1. 10.09.2020 · ZEW (fhe)
    Comment
    Coronavirus | Economic policy
     ZEW economist Friedrich Heinemann estimates the loss of tax revenue for the federal, state and local governments to be considerable.

    The German Federal Ministry of Finance’s Working Party on Tax Revenue Estimates published the results of its unscheduled assessment. This special analysis had become necessary as the financial consequences of the crisis could not yet be properly assessed in the Working Party’s regular forecast in May 2020. The updated estimates confirm that the federal, state and municipal governments will face considerable losses in tax revenues as a result of the crisis. While in May the Working Party had still expected federal revenues of around 285 billion euros for the current year, estimates are now at 275 billion euros. This marks a decline of 54 billion euros compared to 2019. Professor Friedrich Heinemann, head of the Research Department “Corporate Taxation and Public Finance” at ZEW Mannheim, comments on this matter.

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  2. 27.08.2020 · ZEW (ssi)
    Comment
    Coronavirus
    ZEW employee Professor Dr. Sebastian Siegloch on the extension of the short-time work allowance.

    Germany’s “Grand Coalition” has agreed to extend the period for which the short-time work allowance can be claimed: Due to the coronavirus crisis, workers will be able to receive the allowance until the end of December 2021, which represents a 24-month extension. Professor Sebastian Siegloch, head of the ZEW Research Department “Social Policy and Redistribution”, comments on this matter:

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  3. 30.07.2020 · ZEW (fhe)
    Comment
    Germany | Coronavirus
    ZEW economist Professor Dr. Friedrich Heinemann comments on the decline in GDP figures in the second quarter of 2020.

    In the second quarter of 2020, the German economy experienced the sharpest drop in its economic output ever recorded by the German Federal Statistical Office in Wiesbaden since it started its quarterly calculations in 1970. In comparison to the previous quarter, the already low gross domestic product (price, seasonally and calendar adjusted) fell by 10.1 per cent. When compared to the second quarter of 2019, this represents a decrease of 11.7 per cent. Professor Friedrich Heinemann, head of the Research Department “Corporate Taxation and Public Finance” at ZEW Mannheim, comments on this matter.

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  4. 21.07.2020 · ZEW (fhe)
    Comment
    ZEW economist Friedrich Heinemann comments on the decisions on the EU financial framework at the EU special summit.

    After days of negotiations, the European Council agreed on the EU Recovery Fund package and the next EU multiannual financial framework. The “Next Generation EU” package, which is intended to speed up the recovery from coronavirus-induced recession, remains at 750 billion euros. However, the 500 billion euros in grants provided for in the Commission proposal have been reduced to 390 billion euros, with the rest being made available to Member States as loans. The whole package is financed by EU borrowing, which is to be repaid by 2058.

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  5. 19.06.2020 · ZEW (chs)
    Comment
    Coronavirus | Solidarity
    ZEW Economist Friedrich Heinemann comments on the decisions of the EU Council summit.

    Today, the European Council will discuss the proposals by the European Commission regarding the EU financial framework and the coronavirus recovery plan, Next Generation EU. The Commission proposed a 750-billion-euro recovery fund based on European bonds to help Member States weather the recession triggered by the coronavirus. What is at issue in the Council is not so much the size of the package as its allocation among the Member States and aid instruments. Professor Friedrich Heinemann, head of the Research Department “Corporate Taxation and Public Finance” at ZEW Mannheim, comments on this matter:

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  6. 14.05.2020 · ZEW (fhe)
    Comment
    Public Budget | Tax revenue estimation
    ZEW Economist Friedrich Heinemann estimates tax losses as automatic stimulus package.

    Against the backdrop of the severe coronavirus-induced recession, the German Federal Ministry of Finance’s Working Party on Tax Revenue Estimates has now published its new forecasts. According to the estimates, this year alone, tax revenues at federal, state and municipal level will be 98.6 billion euros lower than previously expected. For the years 2020 to 2023, the expected revenues have been revised downwards by a total of 315.9 billion euros. Professor Friedrich Heinemann, head of the Research Department “Corporate Taxation and Public Finance” at ZEW Mannheim, comments.

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  7. 05.05.2020 · ZEW ()
    Comment
    ECB | Monetary Policy
    ZEW Economist Friedrich Heinemann reflects ruling on ESC bond purchases.

    Today the Federal Constitutional Court announced its eagerly awaited ruling on the “Public Sector Purchase Programme” (PSPP) of the European Central Bank (ECB). The Karlsruhe court considers that, with the ECB’s decision to establish a PSPP, the central bank exceeded its monetary policy mandate insofar as the ECB has unsatisfactorily proven the programme’s proportionality. If the Governing Council does not provide a justification of the proportionality of the measure within three months, the Bundesbank is prohibited from further participation in the PSPP. Professor Friedrich Heinemann, head of the Research Department “Corporate Taxation and Public Finance” at ZEW Mannheim, comments on this matter.

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  8. 24.04.2020 · ZEW ()
    Comment
    Coronavirus | European Integration and EU Policy | Economic crisis
    ZEW Economist comments on the European Recovery Fund during the coronavirus pandemic.

    For the latest EU summit video conference on tackling the consequences of the coronavirus pandemic, European leaders agreed on a 500 billion euro rescue package and a European Recovery Fund. Professor Friedrich Heinemann, head of the Research Department “Corporate Taxation and Public Finance” at ZEW Mannheim, comments on this matter. 

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  9. 08.04.2020 · ZEW ()
    Comment
    Eurobonds | Coronavirus | Public Debt
    Achim Wambach and Friedrich Heinemann of ZEW expect damage from corona bonds instead of benefit.

    In a recently published opinion piece, ZEW President Professor Achim Wambach and Professor Friedrich Heinemann, head of the ZEW Research Department “Corporate Taxation and Public Finance”, argue in favour of using the European Stability Mechanism as an instrument of financial assistance instead of corona bonds. In their view, corona bonds are difficult to implement, their underlying concept would not meet the desired needs and they would currently do more harm than good to Europe.

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  10. 19.03.2020 · ZEW ()
    Comment
    ECB | Monetary Policy | Coronavirus
    Friedrich Heinemann advocates ECB measures to stabilise the euro zone during the coronavirus pandemic.

        The Governing Council of the European Central Bank (ECB) has launched a new comprehensive asset purchase programme to stabilize the eurozone in the coronavirus crisis. An initial sum of 750 billion euros will be used to purchase government, corporate and bank bonds until the end of the year. In contrast to the previous government bond-buying programme, the ECB capital key now serves only as a benchmark for the purchases. The ECB explicitly reserves the right to deviate from this key temporarily. In addition, requirements regarding the minimum credit quality of the bonds will be suspended, with the result that, unlike in the previous programme, Greek government bonds can now also be purchased. Professor Friedrich Heinemann, head of the Research Department “Corporate Taxation and Public Finance” at ZEW Mannheim, comments on this matter.

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