A recurrent element in the debate on the future of the German banking system is the claim that Germany is “overbanked”, as a result of which its banking industry suffers from structurally induced weakness in its profitability. This thesis does not stand up to any thoroughgoing analysis....

This article starts with an examination of the regulatory policy requirements to be met by a financial architecture which takes account of changes in market conditions and in the behavior of market actors. The analysis focuses on the starting points of a macro prudential banking supervision...

In 2004, government debt in Germany reached a record level. In view of this, debt servicing represents a considerable part of the government budget. Hence, debt management is of increasing significance. The paper describes the objectives and risks of a fiscally oriented debt management strategy....

Considering the extent to which progress is being made with the integration of the European Capital Market, harmonisation of the taxation of income is becoming increasingly important. Efficient allocation of capital must not be hindered by inter-governmental tax differentials.Following more than...

The problems currently being faced by the German banks are the expression not of a crisis in the national banking system, but of serious discrepancies between the regulatory environments on the two sides of the Atlantic on the one hand as well as a collective failure of risk management on the...