Geschäftsausrichtung der europäischen Banken

Die Ursachen der letzten globalen Bankenkrise werden vor allem in den aktuellen Rechnungslegungsvorschriften, der Rolle der Rating-Agenturen und der Schaffung von kaum nachvollziehbaren Wertpapierkonstruktionen gesehen. Diese Faktoren k?nnen zwar eine Krise beschleunigen, erkl?ren aber noch nicht, warum Banken ihre Gesch?ftst?tigkeit neben ihrem angestammten Kredit- immer st?rker auf das Wertpapiergesch?ft verlegen. Dies aber scheint eine Schwachstelle in der gegenw?rtigen Entwicklung des Bankenmarktes zu sein.     

Flexible Geschäftsmodelle in der Telekommunikation und die Netzneutralitätsdebatte

The net neutrality debate concerns the differential treatment of data on the Internet and the pricing models used by enduser internet service providers (IPSs). In particular, end-user ISPs may want to prioritize certain services and charge on the sender or the receiver side for this activity. In the policy debate it is asked whether regulatory intervention is warranted to restrict such behavior. The introduction of new end-user tariffs for fixed-line Internet access by Deutsche Telekom has heated up the debate in Germany. At the national level, the German Ministry of Economics and Technology has prepared a draft regulation on net neutrality, which aims at limiting the differential treatment of data transmission on the internet including the access networks and, thus, to protect the “Open Internet”. The European Commission has prepared an alternative draft regulation for a single European market in telecommunications, which contains provisions for an “Open Internet”. In this article, the authors investigate the extent to which the new tariff structure by Deutsche Telekom relates to the net neutrality debate. They also provide a first critical analysis of the proposals by the German Ministry of Economics and Technology and the European Commission.     

Ein Länderfi nanzausgleich ohne Berlin — Gewinner und Verlierer

The author simulates the federal fi nancial equalisation system in Germany without Berlin with respect to the adjustment year 2011. The model assumes that the capital city is compensated by the distribution of value added tax (VAT). Hence winners as well as losers can be identifi ed at both stages of adjustment within the federal fi nancial equalisation system. The result clarifi es the position of Hesse and Bavaria, which intend to take legal action against the German federal fi nancial equalisation system. In particular these two German states should not push for the exclusion of Berlin in this context. Otherwise the scenario would lead to considerable losses for both states.     

Wege zu einer st?rkeren Trennung von Investment- und Gesch?ftsbanking

In the United Kingdom, the United States, Australia and many other countries, ways to separate retail from investment banking are explored and put into practice. In Germany, there is great reluctance to undertake such steps. The main arguments against such a separation are the structure of the German banking sector, the universal banking system, and the claim that Lehman was (only) an investment bank, and its breakdown has triggered the subprime crises. These arguments, the authors show, are not convincing. The paper first discusses different views on a stronger separation of retail from investment banking and subsequently presents and analyses different proposals. Finally, the paper elaborates on the question of how to implement such a system in Germany.     

Hochleistungsfähige Kommunikationsnetze: Wer investiert?

Germany faces a qualitative change in communication. Broadband applications and Internet services have created an ecosystem with new value chains. Demand for bandwidth is growing rapidly. In ten years’ time we expect a transformation to a gigabit economy that relies on very high capacity networks. In Germany, competitors of the former incumbent Deutsche Telekom are the main investors in very high capacity broadband. Internationally, Germany is lagging behind in the coverage of gigabit networks, which leads to a high risk for its future competitiveness. The financing of urgently needed investment seems feasible when taking into consideration today’s private investments, international benchmarks and state aid programmes. The government has to set growth-fostering conditions with a clear commitment to a Gigabit network now.     

Fachkräftemangel: Scheinproblem oder Wachstumshemmnis?

Vor allem die Arbeitgeberseite beklagt schon l?nger, dass offene Stellen für Fachkr?fte h?ufi g nicht besetzt werden k?nnen. Tats?chlich war die Versorgung mit gut ausgebildeten Arbeitskr?ften bislang ein deutscher Standortvorteil. Fraglich ist jedoch, ob bei einer genauen Abgrenzung des Begriffs und bei einer Beobachtung m?glicher Signale für einen Mangel kurzfristig wirklich ein Problem konstatiert werden kann. Langfristig wird der demographische Wandel aber auf jeden Fall zu einem Rückgang der Fachkr?fte führen.     

Souveränität und Verantwortung im Mehrebenensystem: Subsidiarität als Leitmotiv?

Wirtschaftsdienst - Der Subsidiaritätsgedanke sollte von den politischen Entscheidungstragenden sowie von im europäischen Mehrebenensystem mitwirkenden Akteur:innen beachtet werden. Dazu...     

Investitionsschutzabkommen: mehr Rechtssicherheit oder verzicht auf Souveränität?

Bilateral investment treaties (BITs) and investor-state dispute settlements (ISDS) have become highly controversial. The authors review the evidence and discuss the pros and cons of BITs and other investment agreements. Many observers are concerned that Transatlantic Trade and Investment Partnership (TTIP) regulations on investment protection could be abused by international corporations to obtain unjustifi ed compensation from EU member states. These concerns are to some extent legitimate and should be considered more seriously in the EU negotiation strategy. International investment agreements (IIA) are necessary when host countries of FDI do not have reliable and independent judicial systems. To avoid abuse and to account for the increasing role of global production chains, agreements require more precise defi nitions, and ISDS needs to be more transparent and independent. With the EU developing its own new approach independently (and differently) from the one taken in the past by its member states, the current negotiations of “mega-regionals”, as well as the fi rst standalone EU IIA with China, offer the unique possibility to answer current critique around international investment law. Is there, in the current documents, an IIA2.0 that strengthens the right to regulate and holds up high protection standards for investors? The exclusion of ISDS from TTIP negotiations risks missing a unique chance to improve the current less than perfect international investment regime.     

Das deutsche Russlandgeschäft im Schatten der Krise: gefährliche Abhängigkeiten?

In view of the Russian annexation of Crimea and its ongoing efforts to destabilise Ukraine, political decision-makers in the EU and the US are considering economic sanctions against Russia. The article analyses whether the German economy would be affected by restrictions on trade and investment relations. As a result, German exporters would suffer from restrictions on business relations with Russia, but they would be able to compensate for possible losses. Russian gas export interruptions, however, would be a more severe problem. Due to Russia’s dependence on revenues from the export of natural resources as well as on technology imports from Western countries, the Russian economy would be hit particularly hard.