http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/RSS_GROUP_HOME_EN.caliasHere are the latest publications and articles of DB Research. DB Research is one of the world's leading think tanks for trends in business, society and the financial markets.enTue, 14 May 2013 11:50:00 +0200ResearchCopyright 1996-2010, DB Research, Deutsche Bank AGmarketing.dbr@db.comhttp://www.dbresearch.com/dbr/images/rss/logo.gifhttp://www.dbresearch.comDespite apparent consensus that the creation of a ‘Banking Union’ is essential for the survival of the euro, progress is painfully slow. The Single Supervisory Mechanism may not be ready before the middle of next year, the Single Resolution Mechanism may require a laborious change of the EU Treaty and common deposit insurance has been postponed into the indefinite future. Any real progress has been prevented by the protracted fights over which government will be the payer of last resort when banks fail because of past bad loans. In this Policy Brief, Thomas Mayer suggests that a radically new approach is needed if there is any prospect of moving beyond this impasse to reach full Banking Union. Instead of trying to move from common bank supervision over to resolution and then on to deposit insurance, he argues that policy-makers should go backwards and start with deposit insurance, move from there to resolution, and end with supervision.http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000313787/A+Copernican+Turn+for+Banking+Union.pdfTue, 14 May 2013 11:50:00 +0200PROD0000000000313787Germany holds federal elections on September 22. The campaign is still in slow motion. Judging by current polls, the governing coalition is ahead by two to four percentage points but would fail to muster a majority in the next parliament. Nor would the Social Democrats and Greens win together. The most likely outcome is another grand coalition of CDU/CSU and SPD led by the CDU...http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000312372&rdShowArchivedDocus=true&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODTue, 14 May 2013 00:00:00 +0200Economic policy, Germany, Key issues, Politics and electionsPROD0000000000312372http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000313807&rdShowArchivedDocus=true&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODTue, 14 May 2013 00:00:00 +0200GermanyPROD0000000000313807http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000313795&rdShowArchivedDocus=true&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODTue, 14 May 2013 00:00:00 +0200PROD0000000000313795http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000312365/Presentation%3A+Corporate+Bonds+in+Europe%3A+attractive+environment+for+bond+issuers.pdfFri, 10 May 2013 09:44:00 +0200Banking, Capital markets, Capital markets policy, Economic policy, Economic trends, Financial market trends, Global financial markets, International financial markets, International financial system, Key issues, Macroeconomics, Monetary policyPROD0000000000312365Demographic change has come far as an issue for medium-sized businesses. When it comes to the necessary investments, for example in further training, large family businesses are more advanced than small and medium-sized enterprises. Even though there is no threat of a general deficit in candidates for succession in the foreseeable future, succession arrangements need to be prioritised in many businesses as the number of companies ready for transfer is set to rise. Regardless of whether family succession or an external solution is chosen, transfers are often associated with significant risks. The economic and financial position of the company, the market environment and financial conditions play just as much a role as the motivation, interests and values of those involved. Given the complexity of the transfer and its huge importance in the company's history, experts recommend transfer management in which all the necessary steps are planned and implemented at an early stage.http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000304451/Medium-sized+enterprises+and+demographics%3A+Increasing+pressure+to+take+action.pdfFri, 10 May 2013 00:00:00 +0200Demographics, Economic policy, Economic structure, Germany, Globalisation, Key issues, Labour market, Sectors / commodities, SMEs, Tax policyPROD0000000000304451The European Commission released its spring forecast on May 3. France, Italy and Portugal saw downward revisions to the forecasts for their 2013 and 2014 structural deficits in particular. Recent demands for so-called "growth-friendly consolidation" give cause for concern that Europe's policymakers will increasingly abandon austerity programmes.http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000312386&rdShowArchivedDocus=true&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODFri, 10 May 2013 00:00:00 +0200Economic growth, Economic policy, EMU, EU enlargement, European issues, European policy issues, Fiscal policy, MacroeconomicsPROD0000000000312386Over the weekend the FDP approved its manifesto for the federal election campaign. With its positions on economic policy the FDP clearly distances itself from the redistribution focus of SPD and Greens and has dismissed speculation that it might form a coalition with the SPD and Greens (a so-called “traffic-light-coalition”). However, the FDP is not relying on pure market mechanisms, but is also advocating sector-specific and regionally adjusted minimum wages to be more in line with public opinion...http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000312306&rdShowArchivedDocus=true&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODWed, 08 May 2013 00:00:00 +0200Economic policy, Germany, Key issues, Politics and electionsPROD0000000000312306http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000312266&rdShowArchivedDocus=true&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODTue, 07 May 2013 00:00:00 +0200PROD0000000000312266The BRIC economies, like most other economies in the world, experienced a slowdown in 2011-12. The bears are worrying that this slowdown might contain a significant structural component. These concerns seem somewhat overdone. http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000312114&rdShowArchivedDocus=true&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODMon, 06 May 2013 00:00:00 +0200Economic policy, Emerging marketsPROD0000000000312114