European Policy Research
In this section you find analyses and commentaries on European (and especially German) economic and fiscal policy. Particular attention is devoted to the institutional development of the EU, above all monetary union, and its individual policy areas.
Talking Point
Economic policy outlook: Autumnal storms over Europe?
The annual Brussels rentrée is fast approaching. Late August will see the beginning of a busy schedule, promising eventful weeks and months to come. Expected events like summits, AQR and EBA stress tests will meet with political and geostrategic risks. Many observers predict a stormy autumn – are they right? [more]
Chart in focus
Research Briefing
Balance-of-Payments Facility: Current profile and future challenges of non-euro area financial assistance
The Balance-of-Payments Facility of the European Union is a medium-term financial assistance mechanism for non-euro area member states suffering from a balance-of-payments crisis. This Research Briefing reviews current challenges in the ongoing negotiations between the European Parliament, the Commission and the Council on a recent legislative proposal which aims to streamline the facility with the current institutional framework of the ESM. Still, there is a particular need for reconciliation regarding the facility's volume, economic conditionality and the future role of the IMF. [more]
EU Monitor
Small is beautiful? Capital market funding for sub-sovereign authorities on the rise
Sub-sovereign bonds are a segment that has attracted little attention to date. Bonds are the dominant form of funding for Germany's Länder, though, and they also play an important role for the regions in Spain. While the Länder benefit from Germany’s excellent sovereign rating, only those Spanish regions not forced to request financial assistance from the central government at the height of the debt crisis have recently been able to obtain financing via the capital market. In France the issuance by the municipalities is likely to increase due to the newly established Agence France Locale. A local authority finance agency is also in the process of being introduced in the United Kingdom. The importance of the sub-sovereign bond market crucially depends on country-specific institutional arrangements. [more]
In focus
Major Family Businesses in Germany: Spring Survey 2013
Within the framework of “The major family businesses in Germany” study series, 401 of the 4,400 major family businesses in Germany with an annual turnover of more than 50 million euros provided representative information in the spring 2013 survey on their current and future economic situation, the euro crisis, economic policy priorities for the coming years, own activities in R&D and the conditions for innovation. [more]
Current Issue
Focus Germany: So far, so good
Given the continued strong employment build-up and wage increases as well as slight increase in hours worked disposable income should grow by 2.5% even though monetary social benefits and income from self-employment and from investment are expected to rise only at a sub-par rate. Due to the falling inflation rate this allows real private consumption to rise by 1.2% in 2014, and might even have some upside potential. From 2015 the federal government plans to deliver a balanced budget. This year the federal budget will already run a structural surplus. Budgetary risks arise from higher interest rates and a weakening economy, as the budget includes barely any reserves for them while being exposed to potential additional spending on adjustments that need to be made to the minimum subsistence level (basic personal allowance) and children's allowance or for increases that need to be made to infrastructure spending. [more]
Coalition agreement, Trade relations Germany – US – China, Lifelong learning, Educational achievement, Financial integration between the Federation, the Länder and the municipalities in Germany, Debt ratio in Germany
Elections in Germany, General budget 2013, Low interest rates and savings decisions, Inflation
Spotlight on Germany
Articles on economic policy appear in the following periodicals: 
Dataflash Eurozone
    European elections 2014
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