0 ) 69 9566 33077 presse @ bundesbank. de, www. bundesbank. de reproduction permitted only if source is stated. estate. supervisors are also urging institutions to apply conservative credit standards. chart 13 other european countries have responded to elevated risks in a similar fashion ( chart 13 ). this year, 14 countries have already increased the countercyclical capital buffer or announced plans to do so. systemic risk buffers have been activated in three countries. five countries have announced their intention to use borrower - based instruments. seite 15 von 18 deutsche bundesbank, directorate general communications wilhelm - epstein - strasse 14, 60431 frankfurt am main, germany, tel. : + 49 ( 0 ) 69 9566 33511, fax : + 49 ( 0 ) 69 9566 33077 presse @ bundesbank. de, www. bundesbank. de reproduction permitted only if source is stated. chart 14 increasing the buffers in germany will conserve capital in the banking system. this will give banks an incentive to strengthen their capital base. banks have until february 2023 to meet the higher requirements. there is still sufficient excess capital in the banking system, totalling €150 billion in numerical terms, or 4. 5 % of risk - weighted assets ( chart 14 ). given this headroom, the german banking system as a whole should not find it difficult to meet the requirements. the impact of the package of measures is reviewed on a regular basis, and no negative side effects have been identified so far. the important thing is to look at the financial system as a whole. if individual banks restrict their lending because capital requirements become binding, this may in fact be because the measures are having the desired effect. lending business would then be shifted from banks with less capital to those with a better capital base. this would make the system more stable. seite 16 von 18 deutsche bundesbank, directorate general communications wilhelm - epstein - strasse 14, 60431 frankfurt am main, germany, tel. : + 49 ( 0 ) 69 9566 33511, fax : + 49 ( 0 ) 69 9566 33077 presse @ bundesbank. de, www. bundesbank. de reproduction permitted only if source is stated. the level of the buffer depends on how systemic risks develop in the financial system. this is because the countercyclical buffer is intended to be used in precisely those

andreas dombret : german unity and european integration – where are we heading? speech by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the ceremony marking the day of german unity, munster, 2 october 2016. * * * 1. introduction mayor lewe ladies and gentlemen it is a great joy and honour for me to be here in my hometown of munster to deliver the address at this ceremony marking the day of german unity because, in a certain sense, it was here in munster that the foundation of what we are celebrating today, namely german unity, was laid. i am thinking, of course, of the peace of westphalia, which was signed in munster in 1648. it put an end to the thirty years ’ war, in which soldiers from almost all of the european powers had fought against each other since 1618, claiming millions of lives. i don ’ t intend to delve too deeply into the history of it, but here today i wish to highlight an important lesson from the peace of westphalia. it marked the first time that the countries of europe occupied themselves with the continent as a whole – they desired to take responsibility for europe together. the negotiations at munster were, if you will, somewhat like a csce, a " conference on security and co - operation in europe ". at the same time, the peace of westphalia also paved the way for our federal system : the rights of german territorial princes were strengthened, thereby making the german regional states independent players that could help shape european politics. in the peace of westphalia, all the european partners committed to guaranteeing security in europe. we also experienced something similar in 1990 when germany was reunified : without european integration, german unity certainly would not have come about. 2. heading in the right direction : german unity we are able to celebrate the 26th anniversary of german unity this year thanks not only to the courage of the people living under communist dictatorships but also to our partners in europe and the united states. because they, and michail gorbachev with them, trusted that german unity also serves the goal of european unity, they agreed to reunification – a gift that should serve as a reminder of our duty. " unity is a little like democracy : it is never finished. ” this phrase was uttered by former german president horst kohler, and it is no less true after 26 years of german unity. despite facing many challenges, germany has continued to grow since 1990 and it is today