The zero interest rate policy of the European Central Bank is placing a huge burden on company pension schemes. As a result, companies are being forced to increase provisions for their direct pension obligations to their workforce. However, far from taking appropriate account of this additional expense, the state is taxing fictitious profits resulting in a tax burden of some 20 to 25 billion euros. This is depriving companies of liquidity which could otherwise be invested. A lowering of the imputed interest rate for tax purposes would counteract this effect.
Michael Hüther IW-Policy Paper No. 3 24. March 2023
This time is different but still risky: Banking crisis instead of financial crisis
The current crisis of some American and European banks inevitably triggers fears that an international banking crisis could lead to a new financial crisis. But things in 2023 are very different from those in 2007.
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German Economic Institute (IW) 
