http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/RSS_TALKING_EN.caliasHere are the latest issues in our Talking Point series.Fri, 10 May 2013 00:00:00 +0200ResearchCopyright 1996-2010, DB Research, Deutsche Bank AGmarketing.dbr@db.comhttp://www.dbresearch.com/dbr/images/rss/logo.gifhttp://www.dbresearch.comThe 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, MacroeconomicsPROD0000000000312386The 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 marketsPROD0000000000312114Nearly all the nations of southern Europe were able to welcome more air travellers from Germany in 2012 than in 2005. The tourism sector thus proved to be relatively resistant to the crisis. Of the major holiday destinations in southern Europe only Greece was forced to accept a decline in the number of visitors from Germany during this period.http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000304834&rdShowArchivedDocus=true&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODFri, 03 May 2013 00:00:00 +0200Germany, Key issues, Other sectors, Sectors / commodities, Services, TransportPROD0000000000304834Seldom has there been such feverish activity: both the speed and the number of international initiatives to improve the taxation of cross-border investment income as well as the broad media interest in the topic have swelled to dimensions rarely seen before. There are a variety of reasons for this. One important reason is the continuing crisis in Europe – countries are in urgent need of tax revenues. The US, however, has also acted as a catalyst for international negotiations by passing the FATCA legislation.http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000304507&rdShowArchivedDocus=true&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODWed, 24 Apr 2013 00:00:00 +0200Banking, Economic policy, Financial market trends, Fiscal policy, Intern. economic system, Tax policyPROD0000000000304507In January the Japanese central bank raised its inflation target from 1% to 2%. At his first central bank meeting in April, the new governor surprise BoJ watchers with considerably more aggressive monetary easing than had been expected. This change of monetary regime is seen as a risk for other export nations – notably Germany. However, such concern is only partly justified for Germany.http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000304358&rdShowArchivedDocus=true&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODThu, 18 Apr 2013 00:00:00 +0200Auto industry, Business cycle, Economic growth, Economic policy, Economic trends, Exchange rates, Germany, Globalisation, Intern. relations, Key issues, Macroeconomics, Mechanical engineering, Monetary policy, Real econ. trends, Sectors / commodities, TradePROD0000000000304358Substituting bank lending has been a recurring theme in connection with corporate bond issuance during the last few years and explains part of the recent peaks. At first sight, corporate bond issuance in EMU’s periphery has kept up with EMU’s core countries. However, below the surface lies a strikingly different pattern that suggests that companies in the periphery receive much less support from bond markets. http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000304045&rdShowArchivedDocus=true&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODThu, 11 Apr 2013 00:00:00 +0200Banking, Capital markets, Capital markets policy, Econometrics, Economic policy, Economic trends, EMU, European issues, Financial market trends, Global financial markets, International financial markets, International financial system, Key issues, Macroeconomics, Quantitative analysisPROD0000000000304045Men and women differ when it comes to ownership of financial products. This is reflected in various analyses as well as in survey data for the European Union. Based on the latter, several interesting patterns can be observed.http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000303910&rdShowArchivedDocus=true&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODFri, 05 Apr 2013 00:00:00 +0200Economic policy, European integration, Key issues, Macroeconomics, Provision for old age, WomenPROD0000000000303910The original plan to also impose a levy on deposits under EUR 100,000 will shatter the confidence of depositors not only in Cyprus. Following on from government bonds another asset class previously regarded as safe is now tainted.http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000303526&rdShowArchivedDocus=true&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODWed, 27 Mar 2013 00:00:00 +0100Banking, EMU, Supervision and regulationPROD0000000000303526China, Germany, Japan and the US are the world’s four largest economies. Together, they make up 45% of global GDP (at market exchange rates). The world’s third and fourth-largest economies, Germany and Japan, have already entered a phase of demographic stagnation and decline. So, amazingly, has China, whose working-age population peaked in 2011. http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000303374&rdShowArchivedDocus=true&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODFri, 22 Mar 2013 00:00:00 +0100Demographics, Economic growth, Economic trends, Fiscal policy, Provision for old agePROD0000000000303374Rising wages and slowing productivity, coupled with a declining demographic dividend, have stirred concerns that China’s competitiveness in manufacturing is eroding. Indeed, structural changes are taking place, notably in the cheap labour segment, shifting dynamics along the value chain and across provinces. These changes are actually positive in terms of the strived-for shift in China’s growth model.http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000302673&rdShowArchivedDocus=true&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODThu, 07 Mar 2013 10:00:00 +0100Asia, Emerging markets, Labour market, Macroeconomics, Socio-econ. trendsPROD0000000000302673