Volume 63, Issue 1

This article deals with current developments concerning the regulation of telecommunication in Europe (e. g. Mobile Termination Rates, Roaming). It argues that current regulation is led by political aims and less by economic theory. National regulatory authorities should have more competences to consider national specifities concerning their decisions. The competences of the European Commission should be cut back. The idea of four or five pan-European companies dominating the European market should be discarded. Market consolidation should be the result of market competition and not promoted by the European Commission.

The regional differences in the housing markets are enormous and will continue to exacerbate in the future. The main task for the housing policy is to take appropriate long term measures depending on the market structure. A central aspect of future housing policy is the site development. Potential conflicts of interest with other social objectives must be detected and resolved. Creating a trading system for development rights appears to be promising. In order to secure housing for low income households, the housing allowance (Wohngeld) must be promptly adjusted to the market conditions. The public housing sector should be seen as an instrument for the stabilization of neighborhoods. Appropriate market rents secure a housing supply at a high level.

This text deals with the topic of housing shortage vs. residential vacancy - housing market intervention as a task of politics? At the beginning there will be some basic assertions on the relation of market vs. state, especially bearing in mind, the overall importance and social responsibility the housing industry has and beyond that, regarding further issues such as environmental protection and demographic transition. On this interaction, some generally accepted rules will be generated, with the aim of finding some balanced solutions. The more theoretical considerations will be enlarged upon with practical examples, on subjects such as, dealing with the issue of home ownership vs. tenancy, energy requirements, rental control and the fact of population development. This paper will terminate with remarks on the latest challenges, the housing policy has to deal with. Key words to be mentioned here are finding appropriate strategies, dealing with different regional and sectorial housing markets, the age-appropriate conversion of residential houses, residency and poverty and residency and energy. Broad alliances, made of all participants in the housing market and on all national and regional levels will be regarded as helpful.

There are four major challenges for housing policy in the near and midterm future: First, rents in many German conurbations have been rising significantly faster than incomes over the last five years. Though it can rightly be argued, that the suggested policies of the new German federal government are less detrimental than often perceived by real estate professionals, it must be feared that policy makers have underestimated indirect negative effects for both housing and labour markets. Still, what is more important, is that the current discussion on housing policies is focused on the short term putative misallocations, and to a significant lesser extent on the other three structural challenges of the German housing markets, i. e. increasing vacancies in outward-migration areas, severe lack of „low-barrier“- housing for seniors and a need to reduce energy emissions in the property stock. This asymmetry is unintelligible, as markets can comparatively easily deal with the first short-term challenge, provided supply-elasticities are increased. However, the other three challenges are to a large extent due to externalities, and this implies that markets cannot easily correct imbalances. It would therefore be important to rebalance the current policy-mix and debate.

From an analysis of the uncertainties, deficiencies and negative effects of the present monetary system the necessity and the requirements for a new monetary order are derived. These requirements are fulfilled by the presented regulations of a monetary order, which is based on the proposals of Joseph Huber (Vollgeld), Henry Simons and Irving Fisher (100 %-Money), Milton Friedman (Chicago Plan) and others (Allais, 1988; Gödde, 1985; Benes / Kumhof, 2013). The new monetary order requires another cash management, adapted payment systems and a different monetary policy of the central bank. Results of the new monetary order are legally protected money, no bank runs, a substantial reduction of the public debt, self-regulated smoothing of economic and stock market cycles, stabilization of the monetary union and other advantages for the economy. By also addressing open questions and alternative solutions this paper intends to stimulate a discussion of the proposals and the further development of a new monetary order.