We are living in a far less globalizing economy today. Since at least the Great Financial Crisis the pace of globalization has slowed down significantly or even reversed in some areas. Although the COVID-19 pandemic seems to some extent to have inter ...

The social market economy had already lost its substantive power before the Corona crisis. Now it has finally been replaced by the insurance state. The predetermined breaking point is the monetary system.

Asset prices for private German households have risen sharply in the last four quarters. Real estate prices in particular recorded the strongest increase since the start of the time series in 2005.

Profitability, low financial risk, and efficient capital allocation characterize owner-controlled companies. In the last decade, they generated an annual excess return of 3.2%.

In 2020, asset prices in the Euro area increased by +3.9%. While prices were still under pressure in the first quarter of 2020, they recovered quickly in the following quarters driven by to monetary and fiscal policy.