ANFA – nationale Geldschöpfung als Sprengsatz für die Währungsunion?

The so called ANFA secret protocol brought to the public’s attention the previously only little noticed opportunity for national central banks of individual Eurozone members to create money through purchases of securities at their own expense. The ANFA financial assets amount to the significant share of 51% (gross) or rather 18% (net) of the Eurosystem’s balance sheet total and 41% of its total liquidity, thereby jeopardising the principle that the communities of the emitting and the money accepting countries should be congruent, which is seen as a stability condition for currency unions. There is a danger that the money creation via ANFA acts as an explosive device for the currency union. It is therefore necessary to clearly limit the own funds portfolio in order to restore the community of money emission.     

Das Securities Market Programme — viele Vorteile für den Euroraum

The Eurosystem’s Securities Market Programme (SMP,) the purchase of government bonds of euro area countries strongly affected by the crisis, started in 2010 and ended in 2012. The SMP benefited all parties concerned – the Eurosystem, all euro area countries and the crisis countries. The positive experience with the SMP can be replicated in the private sector with the creation of an exchangetraded fund (ETF), a Smart Beta ETF - SMP Fund. Like the SMP, the SMP Fund would buy government bonds, according to the ECB capital key. As an ETF, the SMP Fund would have low costs. Profits above the German Bund benchmark would be shared: 80% to investors, 10% to the SMP Fund and 10% to advisers who recommend the purchase. The related risks would be reduced by the diversification of the SMP Fund, the financing mechanisms of the euro area, especially the European Stability Mechanism (ESM), the Outright Monetary Transactions (OMT) and the banking union. The SMP Fund could support the euro area fiscal capacity and the EU capital markets union. Past and future SMP profits create a fiscal capacity for the euro area with an initial amount of 50 billion Euro.     

Pflege Dual: Verknüpfung gelungen?

Der ausbildungsintegrierende Bachelorstudiengang – Seit dem Wintersemester 2009/10 gibt es an der Katholischen Stiftungsfachhochschule München den ausbildungsintegrierenden Bachelorstudiengang „Pflege Dual“. Dieser verzahnt Studium und Ausbildung. Doch was halten die Auszubildenden der herk?mmlichen Pflegeausbildung davon?     

Negative Einlagezinsen im Euroraum? Lehren aus Dänemark

The ECB’s interest rate reduction in November 2013 has intensified the discussion about negative deposit rates in the euro area. The experience in Denmark has shown however that the efficient implementation of these rates would be necessary. In particular, loopholes would need to be closed and opposing actions avoided. Following this, the ECB would have to introduce the negative deposit rate not only on the deposit facility but also on excess reserves in its current accounts. Moreover, minimum reserve requirements should be abolished to raise the effectiveness of negative deposit rates.     

Notwendigkeit und Ausgestaltung makroökonomischer Überwachung im Euroraum

Die Staatsschuldenkrise in der Europ?ischen Union hat wieder einmal deutlich gemacht, wie n?tig Frühindikatoren sind, die rechtzeitig drohende Ungleichgewichte und Schw?chen in einzelnen Volkswirtschaften anzeigen. Michael Heise stellt hier eine makro?konomische Scorecard — den Euro Monitor — vor, die alle wesentlichen ?konomischen Bereiche berücksichtigt.     

Griechenlands Krise: Das währungspolitische Trilemma im Euroraum

Die Eurozone ist vor allem durch die gef?hrdete Kreditwürdigkeit Griechenlands in eine schwere Krise geraten. Jetzt zeigt sich, dass jede W?hrungsunion ein Konstruktionsproblem hat. Die Mitgliedstaaten müssen auf die Autonomie in der Geldpolitik verzichten und ohne die Instrumente der Geld- und Wechselkurspolitik ihre internationale Wettbewerbsf?higkeit bewahren.     

Customer Care — Wertschöpfung durch Inbound Marketing

Mit sinkender Wirksamkeit und zunehmender rechtlicher Eingrenzung von Outbound-Aktivit?ten ger?t das ?konomische Potenzial von Inbound-Kundenkontakten zunehmend ins Blickfeld. Unter dem Schlagwort des „Inbound Marketing“ erh?lt das Customer Care damit eine st?rkere vertriebliche Ausrichtung. Allerdings muss dafür Sorge getragen werden, dass mit der Verst?rkung von Vertriebsaktivit?ten tats?chlich eine Steigerung und nicht eine Gef?hrdung der spezifischen Wertsch?pfungspotenziale im Customer Care erfolgt.     

Gefährden institutionelle Anleger den Wettbewerb?

The Monopolies Commission, which advises the German government in competition policy making, warns against potential anti competitive effects of indirect horizontal links between competitors via institutional investors. Through such common ownership, the competitive conduct between suppliers could be alleviated, because their (joint) institutional shareholders interest in the overall market return may outweigh their interest in the individual firms’ returns. Taking account of the ubiquity of such common ownership in European and global markets as well as a non consideration in current competition law, the Monopolies Commission’s call for more research and vigilance appears to be appropriate.     

Unzureichende Ausschöpfung der Realsteuern — das Beispiel Rheinland-Pfalz

In Germany, state and local authorities repeatedly come into conflict with one another regarding the funding of municipal budgets. The sufficient fiscal endowment of local public authorities depends not only on a satisfactory provision of state grants but also requires an adequate exhaustion of existing sources of revenues at the local government level. Against this background, the paper analyses local tax policy in order to assess whether the budget finance potential is being sufficiently exploited. Taking Rhineland-Palatinate as a case study, the degree of tax exploitation (local business tax, local property tax) is empirically estimated for the time period 2009 to 2015.     

Kann Deutschland den Krisenländern der Eurozone helfen?

Wirtschaftsdienst - Trotz der guten wirtschaftlichen Lage in der Eurozone verzeichnen einige Krisenländer nach wie vor ein geringes Wachstum und eine hohe Arbeitslosigkeit. Diese Länder...     

Nimmt der Länderfinanzausgleich den Anreiz zum Steuervollzug?

The German Länder are increasingly coming under criticism for insufficiently fulfilling their federal duty to enforce tax. A reason suggested for this is the lack of financial incentives: the Länder have to bear the staffing costs, but as a result of fiscal equalisation among Germany’s federal states, they are only allowed to keep a fraction of the additional income collected. The author shows that this is a myth: additional tax inspectors would still bring in good returns for the Länder. Moreover, it is the financially stronger states that are allowed to keep a larger share of their tax income, but which carry out fewer inspections. Thus, higher financial incentives are linked with poorer tax enforcement.     

Ethik – ein Kompass für den Pflegealltag?

Pflege im Dilemma – Ob im Krankenhaus, in Alteneinrichtungen oder im ambulanten Sektor, moralische Fragen stellen sich in der Pflege überall. Dazu tragen die Fortschritte der Medizin ebenso bei wie eine kulturell differenzierter und ?lter werdende Gesellschaft, begrenzte finanzielle Ressourcen und wachsende Personalknappheit. Welche Hilfestellung kann die Ethik im beruflichen Alltag leisten?