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Europe

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, Deutsche Bank Research analyses and appraises the latest developments in the EU and EMU. European banks and financial markets are a major focus in this regard.

220 (91-100)
    
December 1, 2017

EU Politics: Germany's political impasse spoils EMU reform timeline

Region:
Europe
Focus Europe
Topic:
Economic and european policy
Analyst:
Barbara Boettcher, Kevin Koerner
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. [more]
91
December 1, 2017

Regional autonomy movements in Europe – also about finances

Region:
Europe
Focus Europe
Topic:
Economic and european policy
Analyst:
Barbara Boettcher, Kevin Koerner
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. [more]
92
September 13, 2017

New EU money market fund regulation: Will growth continue?

Region:
Europe
EU Monitor
Topic:
Banking and financial markets
Analyst:
Heike Mai
Money market funds in the euro area managed assets worth EUR 1.16 trillion in mid-2017. Low interest rates did not hamper the impressive growth by EUR 260 billion during the past three years. But new EU regulation taking effect in 2018 will impose stricter rules on fund managers. However, the measured regulation will probably not cause a major restructuring of the euro area market, in contrast to the reshuffling seen in response to the US money market fund reform. In the future, Brexit could lead to competition for non-EUR denominated money market fund business between the EU and the UK. [more]
94
September 4, 2017

EU Politics: Reform debate to pick up pace after the German elections

Region:
Europe
Focus Europe
Topic:
Bundestag elections 2017, Economic and european policy
Analyst:
Barbara Boettcher, Kevin Koerner
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. [more]
95
August 30, 2017

Where do European banks stand? 10 years after the start of the financial crisis

Region:
Europe
EU Monitor
Topic:
Banking and financial markets
Analyst:
Jan Schildbach
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. [more]
96
August 14, 2017

Budgetary relief and debt dampening effect from the low interest rate environment: Not only a German phenomenon!

Region:
Europe
Chart in Focus
Topic:
Macroeconomics
Analyst:
Sebastian Becker
Yields on German government debt securities have fallen rapidly in the aftermath of the global financial and economic crisis and provided a considerable relief to the public sector budget. At the moment, federal government securities have negative yields for maturities up to 6 years and the yield on 10 year German Bunds stands at just roughly 0.4%. [more]
97
August 3, 2017

Packed European agenda for the next government: Numerous challenges, no (easy) answers

Region:
Europe
Germany Monitor
Topic:
Brexit, Bundestag elections 2017, Economic and european policy, Macroeconomics
Analyst:
Barbara Boettcher, Kevin Koerner
The benign economic and public environment allows to fundamentally address shortcomings of the E(M)U. The next German government’s term is faced with numerous challenges ranging from Brexit and its impact on the next EU Budget to migration and the upgrade of the euro area. A revitalised relation with France provides the opportunity for substantive steps to further stabilise the euro area albeit Germany and France need to find common ground on many issues and seek the support of EU partners. European politics is still less of a topic for the German electorate not least as mainstream parties are all various shades of pro-European. However, the next government’s party composition is likely to matter for both speed and scope of changes on European level. [more]
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