Betriebswirtschaft (Bachelor)
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The Eurosystem and the Deutsche Bundesbank will incur substantial losses in 2023 that are likely to persist for several years. Due to the massive purchases of securities in the last 10 years, especially of government bonds, the banks' excess reserves have risen sharply. The resulting high interest payments to the banks since the turnaround in monetary poli-cy, with little income for the large-scale securities holdings, led to massive criticism. The banks were said to be making "unfair" profits as a result, while the fiscal authorities had to forego the previously customary transfers of central bank profits. Populist demands to limit bank profits by, for example, drastically increasing the minimum reserve ratios in the Eurosystem to reduce excess reserves are creating new severe problems and are neither justified nor helpful. Ultimately, the EU member states have benefited for a very long time from historically low interest rates because of the Eurosystem's extraordinary loose monetary policy and must now bear the flip side consequences of the massive expansion of central bank balance sheets during the necessary period of monetary policy normalisa-tion.
Due to the massive purchases of securities in the last 15 years central banks incur substantial losses likely to persist for several years. On the other hand, the banking sector gains large profits from interest payments on their excess reserves holdings. Central banks and fiscal authorities must now bear the flip side consequences of their bond purchase programs. Populist demands to limit bank profits by drastically increasing minimum reserve ratios in the Eurosystem are creating new severe problems. Instead, a consistent and faster
normalisation of central bank balance sheets would be desirable. Central banks should also no longer be central players in government bond markets to restore the lost boundaries between fiscal and monetary policy.
Das Eurosystem und auch die Deutsche Bundesbank werden 2023 Verluste erzielen, die einige Jahre anhalten dürften. Aufgrund der massiven Käufe von Wertpapieren in den letzten 10 Jahren, vor allem Staatsanleihen, sind die Überschussreserven der Banken stark angestiegen. Die dadurch bedingten hohen Zinszahlungen an die Banken seit der geldpolitischen Kehrtwende, bei geringen Einnahmen für die hohen Wertpapierbestände, führten zu massiver Kritik. Die Banken würden dadurch „ungerechte“ Gewinne erzielen, während die Fiskalbehörden auf die früher üblichen Überweisungen der Zentralbankgewinne verzichten müssen. Populistische Forderungen nach einer Begrenzung der Bankengewinne durch z.B. eine pauschale, drastische Erhöhung der Mindestreservesätze im Eurosystem zur Reduzierung der Überschussreserven bergen neue Probleme und sind nicht hilfreich. Letztlich haben die Staaten sehr lange von historisch niedrigen Zinsen infolge der expansiven Geldpolitik des Eurosystems profitiert und müssen nun die Folgen der massiven Aufblähung der Zentralbankbilanzen während des Zeitraums der Normalisierung der Geldpolitik tragen.
Der Vorschlag einer drastischen Erhöhung des Mindestreservesatzes durch die EZB erhitzt die Gemüter. Nach teils heftiger Kritik hochrangiger Bankenvertreter in Deutschland werden die „üblichen“ Beschuldigungen vorgebracht und von Medien z.T. unreflektiert wiedergegeben bzw. kommentiert. Die Banken erhielten seit Herbst 2022 – so das gängige Muster - risikolose und ungerechte Subventionen und wüssten nichts Besseres mit ihren Einlagen bei der Bundesbank anzufangen.
Diese Kritik greift zu kurz und ist teils sachlich falsch.
The following contribution deals with the environmental conditions of highly gifted and
sensitive people (HGSP). Three researchers from different perspectives (physics, pedagogy,
and innovation management) empathize with the target group and try to understand their
experiences. From three interviews with adults, a first point of view is defined adopting the
Grounded Theory methodology. Adult interviews are compared with the perceptions of an
adolescent from today moving between state and private education systems. By comparing
both perspectives, differences and similarities are worked out. The discussions are used to
develop an online test focusing on creativity, motivation for achievement, and cognitive
capacities, as these are core categories identified that seem to be highly important in
combination. The empirical test is intended to provide the state education system with a simple
and interactive solution to identify a large group of people who need further support. To
achieve a high participation rate, the test will be designed for a maximum of one hour and the
implementation and evaluation will be carried out digitally. The authors' vision is to create an
adaptive environment that can effectively adjust to and educate diverse groups of learners
without over- or under burdening teachers and learners. A key finding of our case-based
research is that the existing school and higher education structures are not able to provide
sufficient support and challenge for HGSP. Support measures for HGSP are needed as well
as a new understanding of learning and teaching, so that new competencies can be built that
consider people's self-regulation, creativity, and motivation for achievement, in addition to
cognition and meta-cognition. Kuhl (2004, 18) explains why the capacities of self-regulation
are paramount for highly gifted students. When they want to meet a challenge, they face
problems that are more difficult and therefore need more persistence, resilience, and selfmotivation. However, to support these special needs, teachers are often not ready or capable
to do so, nor do these needs fit with the performance requirements of the regular curriculum.