts on the German economy of a complete and permanent shutoff of the remaining Russian natural gas supplies to Europe, accounting for the curtailment of flows through Nord Stream 1 that has already taken place. We find that such a scenario could lead to gas shortages...

We estimate the causal effects of a shift in the future expected exchange rate of a local currency against the US dollar on a representative sample of firms in a small open economy. We survey a nationally representative sample of firms and provide the one-year-ahead nominal exchange rate...