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
Brexit and the EU investment plan: Where do we go from here?
Is Brexit going to impact on the EU investment plan? The short answer is „yes“. But the more interesting question is how it is going to play out both on the day-to-day operations, progress with the plan and the future of the European Fund for Strategic Investments (EFSI) in particular. [more]
Chart in focus
In focus
EU: Continuing in limbo, trying to stay on track
The key issue on the EU policy agenda is mapping out a way forward for the EU27 after the Brexit vote. The annual State of the Union speech delivered by Commission President Juncker and the results of the informal Bratislava summit in September provide some indication, define key priorities and several specific suggestions for the next months. However, they mark but intermediate steps in a process. Further results are to be presented in March 2017. [more]
EU Monitor
Free market in death? Europe’s new bail-in regime and its impact on bank funding
With the Single Resolution Mechanism taking full effect in 2016, winding-up large European banks in distress has become a more realistic scenario than ever before. One of the key elements of such a resolution is the bail-in tool. It is supposed to ensure that for investors, higher returns also involve higher risk, thereby establishing greater discipline and differentiation in markets for bank debt. Indeed, our analysis shows that market participants see the new bail-in regime as credible, which is a necessary precondition for a successful application. Important issues that still remain are the market depth for bail-in instruments and legal clarity about bail-in hierarchies. In any case, banks’ funding costs are likely to rise as a result, especially in the medium term. [more]
Research Briefing
Promoting investment in Europe: Where do we stand with the Juncker Plan?
The Juncker Plan set out to boost investment in Europe and can show some progress so far. After operating for about a year, a total of EUR 12.8 bn financing of the European Fund for Strategic Investments (EFSI) has been approved by the European Investment Bank and the European Investment Fund. This is expected to trigger EUR 100 bn of total investment according to estimates by the institutions. The European Commission has already called for extension of EFSI beyond the initial three year period ideally increasing its scale and scope. However, considerations about EFSI’s future need to be based on thorough evaluation of effectiveness and demonstrated added value. After the first year, there is -quite naturally- more information on activity than evidence on impact. To that effect, continuous monitoring and mid-term stock-taking are key to inform the debate about EFSI's future. [more]
Household financial assets in Germany, GDP growth, View from Berlin
German GDP; Fiscal balance; Current account surplus; Retail investors; German industry; View from Berlin
German industry, mortgage lending, German housing and office market, view from Berlin
Articles on economic policy appear in the following periodicals: 
Dataflash Eurozone
    European elections 2014
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