Hinweis: Gegenüber der ursprünglichen Version des Statements musste folgender Satz korrigiert werden (frühere Version in Klammern): "Zwar sind im aktuellen Haushaltsentwurf 37 (statt zuvor: 36) Milliarden Euro für dieses Jahr und über 55 Milliarden Euro für 2026 (statt zuvor: 2025) vorgesehen, doch die Erfahrung zeigt, dass das sehr ambitioniert ist." Wir bitten, den Fehler zu entschuldigen.
Das Statistische Bundesamt hat heute bekannt gegeben, dass das Bruttoinlandsprodukt in Deutschland im zweiten Quartal 2025 um 0,1 Prozent gegenüber dem ersten Quartal gesunken ist. Dazu eine Einschätzung von Geraldine Dany-Knedlik, Konjunkturchefin des Deutschen Instituts für Wirtschaftsforschung (DIW Berlin):
Die deutsche Wirtschaft hat nach starkem Jahresauftakt leicht an Tempo verloren, der Aufschwung ist damit aber nicht abgeblasen. Jetzt ist Geduld gefragt. Produktion und Geschäftsklima im Verarbeitenden Gewerbe entwickeln sich positiv. Auch die Einigung im Zollstreit zwischen der EU und den USA sorgt für mehr Planungssicherheit, wenngleich – nach allem, was man bisher weiß – keine Entlastung bei den Zöllen zu erwarten ist. Im Gegenteil, die Belastungen werden wohl leicht steigen. Einen entscheidenden Beitrag zu einem stärkeren Aufschwung werden die geplanten Investitionen aus dem Sondervermögen für Infrastruktur und Klimaschutz leisten. Zwar sind im aktuellen Haushaltsentwurf 37 Milliarden Euro für dieses Jahr und über 55 Milliarden Euro für 2026 vorgesehen, doch die Erfahrung zeigt, dass das sehr ambitioniert ist. Es wäre schon eine Erfolgsgeschichte, wenn die Hälfte der geplanten Mittel abfließen würde. Die Umsetzung der Projekte braucht Zeit. Planung, Vergabe und Umsetzungsphase verzögern die Wirkung, sodass spürbare Impulse erst ab 2026 zu erwarten sind.
La Croatie est plus que jamais décidée à stocker les déchets radioactifs de la centrale nucléaire de Krško à Čerkezovac, dans une zone naturelle protégée, qui connait aussi un fort risque sismique. En Bosnie-Herzégovine voisine, les scientifiques dénoncent un « racisme écologique ».
- Articles / Relations régionales, Courrier des Balkans, Environnement dans les Balkans, Croatie, EnvironnementIn the 50th year of its existence, the Organisation for Security and Co-operation in Europe (OSCE) is more than ever looking for a new role. The war in Ukraine and other conflicts in the OSCE area show how important the work of civil society organisations is in times of war and crisis – especially in fields where the state’s ability to act is limited. In an increasingly fragile international order, the OSCE should refocus on its strengths in regional conflict management and take greater account of the expertise of civil society. Moreover, representatives of civil society should get involved in the structures of the OSCE more systematically than has been the case to date, not only formally but also in practice. The Helsinki Conference on 31 July 2025, which commemorates the adoption of the CSCE Final Act, offers a good starting point.
A Balaton Fejlesztési Tanács a Közigazgatási és Területfejlesztési Minisztérium Területfejlesztésért Felelős Államtitkársága által biztosított forrás terhére pályázatot hirdet településfejlesztést szolgáló beruházások támogatására a Balaton Kiemelt Üdülőkörzetben.
Stablecoins are playing a growing role in the global financial system. The Genius Act of 2025, signed by President Donald Trump on 18 July, marks a significant development, establishing a comprehensive and binding legal framework for crypto assets. This landmark step positions the United States at the forefront of regulatory innovation in this sector. It also raises important questions around global financial stability, geopolitical dynamics and potential conflicts of interest.
Stablecoins represent a specific category of crypto currency. Their value is pegged to a particular asset, most commonly a traditional currency such as the US dollar. The Genius Act now integrates stablecoins into the US financial system. In order to comply with regulatory requirements, stablecoins must be fully backed by liquid US-dollar assets, primarily in the form of short-term Treasuries. The new rules establish a clear legal framework for stablecoins in their largest market, but also present significant risks.
Potential risks for EuropeRapid growth of stablecoins pegged to the US dollar, along with the associated shift in assets and financial transactions, could weaken the euro area’s monetary sovereignty and hamstring its monetary policy. The requirement to back stablecoins 1:1 creates strong incentives to purchase short-term US Treasuries, despite mounting concerns about the sustainability of US debt. This could lead to rising demand for US securities and falling demand for European bonds. This would increase interest rates for heavily indebted euro states.
The greatest risk, however, lies in the opacity of many stablecoin issuers. Although they claim that their products are backed by traditional assets such as Treasury bills, the complex structure of their capital and reserves creates considerable potential for a sudden crisis of confidence. This could quickly lead to market panic, making it unfeasible to convert them into traditional assets. That would have spillover effects on the European financial sector.
The potential conflict of interest arising from the personal involvement in crypto raises particular concerns. According to media reports, companies belonging to the Trump family have made substantial profits in this sector. Given the need to sell more US debt – with which stablecoins could be helpful – it is in Trump’s interest to see that market grow as rapidly as possible. However, this raises questions about the effectiveness of oversight in the United States, as well as the likelihood of public intervention in the event of a crisis.
More reasons to introduce a digital euroThe Genius Act marks a radical departure from EU’s approach to regulating digital currencies. It focuses on rapid development of private currencies pegged to the dollar. By contrast, the EU’s leading initiative is the digital euro, a central bank digital currency to be issued by the European Central Bank. The United States currently prohibits the development of central bank digital currencies on the paradoxically grounds that this form of money, when issued by a central bank, is too risky.
While the Genius Act concentrates on the use of stablecoins to strengthen the influence of the dollar and create incentives to buy US bonds, the EU is pursuing a more cautious, comprehensive and balanced approach. Its MiCA regulation (Markets in Crypto-Assets) prioritises financial stability and consumer protection within the cryptocurrency ecosystem. The divergence between these regulatory approaches has the potential to engender conflict.
In any case, the advent of the Genius Act underlines the need for a secure digital euro that preserves monetary sovereignty in the digital ecosystem and permits private sector innovation, including stablecoins based upon it. Europe must also monitor developments in the United States and identify potential risks. Excessively rapid growth or turbulence there would pose a threat to Europe’s financial stability.
Vous avez construit une cabane de jardin ou un hôtel de luxe sans permis ? L'un et l'autre vont être éligibles aux procédures de légalisation, aux mêmes conditions. Les ONG dénoncent un projet de loi qui s'apparente à une capitulation de l'État face au fléau des constructions illégales.
- Articles / Radio Slobodna Evropa, Monténégro, Environnement, Société, Economie, Littoral Monténégro