2026-02-05 - "The ECB continues to focus on stable price development in the eurozone. This is fundamentally correct. However, due to the still high geopolitical uncertainty and the ongoing depreciation of the US dollar, the exchange rate is likely to attract greater attention in monetary policy. Because in one year under Trump, the dollar has lost significant value, and the euro has appreciated by 15 percent. German and European exports to the USA and other countries whose currencies are pegged to the dollar are becoming more expensive. This hits the German export-oriented economy particularly hard, in addition to tariffs and massive geopolitical uncertainty. This is why trade agreements like Mercosur or with India are essential: They open up new sales markets and create opportunities for diversification. These agreements should therefore be implemented as quickly as possible. Those who block here harm companies and risk jobs.

It's hard to answer the question of whether the dollar's devaluation is part of a political strategy to retreat from its role as the world's leading currency. This would give the euro the chance to play a stronger role as a currency in the financial world. But we are still far from that. The tasks for national economic policy remain clear: We need to improve Germany's competitiveness as a business location through structural reforms and achieve significantly higher growth again through more private investments."