The IMF Executive Board has published its views on the German economy following a consultation with German officials on the country’s economic developments and policies, as authorised under Article IV of the IMF’s Articles of Agreement. The Executive Board praised Germany’s prudent economic management, healthy balance sheets and financial system soundness. The Board also recognised Germany’s role as an important anchor of regional stability. While the banking system was praised for its soundness, the Board also encouraged further vigilance to vulnerabilities, including the dependence of wholesale funding by some large banks.