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
Is Germany on the way to becoming a gerontocracy?
This question currently inevitably comes to mind given the expensive pension policy plans of the grand coalition. While many female pensioners and people close to the retirement age are going to benefit from the increase in pensions for mothers of children born before 1992, pension at 63 and other additional benefits, it is above all the younger generation that has to foot the bill for the coalition's generosity which will total EUR 230 bn by 2030. [more]
Chart in focus
Research Briefing
Who is Europe's "lost generation"? An anatomy of
(un)employment demographics in Europe
The burden of the employment crisis is shared very unequally across generations and the euro area periphery faces an often termed “lost generation” which encounters unusually adverse labour market conditions. Youth unemployment, which refers to the population younger than 25 years, has received the bulk of attention, but also the early cohorts of the prime labour market population above 25 have experienced disproportionate employment losses. In addition, long-term unemployment is becoming increasingly prevalent across younger cohorts. The most affected countries have started to implement measures to facilitate job creation and the transition from education to work, which need to be complemented by effective activation policies not only aimed at the under-25s, but also at younger cohorts in the prime labour market age. [more]
EU Monitor
Euroscepticism gaining currency? Implications of the EU elections for economic policy
The European elections will be held in late May. The share of the vote gained by eurosceptics could increase. Using national election surveys as a basis we have modelled three potential scenarios of the outcome. Even under extreme assumptions the eurosceptics remain far short of attaining working majorities. However, in the run-up to national elections government positions on European policy could be influenced by how well the respective eurosceptics fare on polling day. Thus, the eurosceptics' indirect influence will probably be of relevance both before and after the European elections. [more]
In focus
Major Familiy 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
Länder bonds: What drives the spreads between federal bonds and Länder bonds?
The findings of our study show that in both the periods before and after the Lehman collapse higher liquidity and lower risk aversion go hand in hand with lower yield spreads between federal bonds and Länder bonds. With regard to the influence of fundamental macroeconomic and fiscal variables on the yield spread there are, however, differences between the periods before and after the Lehman collapse. Up until the Lehman collapse neither the debt level nor the relative economic output had a significant impact on the size of the yield spread. Like in the European bond market, however, the economic output and the debt levels of the Länder have been major determinants of the yield spread since 2008 – despite (implicit) joint liability of the different levels of government. [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
    Copyright © 2014 Deutsche Bank AG, Frankfurt am Main