EU integration greatly influences policy-making at the national level, and the EU itself is a major actor on the world economic stage. Most of the conditions governing the economic and business environment for European companies and consumers - especially in respect of the financial markets - are decided at the European level. For this reason, DB Research regularly analyses and appraises the latest developments in the EU and EMU, including issues relating to enlargement, European banks and financial markets.
From submitting tax returns online right through to buying groceries on the internet, a myriad of possibilities already exist. Between 2005 and 2009 the use of e-government by individuals in the EU-27 climbed from 23% to 30% on average; the share of individuals shopping online rose from 24% to 37%. Cross-border purchases rose from 26% to 29% between 2006 and 2009 and the EU-27 average for those using online banking climbed from 19% in 2005 to 32% in 2009.
SEPA aims to realise a Europe-wide single market in non-cash bulk payment transactions. Cross-border credit transfers, direct debits and card payments are to become just as efficient, inexpensive and secure as national payments. It has been possible to make SEPA credit transfers since January 2008 and SEPA direct debits since November 2009. At the moment, however, the SEPA format is only being used for one in thirteen credit transfers. The European Commission has decided to intervene by means of a regulation that sets an end-date for the parallel operation of national systems and the new SEPA system. Both the German government and the Federation of German Consumer Organisations (vzbz) consider the final migration of national account numbers and sort codes to IBAN and BIC to be asking too much of consumers. But what is truly unbearable is that a speedy changeover is being prevented by the protracted process...
German SMEs wanting to do business in other EU states are virtually unable to set up subsidiaries there in the form of a German private limited company (GmbH). Potential clients are wary of foreign legal forms; they are afraid of dealing with mailbox firms. This is why companies normally choose a legal form typical of the location (such as the S.à r.l. in France or the Sp. z o.o. in Poland). As a result, the companies incur not inconsiderable costs for legal advice, as they seldom possess detailed knowledge about legal forms of business organisation abroad. ...
The euro-area countries urgently need to slash their debt and they will have to find new ways to address this task in the process. Germany’s debt brake is an intelligent concept for achieving a long-term reduction in public debt that could also be remodelled to fit the conditions in other euro countries. National debt brakes could help cut public debt on a long-term horizon without jeopardising the growth prospects of the euro-area economies.
A gas glut is heralding the dawn of a new era in the continental European gas market. The free-market price of gas will become the new benchmark and will be the guide for the price of pipeline gas. The new price environment is creating many opportunities and challenges for domestic customers, industrial users, municipal utilities, regional energy suppliers, independent traders, newcomers, power plant operators, importers and gas producers. The areas concerned are(traditionally)long-term contracts and the typical large-scale projects regarding pipeline construction, LNG infrastructure and gas storage facilities. The security of supply in Europe is improving, not least because the gas glut impairs the powerful position of the “Gas OPEC”.
On May 12, the European Commission set out its proposals for a more effective coordination of economic policy in the eurozone. The proposals are a response to the events of the past months and address the following three issues...
Differing growth models have resulted in an increasing disparity between the competitiveness of individual euro area countries over the last few years. These differences affect the growth prospects of these countries and thus on the sustainability of their public finances. What has to be done?...
An enlargement of the euro area is drawing nearer. A long way ahead of all the other candidates, Estonia has a good chance of becoming the 17th country to join the Euroclub. The question is only whether it can already do so in 2011...
EU integration greatly influences policy-making at the national level, and the EU itself is a major actor on the world economic stage. Most of the conditions governing the economic and business environment for European companies and consumers - especially in respect of the financial markets - are decided at the European level. For this reason, DB Research regularly analyses and appraises the latest developments in the EU and EMU, including issues relating to enlargement, European banks and financial markets.
