The financial services sector is important in Germany, but at about 4% of GDP it is smaller relative to the size of the economy than in the US, UK or Japan. It employs 3.2% of the labour force, according to Eurostat. However, with assets worth nearly seven times GDP, its size does present risks to economic stability.
The country's financial system endured substantial losses, particularly from US investments, as a result of the global crash in 2008. Conditions have stabilised to a degree and banks have bolstered their capital base over recent years, but the weakness of the German banking sector will remain a concern, given the still-modest capital levels, high leverage and dependence on wholesale funding. Somewhat unexpectedly, all of the country's major banks passed the latest set of European stress tests, which were published in late October 2014, with no capital shortfalls identified under the "adverse scenario". That said, some banks passed by only the narrowest of margins.

Financial services report 2

Banks 3

Insurers 7

Asset managers 9

Financial markets and instruments 11

Financial regulation 13

Monetary and currency policy 15

Germany at a glance 17

Fundamental indicators 18

Key contacts 19

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