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Key Indicators
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24 key official events ahead
July 2026
Central Bank
ECB Governing Council monetary policy decision (July 2026)

Scheduled Governing Council monetary policy meeting; rate decision at 14:15 CET and press conference at 14:45 CET.

Statistics
Destatis: preliminary consumer price index, July 2026

Flash estimate of July 2026 inflation, released near month-end. (provisional date — exact day not yet posted by Destatis)

August 2026
Statistics
Destatis: final consumer price index, July 2026

Final July 2026 inflation reading with detailed category breakdown. (provisional date — exact mid-month day not yet posted by Destatis)

Statistics
Destatis: preliminary consumer price index, August 2026

Flash estimate of August 2026 inflation, released near month-end. (provisional date — exact day not yet posted by Destatis)

September 2026
Election
Saxony-Anhalt state election (Landtag)

Election to the Landtag of Saxony-Anhalt; a closely watched eastern-state contest given strong AfD polling, with national coalition-stability implications.

Central Bank
ECB Governing Council monetary policy decision (September 2026)

Scheduled Governing Council monetary policy meeting; rate decision at 14:15 CET, press conference at 14:45 CET. Accompanied by the updated ECB staff macroeconomic projections.

Statistics
Destatis: final consumer price index, August 2026

Final August 2026 inflation reading with full category breakdown. (provisional date — exact mid-month day not yet posted by Destatis)

Election
Mecklenburg-Vorpommern state election (Landtag)

Election to the Landtag of Mecklenburg-Vorpommern; an eastern-state vote held the same day as the Berlin election, with AfD and SPD strength in focus.

Election
Berlin state election (Abgeordnetenhaus)

Election of the 20th Abgeordnetenhaus of Berlin and the district assemblies; a major city-state contest shaping governance of the capital.

Parliament
Bundestag first reading of the 2027 federal budget

Opening Bundestag debate on the draft Bundeshaushalt 2027, traditionally held in a September sitting week after the summer recess and including the headline general-policy debate on the Chancellery budget. (provisional date — 2027 budget timetable not yet officially fixed)

Statistics
Destatis: preliminary consumer price index, September 2026

Flash estimate of September 2026 inflation, released near month-end. (provisional date — exact day not yet posted by Destatis)

October 2026
Statistics
Destatis: final consumer price index, September 2026

Final September 2026 inflation reading with detailed breakdown. (provisional date — exact mid-month day not yet posted by Destatis)

Central Bank
ECB Governing Council monetary policy decision (October 2026)

Scheduled Governing Council monetary policy meeting; rate decision at 14:15 CET, press conference at 14:45 CET.

Statistics
Destatis: preliminary consumer price index, October 2026

Flash estimate of October 2026 inflation, released near month-end. (provisional date — exact day not yet posted by Destatis)

November 2026
Statistics
Destatis: final consumer price index, October 2026

Final October 2026 inflation reading with full category breakdown. (provisional date — exact mid-month day not yet posted by Destatis)

Statistics
Destatis: preliminary consumer price index, November 2026

Flash estimate of November 2026 inflation, released near month-end. (provisional date — exact day not yet posted by Destatis)

Parliament
Bundestag final reading and adoption of the 2027 federal budget

Concluding budget week with the second and third readings and final vote on the Haushaltsgesetz 2027, customarily late November. (provisional date — 2027 budget timetable not yet officially fixed)

December 2026
Statistics
Destatis: final consumer price index, November 2026

Final November 2026 inflation reading with detailed breakdown. (provisional date — exact mid-month day not yet posted by Destatis)

Central Bank
ECB Governing Council monetary policy decision (December 2026)

Final scheduled Governing Council monetary policy meeting of 2026; rate decision at 14:15 CET, press conference at 14:45 CET, with updated ECB staff projections.

January 2027
Statistics
Destatis: preliminary consumer price index, December 2026 (full-year 2026)

Flash estimate of December 2026 inflation and the first read on the full-year 2026 average inflation rate. (provisional date — exact day not yet posted by Destatis)

February 2027
Central Bank
ECB Governing Council monetary policy decision (February 2027)

First scheduled Governing Council monetary policy meeting of 2027; rate decision at 14:15 CET, press conference at 14:45 CET.

March 2027
Central Bank
ECB Governing Council monetary policy decision (March 2027)

Scheduled Governing Council monetary policy meeting with updated ECB staff macroeconomic projections; rate decision at 14:15 CET, press conference at 14:45 CET.

April 2027
Central Bank
ECB Governing Council monetary policy decision (April 2027)

Scheduled Governing Council monetary policy meeting; rate decision at 14:15 CET, press conference at 14:45 CET.

June 2027
Central Bank
ECB Governing Council monetary policy decision (June 2027)

Scheduled Governing Council monetary policy meeting with updated ECB staff projections; rate decision at 14:15 CET, press conference at 14:45 CET.

Germany

Recent events

24
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de48

Russia accused of running disinformation campaign to boost German far-right AfD ahead of regional elections

German lawmakers and anti-Kremlin activists accuse Russia of running a disinformation campaign, linked to the 'Matryoshka' influence operation, to boost the far-right Alternative for Germany (AfD) ahead of regional elections in Saxony-Anhalt and Mecklenburg-Western Pomerania. The campaign involves fake media outlets and smears against mainstream parties, while sparing the AfD and the pro-Russian BSW party. The Russian embassy denies the allegations.

Show summary

German lawmakers and anti-Kremlin activists accuse Russia of running a disinformation campaign, linked to the 'Matryoshka' influence operation, to boost the far-right Alternative for Germany (AfD) ahead of regional elections in Saxony-Anhalt and Mecklenburg-Western Pomerania. The campaign involves fake media outlets and smears against mainstream parties, while sparing the AfD and the pro-Russian BSW party. The Russian embassy denies the allegations.

de46

Macron and Merz hold final joint ministerial council, pledge deeper defense and EU cooperation

Background: One year into Merz's chancellorship, Franco-German relations had failed to revive due to accumulated disagreements on European sovereignty and coordination. Today: Macron and Merz met at Schloss Bensberg and Nörvenich airbase for their final joint ministerial council, pledging deeper cooperation on European security, defense, AI, energy transition, and EU budget priorities. Discussions included potential German participation in French nuclear deterrence exercises, as agreed in March, and efforts to salvage elements of the failed FCAS fighter jet project, such as data links and combat cloud software. The meeting is Macron's last such ministerial council before the 2027 French presidential election, with far-right leader Marine Le Pen's strong poll numbers adding urgency to finalize the EU's next seven-year budget by end of 2026. Both leaders emphasized a 'strategic awakening' of Europe and a 'real Franco-German rapprochement' on the European agenda.

Show summary

Background: One year into Merz's chancellorship, Franco-German relations had failed to revive due to accumulated disagreements on European sovereignty and coordination. Today: Macron and Merz met at Schloss Bensberg and Nörvenich airbase for their final joint ministerial council, pledging deeper cooperation on European security, defense, AI, energy transition, and EU budget priorities. Discussions included potential German participation in French nuclear deterrence exercises, as agreed in March, and efforts to salvage elements of the failed FCAS fighter jet project, such as data links and combat cloud software. The meeting is Macron's last such ministerial council before the 2027 French presidential election, with far-right leader Marine Le Pen's strong poll numbers adding urgency to finalize the EU's next seven-year budget by end of 2026. Both leaders emphasized a 'strategic awakening' of Europe and a 'real Franco-German rapprochement' on the European agenda.

de46

Iranian newspaper publishes death threat against German Chancellor Friedrich Merz

Tehran's ultraconservative Hamshahri newspaper published an online article listing 13 world leaders, including German Chancellor Friedrich Merz, as 'wanted' for the death of former Supreme Leader Ali Khamenei, threatening retaliation. The article was later deleted from the newspaper's website. German officials expressed concern over potential Iranian state-sponsored attacks in Europe, noting that around 180 individuals linked to Iranian security services are active in Germany. The German government responded reservedly, while security experts warned of possible lone actors or extremist mobilization.

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Tehran's ultraconservative Hamshahri newspaper published an online article listing 13 world leaders, including German Chancellor Friedrich Merz, as 'wanted' for the death of former Supreme Leader Ali Khamenei, threatening retaliation. The article was later deleted from the newspaper's website. German officials expressed concern over potential Iranian state-sponsored attacks in Europe, noting that around 180 individuals linked to Iranian security services are active in Germany. The German government responded reservedly, while security experts warned of possible lone actors or extremist mobilization.

de44

Germany issues record EUR 2.5 billion in arms export licenses to Ukraine in H1 2026

Germany granted Ukraine approximately EUR 2.5 billion in arms export licenses in the first half of 2026, making Ukraine the top recipient globally. The licenses support Ukraine's self-defense against Russia's invasion. Other major recipients include the US, Netherlands, Czech Republic, and Lithuania. Total German arms export licenses reached EUR 13.87 billion, with simplified procedures introduced for Ukraine's air and maritime defense.

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Germany granted Ukraine approximately EUR 2.5 billion in arms export licenses in the first half of 2026, making Ukraine the top recipient globally. The licenses support Ukraine's self-defense against Russia's invasion. Other major recipients include the US, Netherlands, Czech Republic, and Lithuania. Total German arms export licenses reached EUR 13.87 billion, with simplified procedures introduced for Ukraine's air and maritime defense.

de44

German Chancellor Merz defends coalition record, rules out AfD cooperation ahead of eastern state elections

German Chancellor Friedrich Merz held his second summer press conference, defending his coalition's performance despite low approval ratings. He highlighted healthcare financing reform and bureaucracy reduction as achievements, but acknowledged insufficient economic growth due to US tariff policy. Merz ruled out any cooperation with the far-right AfD ahead of September state elections in Saxony-Anhalt, Mecklenburg-Western Pomerania, and Berlin, where the AfD leads in polls. He warned against US interference in German elections, citing reports of a State Department grant program for MAGA-aligned European groups. Merz also justified record-high defense spending, citing Russian hybrid warfare, and defended his controversial proposal for Ukraine's EU associate membership. He admitted that breaking his campaign promise on the debt brake has damaged his personal credibility.

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German Chancellor Friedrich Merz held his second summer press conference, defending his coalition's performance despite low approval ratings. He highlighted healthcare financing reform and bureaucracy reduction as achievements, but acknowledged insufficient economic growth due to US tariff policy. Merz ruled out any cooperation with the far-right AfD ahead of September state elections in Saxony-Anhalt, Mecklenburg-Western Pomerania, and Berlin, where the AfD leads in polls. He warned against US interference in German elections, citing reports of a State Department grant program for MAGA-aligned European groups. Merz also justified record-high defense spending, citing Russian hybrid warfare, and defended his controversial proposal for Ukraine's EU associate membership. He admitted that breaking his campaign promise on the debt brake has damaged his personal credibility.

de43

Germany must build independent military capability to anchor European defense

An analysis argues that for Germany to replace the US as the military backbone of NATO in Europe, the Bundeswehr must first become a fully capable national force. It criticizes current multinational corps structures as ill-suited for high-intensity war with Russia, describing them as paper tigers lacking permanent artillery, air defense, and intelligence assets. The analysis advocates for German-owned corps-level assets, command authority, and peacetime integration to ensure wartime effectiveness, calling for a shift from peacetime alliance management to wartime readiness. The piece highlights Germany's withdrawal from a Franco-German-Spanish fighter jet program and a Dutch-led frigate contract, redirecting contracts to German industry.

Show summary

An analysis argues that for Germany to replace the US as the military backbone of NATO in Europe, the Bundeswehr must first become a fully capable national force. It criticizes current multinational corps structures as ill-suited for high-intensity war with Russia, describing them as paper tigers lacking permanent artillery, air defense, and intelligence assets. The analysis advocates for German-owned corps-level assets, command authority, and peacetime integration to ensure wartime effectiveness, calling for a shift from peacetime alliance management to wartime readiness. The piece highlights Germany's withdrawal from a Franco-German-Spanish fighter jet program and a Dutch-led frigate contract, redirecting contracts to German industry.

de43

German politicians push for tougher China policy to protect industrial base

Background: German Chancellor Friedrich Merz has signaled support for EU proposals for tougher trade measures against China, citing unfair trade practices and industrial overcapacity. Today: German politicians from both government and opposition are now advocating for a harder line against China, warning of 10,000 industrial job losses per month due to unfair trade practices, currency manipulation, and state-subsidized overcapacity. The coalition has proposed EU-level measures including higher tariffs and technology-sharing requirements, though experts warn of risks including a trade war and potential deindustrialization if isolation backfires.

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Background: German Chancellor Friedrich Merz has signaled support for EU proposals for tougher trade measures against China, citing unfair trade practices and industrial overcapacity. Today: German politicians from both government and opposition are now advocating for a harder line against China, warning of 10,000 industrial job losses per month due to unfair trade practices, currency manipulation, and state-subsidized overcapacity. The coalition has proposed EU-level measures including higher tariffs and technology-sharing requirements, though experts warn of risks including a trade war and potential deindustrialization if isolation backfires.

de39

German Bundesrat Proposes Law Criminalizing Denial of Israel's Right to Exist

Germany's Bundesrat has approved a bill, initiated by the state of Hesse, that would make it a criminal offense to publicly deny Israel's right to exist or call for its destruction, where such conduct could encourage antisemitic violence. The proposal now moves to the Bundestag for consideration. Supporters cite Germany's historical responsibility and rising antisemitism since October 7, 2023, while critics argue the law is unconstitutional and infringes on freedom of expression. The debate is expected to continue for months, potentially reaching the Federal Constitutional Court.

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Germany's Bundesrat has approved a bill, initiated by the state of Hesse, that would make it a criminal offense to publicly deny Israel's right to exist or call for its destruction, where such conduct could encourage antisemitic violence. The proposal now moves to the Bundestag for consideration. Supporters cite Germany's historical responsibility and rising antisemitism since October 7, 2023, while critics argue the law is unconstitutional and infringes on freedom of expression. The debate is expected to continue for months, potentially reaching the Federal Constitutional Court.