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Die europäische Integration hat prägenden Einfluss auf die nationale Politikgestaltung, die EU selbst ist ein wichtiger Akteur in der Weltwirtschaft. Über den größten Teil der wirtschaftlichen Rahmenbedingungen für europäische Unternehmen und Verbraucher, gerade auch der finanzmarktrelevanten, wird auf europäischer Ebene entschieden. Deutsche Bank Research analysiert und kommentiert daher aktuelle Entwicklungen in der EU bzw. der EWU. Den europäischen Banken- und Finanzmärkten gilt dabei besondere Aufmerksamkeit.

119 Dokumente
15. Dezember 2017
The Basel Committee’s recent agreement on final capital rules for global banks is set to have only limited effect on overall capital requirements, but will impact EU banks more strongly than their peers. In recent quarters, European banks have already strengthened their capital ratios substantially and have become more profitable, thanks to moderately better revenues, lower costs and lower loan losses. Balance sheet size and risk-weighted assets have declined, underscoring the continuing lack of growth momentum in the industry. This might change somewhat next year, as European banks could benefit from the strong performance of the economy via a pickup in lending, which so far has remained sluggish. Further tailwinds from declining loss provisions and falling expense levels are less likely though. [mehr]
8. Dezember 2017
No real surprises hidden in the “Saint Nicholas” reform package from Brussels, a detailed set of reform proposals and communications that the European Commission published as a “roadmap” for deepening EMU. The proposals build on Commission President Juncker’s September State of the Union speech and, in essence, match closely with the French vision of more stabilization and risk-sharing in the EU, while they also try to meet German demands for better supervision of fiscal rules. The strong focus on anchoring any further integration of the Monetary Union - such as the reform of the ESM and the introduction of a Eurozone budget - in the institutional framework also illustrates the wariness in Brussels of being sidelined in its fiscal competencies and to allow the euro area to further develop on its own. [mehr]
1. Dezember 2017
Die EU-Kommission hat neue CO₂-Grenzwerte für Pkw vorgeschlagen. Diese können allein mit Verbrennungsmotoren nicht erreicht werden. Insofern erzwingt die Regulierung eine Elektrifizierung des Antriebstrangs. Bislang spielt der durchschnittliche Autokäufer jedoch nicht mit und lässt Autos mit alternativen Antriebstechnologien weitgehend links liegen. Insgesamt gibt es klimapolitische Instrumente, die ökologisch treffsicherer und ökonomisch effizienter sind als CO₂-Grenzwerte für Pkw. [mehr]
1. Dezember 2017
Beyond the Catalan referendum, independence movements in Europe seem to enjoy a revival. But calls for greater autonomy or even secession are not just about cultural identity - financial discrepancies between regions also play a major role. Unsurprisingly, most of the regions with strong separatist tendencies are amongst the wealthiest in their respective countries. Calls for (more) independence seem to be loudest when national financial equalization mechanisms lead to results that are perceived as disproportional, such as in Spain or Italy. [mehr]
1. Dezember 2017
The fluid political situation in Germany threatens to stall EU policymaking in a number of fields, above all the build-out of the euro area. The EU summit on Dec 14/15 is unlikely to yield an agreement on a potential roadmap for reforming the monetary union making it even more difficult to take final decisions in June 2018 as envisaged by the EU Commission. This will in return dampen optimism that a French-German tandem will provide a fresh impetus to the EU as a whole before the European Parliament elections in 2019. [mehr]
29. September 2017
Die Geldmarktfonds im Euroraum verwalteten Mitte 2017 ein Vermögen von EUR 1,16 Billionen. Trotz niedriger Zinssätze bedeutet dies ein deutliches Wachstum um EUR 260 Mrd. in den vergangenen drei Jahren. Allerdings werden 2018 neue, strengere Regeln für die Branche in Kraft treten. Anders als nach der Reform der US-Geldmarktfonds ist in Europa jedoch keine tief greifende Umstrukturierung des Marktes zu erwarten. Zukünftig könnte durch den Brexit ein Wettbewerb zwischen der EU und Großbritannien um das Geschäft mit solchen Geldmarktfonds entstehen, die nicht in Euro denominiert sind. [mehr]
4. September 2017
Optimism about Europe’s future surged after the French elections, while the EU is increasingly losing patience with British “divorce tactics”. Franco-German initiatives will be key to set the path for European reforms but the debate is expected to only gain speed after the formation of a new German government towards the end of the year. Meanwhile, the refugee challenge and EU external relations will remain on top of Europe’s political agenda. [mehr]
30. August 2017
It is remarkable what and how much has changed in the European banking industry since the global financial crisis erupted almost exactly ten years ago: comparing H1 2017 to the peak of the boom in H1 2007, revenue composition has shifted towards more sustainable sources, with the share of net interest income up to more than half of the total and trading income much diminished. Expenses are down, but only moderately, resulting in a fall in profits to just half of the pre-crisis level. Both the absolute amount of capital and capital ratios have risen dramatically. On the other hand, total assets have declined substantially over the past decade, contributing to a massive de-risking of the sector. [mehr]