Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Germany’

Can Germany take the strain?

Posted by hkarner - 18. November 2017

Date: 16-11-2017
Source: The Economist

Charting a new German foreign policy

American retreat and European disunity are forcing Germany to rethink its role

IT WAS a heart-warming moment in the freezing wind of the Alsatian mountains. On November 10th the presidents of Germany and France, Frank-Walter Steinmeier and Emmanuel Macron  shared a hug as they opened a French-German war memorial at Hartmannswillerkopf, where 30,000 soldiers died during months-long battles for control of the peak in 1915. Every generation had to be reminded anew, said Mr Steinmeier, why the task “to lead Europe into a hope-filled, better future” fell to Germany and France.

Mr Steinmeier’s remarks underscored a commitment to European union, one of the twin pillars of German foreign policy since 1945, alongside participation in a multilateral world underwritten by America. But warm words cannot disguise the fact that these days both pillars are shaky. America under Donald Trump is retreating from its role as underwriter, in favour of a doctrine of national self-interest. Europe faces a number of simmering crises. East and west are divided over migration; north and south over the future of the euro zone. Separatism in Britain and Spain adds further instability. Den Rest des Beitrags lesen »

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ING, a Dutch bank, finds a winning digital strategy

Posted by hkarner - 17. November 2017

Date: 16-11-2017
Source: The Economist

An approach that came unstuck in the crisis has provided the foundation for success

GERMANY’S third-biggest retail bank has no branches. It is also Dutch. And it is highly profitable. ING-DiBa, an online bank owned by ING, the Netherlands’ biggest lender, looks after €133bn ($154bn) of deposits for over 8m customers. In a fragmented market—most Germans entrust their savings to small, local banks—that means a share of around 6%. ING-DiBa’s lack of branches keeps costs down, allowing it to resist charging for current accounts and offer savers a tad more than rivals, despite a recent cut; and it has won a name for good service in a country not renowned for it. While other banks struggle after years of ultra-low interest rates, ING-DiBa thrives. Its return on equity exceeds 20%.

ING as a whole is in fair shape, too. On November 2nd it reported net third-quarter earnings of €1.4bn, slightly more than a year earlier. The group’s return on equity was a healthy 11%, nearly two percentage points up. Since 2014 the number of “primary” customers (with an active current account and another product) has climbed by 25%, to 10.5m. By 2020 ING aims to have 14m. They are especially valuable because they want further services and because frequent transactions yield reams of data. Den Rest des Beitrags lesen »

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Angela Merkel’s New Germany

Posted by hkarner - 14. November 2017

Marcel Fratzscher

Marcel Fratzscher, a former senior manager at the European Central Bank, is President of the think tank DIW Berlin and Professor of Macroeconomics and Finance at Humboldt University, Berlin.

From welcoming refugees to improving gender equality, German Chancellor Angela Merkel’s talent at bridging social and political divides has made Germany’s transformation into an open society possible. This, not economic policy, has been the greatest achievement of her tenure.

BERLIN – German Chancellor Angela Merkel’s Christian Democratic Union (CDU) may have won a majority in September’s federal election, but that does not mean that the country’s future is clear. What emerges as Merkel seeks to form a new coalition with the Greens and the Free Democrats will not only shape Germany’s economic trajectory over the next four years; it will also determine the fate of the country’s transformation into a truly open society.

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HSBC-Deutschland-Chefin erwartet großes Fintech-Sterben

Posted by hkarner - 14. November 2017

13. November 2017, 14:52 derstandard.aat

Carola von Schmettow gibt vielen der neuen Player trotz des aktuellen Booms nur wenig Überlebenschance

Berlin – Die Deutschland-Chefin der Großbank HSBC, Carola von Schmettow, traut vielen sogenannten Fintechs trotz des aktuellen Booms nur eine sehr begrenzte Lebensdauer zu. „Das große Fintech-Sterben wird noch kommen“, sagte von Schmettow am Montag auf der „Euro Finance Week“ in Frankfurt. Derzeit gibt es in Deutschland etwa 700 dieser innovativen Unternehmen an der Schnittstelle von IT und Banken. „Nur einige wenige Große werden überleben“, prognostizierte die Bank-Managerin. Ähnlich wie beim Auftreten der Biotech-Firmen vor einigen Jahren, als viele von großen Pharmakonzernen aufgekauft wurden, werde es auch bei den Fintechs sein. Den Rest des Beitrags lesen »

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Germany’s Dangerous Obsession

Posted by hkarner - 10. November 2017

The European Union’s ability to respond to global and internal challenges will depend largely on the governing program that emerges from Germany’s ongoing coalition talks. Will the next German government be willing to put fears of unfair EU redistribution to the side, or will it continue to allow those fears to dictate its every action?

PARIS – As Germany’s Christian Democratic Union (CDU) and its Bavarian sister party, the Christian Social Union (CSU), seek to form an unprecedented “Jamaica coalition” with the liberal Free Democrats (FDP) and the Greens, the rest of Europe anxiously awaits the government program that will result from their negotiations.

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Deutsche Wirtschafts-Optimisten

Posted by hkarner - 8. November 2017

Konjunktur. Der deutsche Expertenrat fordert angesichts des „lang anhaltenden Aufschwungs“ von der Europäischen Zentralbank endlich eine Zinswende.

Berlin. Die deutschen Wirtschaftsweisen setzen sich an die Spitze der Konjunkturoptimisten. Für das kommende Jahr sagen sie der deutschen Wirtschaft ein Wachstum von 2,2 Prozent voraus. Das geht aus dem am Mittwoch veröffentlichten Jahresgutachten des Sachverständigenrates hervor, das Bundeskanzlerin Angela Merkel übergeben wurde. Die Bundesregierung erwartet lediglich 1,9 Prozent, die führenden Institute zwei Prozent. Für das laufende Jahr hob das Expertengremium seine Prognose von 1,4 auf 2,0 Prozent an. „Die deutsche Wirtschaft befindet sich in einem kräftigen und lang anhaltenden Aufschwung“, heißt es in dem Gutachten mit dem Titel „Für eine zukunftsorientierte Wirtschaftspolitik“.

Den Aufschwung sehen die fünf Professoren auf einem immer breiter werdenden Fundament. „Der private Konsum, die Staatsausgaben und die Bauinvestitionen steigen bereits seit längerem robust“, betonen sie. Zusätzlich investieren inzwischen die Unternehmen wieder stärker in Ausrüstungen sowie in Forschung und Entwicklung.Außerdem entwickelten sich wichtige Exportmärkte, insbesondere die Euro-Zone, zuletzt sehr dynamisch. Den Rest des Beitrags lesen »

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Europe’s Hard-Core Problem

Posted by hkarner - 2. November 2017

With populism endemic in its periphery, the European Union is clearly in a period of deep uncertainty. If EU leaders are ever going to right the ship, they will need to identify the root cause of today’s instability, which is not so much about economics or immigration as it is about de facto Franco-German leadership.

PRINCETON – President Emmanuel Macron’s election in France and the likely continuation of Angela Merkel’s chancellorship in Germany are dramatically at odds with developments in the rest of Europe, which has become increasingly unstable and unpredictable. One wonders if the European Union’s hard Franco-German core is becoming too hard for the rest of the bloc. If so, those who dream of “ever closer” European integration may have to settle for a modestly enlarged Franco-German axis.

Europe today is being torn apart by centrifugal forces, including Catalonia’s secessionist movement and the more muted push for autonomy in the Italian regions of Lombardy and Veneto. Right-wing populism is in power in Hungary and Poland, and may now be resurgent in Austria, too. Left-wing populists govern in Greece, and centrist populism seems to be coming to the Czech Republic, where the mogul Andrej Babiš is on track to be the country’s next prime minister. Den Rest des Beitrags lesen »

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Can France and Germany Come Together?

Posted by hkarner - 31. Oktober 2017

Date: 31-10-2017
Source: Project Syndicate by DOMINIQUE MOISI

Dominique Moisi is Senior Counselor at the Institut Montaigne in Paris. He is the author of La Géopolitique des Séries ou le triomphe de la peur.

The crisis in Catalonia and the resilience of European populists have made a well-functioning Franco-German partnership more important than ever. But if the European project is going to have any chance of surviving, the gap between German prudence and French audacity will have to be bridged.

PARIS – Seven months ago, when Marine Le Pen of the far-right National Front had a chance of winning the French presidency, Germany feared for France’s future. But after Germany’s federal election in September, France has not been particularly afraid for its neighbor. The extreme-right Alternative für Deutschland (AfD), for all its gains, is not about to come to power. Germany, after all, is not Austria.

Nevertheless, French and German elites have found a common cause for concern: Germany may be unable to seize the exceptional opportunity created by French President Emmanuel Macron’s victory. Before, the problem was not that Germany was too strong, but that France was too weak. Now the problem is not that France is too ambitious for Europe, but that Germany is not ambitious enough. Den Rest des Beitrags lesen »

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The Chimera of Franco-German Reform

Posted by hkarner - 5. Oktober 2017

Hans-Helmut KotzHans-Helmut Kotz, Program Director of the SAFE Policy Center at the Goethe University in Frankfurt, is a visiting professor of economics and a resident fellow at the Center for European Studies at Harvard University.

In the past month, European Commission President Jean-Claude Juncker and French President Emmanuel Macron have both unveiled ambitious visions for Europe’s future. But both leaders‘ reform agendas will require the buy-in of a German electorate that is moving in the opposite direction.

CAMBRIDGE – An abiding truth in the United States is that all politics is local. Apparently, the same wisdom can be applied (to some extent) to the European Union, whose agenda ultimately depends on key member states’ national politics.

This is particularly true with respect to eurozone institutions, which almost everyone agrees are in urgent need of reform. Indeed, shoring up the eurozone was the common thread in major speeches by European Commission President Jean-Claude Juncker and French President Emmanuel Macron last month.

In his State of the Union address, Juncker boldly outlined his ambitious vision for Europe’s future. He called on the EU to complete its banking union, establish a European finance ministry (fully integrated into the Commission), and expand the EU-level budget. Den Rest des Beitrags lesen »

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Europe’s Future After Germany’s Election

Posted by hkarner - 3. Oktober 2017

Guy Verhofstadt, a former Belgian prime minister, is President of the Alliance of Liberals and Democrats for Europe Group (ALDE) in the European Parliament and the author of Europe’s Last Chance: Why the European States Must Form a More Perfect Union.

Observers have been wringing their hands over Germany’s recent election, in which the large mainstream parties, the CDU and the SPD, suffered significant setbacks, while the far right exceeded expectations. But the election also upended a governing coalition that had avoided desperately needed reforms for too long.
BRUSSELS – There is no doubt about it: the outcome of Germany’s recent federal election is as important as it is remarkable. The parties that have dominated German politics for years – the Social Democrats (SPD) and the Christian Democratic Union (CDU), plus its Bavarian sister party, the Christian Social Union (CSU) – all lost support at the ballot box.

The CDU/CSU and SPD’s inward-looking election campaigns were astonishingly parochial. The most widely discussed topics included a proposed diesel ban, tax policies, rental fees, and internal security issues. Yes, these are relevant matters for German voters. But when it came to the most pressing challenges confronting the European Union and the eurozone, Germany’s mainstream parties were largely silent. Den Rest des Beitrags lesen »

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