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Key Indicators
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21 key official events ahead
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.

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

Official 2027 Governing Council calendar; rate decision in Frankfurt followed by a press conference.

Germany

Recent events

24
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de48

Germany reports record sabotage and drone incidents in 2026 amid Russian hybrid threat

Background: Germany has faced a series of gray-zone attacks, likely orchestrated by Russia, including an explosive-laden drone found at Leipzig/Halle Airport and surveillance of a defense CEO. Today: A confidential BKA report reveals over 165 suspected sabotage cases and 747 drone incidents (1,068 drones) in the first eight months of 2026, with 24 espionage investigations opened (12 cyber-related), 112 espionage-related crimes, and 60+ cases of security-endangering imaging. Regional hotspots include Brandenburg (23), North Rhine-Westphalia (21), Schleswig-Holstein (21), and Lower Saxony (15). Recent attacks on electrical substations in Jänschwalde (Brandenburg) and Bergheim (North Rhine-Westphalia) are being investigated as possible terrorism or anti-constitutional sabotage. An Aug. 9 incident at a gas processing facility in Großenkneten involved a physical assault on a security guard by two balaclava-clad suspects. The report does not collectively attribute the cases to Russia, but authorities separately accuse Moscow of directing a failed explosive-drone attack at Leipzig/Halle Airport.

Show summary

Background: Germany has faced a series of gray-zone attacks, likely orchestrated by Russia, including an explosive-laden drone found at Leipzig/Halle Airport and surveillance of a defense CEO. Today: A confidential BKA report reveals over 165 suspected sabotage cases and 747 drone incidents (1,068 drones) in the first eight months of 2026, with 24 espionage investigations opened (12 cyber-related), 112 espionage-related crimes, and 60+ cases of security-endangering imaging. Regional hotspots include Brandenburg (23), North Rhine-Westphalia (21), Schleswig-Holstein (21), and Lower Saxony (15). Recent attacks on electrical substations in Jänschwalde (Brandenburg) and Bergheim (North Rhine-Westphalia) are being investigated as possible terrorism or anti-constitutional sabotage. An Aug. 9 incident at a gas processing facility in Großenkneten involved a physical assault on a security guard by two balaclava-clad suspects. The report does not collectively attribute the cases to Russia, but authorities separately accuse Moscow of directing a failed explosive-drone attack at Leipzig/Halle Airport.

de45

Munich arson attack near defense firms linked to Russian intelligence; suspects to face judge

Background: In the early hours of September 3, 2026, incendiary devices were thrown from a car at a construction site near defense firms Helsing and Rohde & Schwarz in Munich, Germany, leading to the arrest of two Bulgarian nationals—a 28-year-old woman and a 38-year-old man. German authorities now have strong indications that the attack was ordered by Russian intelligence, with the suspects believed to be low-level agents hired for sabotage operations. The case is being handled by the Bavarian Central Office for Combating Extremism and Terrorism (ZET). Bavaria's interior minister suspects a political motive. The suspects are to be brought before an investigative judge to decide on arrest warrants.

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Background: In the early hours of September 3, 2026, incendiary devices were thrown from a car at a construction site near defense firms Helsing and Rohde & Schwarz in Munich, Germany, leading to the arrest of two Bulgarian nationals—a 28-year-old woman and a 38-year-old man. German authorities now have strong indications that the attack was ordered by Russian intelligence, with the suspects believed to be low-level agents hired for sabotage operations. The case is being handled by the Bavarian Central Office for Combating Extremism and Terrorism (ZET). Bavaria's interior minister suspects a political motive. The suspects are to be brought before an investigative judge to decide on arrest warrants.

de45

German politicians debate critical infrastructure protection after suspected sabotage attacks on power grid

Following suspected sabotage attacks on electrical substations in Brandenburg and North Rhine-Westphalia, German politicians are debating how to better protect critical infrastructure. The Interior Ministry acknowledges a high abstract threat level but emphasizes operators' responsibility for security. The Green party criticizes the lack of implementing regulations for the Kritis-Dachgesetz, while the AfD calls for strengthening the Bundeswehr and border controls. Debates also focus on operators' rights to use surveillance and drone defense, and the need for backup systems in the power grid.

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Following suspected sabotage attacks on electrical substations in Brandenburg and North Rhine-Westphalia, German politicians are debating how to better protect critical infrastructure. The Interior Ministry acknowledges a high abstract threat level but emphasizes operators' responsibility for security. The Green party criticizes the lack of implementing regulations for the Kritis-Dachgesetz, while the AfD calls for strengthening the Bundeswehr and border controls. Debates also focus on operators' rights to use surveillance and drone defense, and the need for backup systems in the power grid.

de43

Incendiary devices thrown at Rohde & Schwarz construction site in Munich; LKA suspects attack attempt

In the early hours of September 3, 2026, several incendiary devices were thrown from a car onto a construction site in Munich's Berg am Laim district, near the headquarters of defense technology company Rohde & Schwarz. The Bavarian State Criminal Police Office (LKA) suspects an attempted attack on a defense firm and is investigating a possible political motive. Two Bulgarian nationals, a 28-year-old woman and a 38-year-old man, were arrested at a nearby gas station. One device caused a small fire that was extinguished, and another had to be defused by specialists. No major damage was reported, and Rohde & Schwarz confirmed its own premises were not affected. The incident adds to a series of suspected hybrid attacks in Germany, including the drone incident at Leipzig/Halle Airport.

Show summary

In the early hours of September 3, 2026, several incendiary devices were thrown from a car onto a construction site in Munich's Berg am Laim district, near the headquarters of defense technology company Rohde & Schwarz. The Bavarian State Criminal Police Office (LKA) suspects an attempted attack on a defense firm and is investigating a possible political motive. Two Bulgarian nationals, a 28-year-old woman and a 38-year-old man, were arrested at a nearby gas station. One device caused a small fire that was extinguished, and another had to be defused by specialists. No major damage was reported, and Rohde & Schwarz confirmed its own premises were not affected. The incident adds to a series of suspected hybrid attacks in Germany, including the drone incident at Leipzig/Halle Airport.

de40

ARD poll: 56% of Germans see Russia as threat, 52% back arms to Ukraine

A new ARD-DeutschlandTrend poll (infratest dimap, Aug 31–Sep 2, 2026) shows 56% of Germans consider Russia a strong or very strong threat to Germany's security, with concern highest among CDU/CSU, Green, and SPD voters and lowest among AfD supporters. Support for arms supplies to Ukraine stands at 52%, while 42% say they go too far—a record high. The poll follows recent incidents including a drone found at Leipzig/Halle airport and a suspected arson attack near a Munich defense firm, both attributed by the government to Russian hybrid attacks. The AfD leads in the Sunday voting question at 27%.

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A new ARD-DeutschlandTrend poll (infratest dimap, Aug 31–Sep 2, 2026) shows 56% of Germans consider Russia a strong or very strong threat to Germany's security, with concern highest among CDU/CSU, Green, and SPD voters and lowest among AfD supporters. Support for arms supplies to Ukraine stands at 52%, while 42% say they go too far—a record high. The poll follows recent incidents including a drone found at Leipzig/Halle airport and a suspected arson attack near a Munich defense firm, both attributed by the government to Russian hybrid attacks. The AfD leads in the Sunday voting question at 27%.

de40

Ifo Institute raises German 2026 growth forecast to 1.4%

Germany's ifo Institute raised its 2026 economic growth forecast to 1.4%, up 0.6 percentage points, citing stronger overseas demand and increased government spending on infrastructure, climate, and defense. The institute forecasts growth of 1.2% in 2027 and 0.8% in 2028. Inflation is expected to reach 2.8% this year and 3% next year before easing to 2.3% in 2028, closer to the ECB target. The forecast is more optimistic than the Bundesbank's estimate of around 1% growth.

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Germany's ifo Institute raised its 2026 economic growth forecast to 1.4%, up 0.6 percentage points, citing stronger overseas demand and increased government spending on infrastructure, climate, and defense. The institute forecasts growth of 1.2% in 2027 and 0.8% in 2028. Inflation is expected to reach 2.8% this year and 3% next year before easing to 2.3% in 2028, closer to the ECB target. The forecast is more optimistic than the Bundesbank's estimate of around 1% growth.

de38

EU pushes for €2 trillion budget deal before 2027 elections as far-right gains momentum

The expected far-right AfD victory in Saxony-Anhalt's state election is intensifying urgency among EU diplomats to finalize the bloc's next seven-year budget by the end of 2026, before 2027 elections in France and other member states could empower Euroskeptic governments. Disagreements persist over budget size, with Germany leading a group favoring cuts and France demanding new EU-wide taxes on digital giants and polluters. Delays risk undermining priorities in competitiveness, defense, and security. EU leaders are scheduled to discuss the budget at summits in October and November, with a final meeting planned for December.

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The expected far-right AfD victory in Saxony-Anhalt's state election is intensifying urgency among EU diplomats to finalize the bloc's next seven-year budget by the end of 2026, before 2027 elections in France and other member states could empower Euroskeptic governments. Disagreements persist over budget size, with Germany leading a group favoring cuts and France demanding new EU-wide taxes on digital giants and polluters. Delays risk undermining priorities in competitiveness, defense, and security. EU leaders are scheduled to discuss the budget at summits in October and November, with a final meeting planned for December.

de38

Berlin election official warns of 'new dimension' of disinformation ahead of state elections

Berlin's state election officer Stephan Bröchler has warned that disinformation campaigns, particularly via social media, have reached a 'new dimension' and threaten the legitimacy of elections in Germany. He is coordinating with social media platforms to enable rapid responses to potential campaigns before or after upcoming state elections in Saxony-Anhalt, Mecklenburg-Western Pomerania, and Berlin. Bröchler also stated there is no empirical evidence for alleged irregularities in postal voting in nursing homes, countering claims spread by AfD politicians.

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Berlin's state election officer Stephan Bröchler has warned that disinformation campaigns, particularly via social media, have reached a 'new dimension' and threaten the legitimacy of elections in Germany. He is coordinating with social media platforms to enable rapid responses to potential campaigns before or after upcoming state elections in Saxony-Anhalt, Mecklenburg-Western Pomerania, and Berlin. Bröchler also stated there is no empirical evidence for alleged irregularities in postal voting in nursing homes, countering claims spread by AfD politicians.