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German Consumer Climate Improving at Pre-Crisis Levels

The June GfK Consumer Climate report for Germany for outlook in July came in at 8.9 after a revised reading of 8.6 in the previous month. As you can see from the historic chart, the index has already recovered to pre-financial crisis levels not seen since 2006. 

According to the consumer climate report, "the ECB's renewed cut of its key interest rate to 0.15% and its introduction of a penalty rate on bank deposits placed with the central bank have provided an important boost to consumer climate in Germany and been a significant factor in the indicator rising this month..."

For more details, see the official press release: (pdf)