| Dear readers,
A comprehensive reform process is currently underway in international tax policy – ranging from the global minimum tax to adjustments at the municipal level. How do these new rules interact, and what are their implications for firms and public budgets?
In the latest issue of ZEW Monthly, focusing on “Tax Effects”, we provide insights into our current research: on topics such as the economic effects of the global minimum tax, the influence of municipal taxes on investment and the question of how EU tax rules contribute to greater transparency and tax fairness.
We hope you find this issue insightful and inspiring.
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↗ EU TAX RULES EFFECTIVE – BUT HIGHLY COMPLEX
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| How consistent is the implementation of EU anti-tax avoidance rules? A new study by ZEW, the University of Mannheim and EY shows that national deviations from common minimum standards make practical application more difficult. “The EU has designed a detailed package of measures against aggressive tax planning. In practice, however, the diversity of national implementations leads to considerable complexity,” says Sophia Wickel of ZEW.
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| More about the study
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↗ SWISS TAX CUTS NEUTRALISED BY LOCAL AUTHORITIES
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| A new ZEW study examines the effects of a major income tax cut in the Swiss canton of Bern. The analysis by researcher Paul Steger looks at how municipalities respond to tax policy decisions taken at higher tiers of government. “When a higher-level government cuts tax rates, municipal budgets automatically come under pressure,” Steger explains.
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| More about the study
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↗ GLOBAL MINIMUM TAX CREATES DISADVANTAGES FOR EU COMPANIES
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| Implementing the global minimum tax poses major challenges for governments and companies alike. A study by ZEW and the Tax Foundation examines the international design of “Pillar Two” and the role of coordinated rules. Johannes Gaul from ZEW stresses: “High consistency of implementation is crucial for a reform project of this complexity.”
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| More about the study
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| | ↗ TAX RATES IN EUROPE ARE CONVERGING
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| The latest analysis of the attractiveness of Europe as a tax location shows that the positions of low-tax and high-tax countries have changed little overall. At the same time, corporate tax rates in several Central and Eastern European countries are rising in terms of the effective average tax rate (EATR) and are approaching the EU average. There is increasing focus on the question of how countries can promote investment not only through tax rates, but also through targeted tax incentives.
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↗ ZEW PRESIDENT ACHIM WAMBACH REAPPOINTED FOR ANOTHER FIVE YEARS IN OFFICE
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| The Supervisory Board of ZEW has extended the contract of ZEW President Achim Wambach or another five-year term. The renewed appointment, beginning in in 2026 and ending in 2031, is supported by the Federal Ministry for Economic Affairs and Energy and Baden-Württemberg Ministry of Science, Research and the Arts, with the aim of further promoting evidence-based economic policy at a high scientific level.
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| More about the topic
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↗ GERMAN INNOVATION SPENDING HIGHER THAN EVER
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| The latest ZEW Innovation Survey provides insights into innovation activities among German companies. It examines trends in research, development and innovation planning under challenging conditions. “Despite significant uncertainties in innovation planning, many companies continue to invest in innovation to secure their competitiveness,” says Christian Rammer of ZEW.
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| More about the study
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↗ EFI REPORT PRESENTED TO GERMAN CHANCELLOR
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| The Expert Commission for Research and Innovation (EFI), chaired by ZEW researcher Irene Bertschek, has presented its annual report to German Chancellor Friedrich Merz and Federal Research Minister Dorothee Bär. In the report, the commission recommends, among other things, reducing bureaucracy that hinders innovation and specifically strengthening the promotion of key and future technologies.
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| More about the topic
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| Strong impulse for simplification and modernisation: After less than four months, the Commission on Welfare State Reform has submitted its final report to the German Federal Minister of Labour and Social Affairs, Bärbel Bas.
In the ZEW podcast “Wirklich Wirtschaft”, Holger Stichnoth, head of ZEW’s “Inequality and Distribution Policy” Research Group, explains the content of the report and which reform approaches are being discussed.
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| Listen now (in German)
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| ZEW "WIRKLICH WIRTSCHAFT" – NOW AVAILABLE ON ALL PODCAST PLATFORMS!
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In a contribution in the journal Wirtschaftsdienst, ZEW President Achim Wambach and Axel Ockenfels from the University of Cologne use the example of the cancellation of emission allowances to show how German climate policy sometimes loses sight of both climate action and economic rationality.
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| Read the full opinion piece
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| | NO. 26-005
↗ ECB COUNCIL MEMBERS’ OBJECTIVES AND PUBLIC DEBT AT HOME – EVIDENCE FROM AN AI-BASED TEXTUAL ANALYSIS
// FRIEDRICH HEINEMANN AND JAN KEMPER
NO. 26-004
↗ TAXONOMY TALKS, CREDIT WALKS: THE EU’S CLIMATE DISCLOSURE FRAMEWORK AND BANK LENDING
// KAROLIN KIRSCHENMANN, FELICITAS KOCH, MARIE-THERES VON SCHICKFUS, AND CHRISTA HAINZ
NO. 26-003
↗ MINIMUM WAGES AND PROVISION OF TRAINING
// KATARINA ZIGOVA AND THOMAS ZWICK
NO. 26-002
↗ RETHINKING ANTI-TAX AVOIDANCE MEASURES IN THE EUROPEAN UNION
// CHRISTOPH SPENGEL, JOHANNES GAUL, ALEXANDER GÖBEL, EMILIA GESCHOSSMANN, HANNAH GUNDERT, FELIX JUNGMANN, DANIEL KÄSHAMMER, CORNELIA KINDLER, ALINA PFRANG, THU THAO POREBSKI, CHRISTIN SCHMIDT, KATHARINA SCHMIDT, INGA SCHULZ, JULIA SPIX, STEFAN WECK, SOPHIA WICKEL, AND SARAH WINTER
NO. 26-001
↗ LOW BARRIERS, HIGH STAKES: FORMAL AND INFORMAL DIFFUSION OF AI IN THE WORKPLACE
// MELANIE ARNTZ, MYRIAM BAUM, EDUARD BRÜLL, RALF DORAU, MATHIAS HARTWIG, BRITTA MATTHES, SOPHIE-CHARLOTTE MEYER, OLIVER SCHLENKER, ANITA TISCH, AND SASCHA WISCHNIEWSK
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| | REVIEW
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| ↗ FIRST-HAND INFORMATION ON ECONOMIC POLICY
“Germany Must Not Squander Opportunities”
The German economy can only return to a growth path after two years of recession if productivity is increased, particularly through more innovation and investment. This is how Professor Monika Schnitzer, Chairwoman of the German Council of Economic Experts, summarised the situation when presenting the council’s 2025/26 annual report at ZEW in Mannheim. Around 200 guests attended the event on 8 December 2025 – part of the institute’s “First-Hand Information on Economic Policy” series – where she presented the council’s most comprehensive report to date and then discussed the future challenges facing Germany as a business location with ZEW President Professor Achim Wambach, PhD.
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| | | | → CONTACT FOR QUESTIONS OR SUGGESTIONS ON THE CONTENT | |
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| | | | | ZEW – Leibniz Centre for European Economic Research
L7, 1 · 68161 Mannheim
Phone: +49 (0)621/1235-01
E-mail: zewmonthly@zew.de
Website: www.zew.de
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| | | | | Executive Directors:
Professor Achim Wambach, PhD; Claudia von Schuttenbach
Chair of the ZEW Supervisory Board:
Ministerial Director Dr. Hans Reiter
Registered Office: Mannheim
Local Court Mannheim HRB 6554
USt-IdNr.: DE188318292
Commitment to Data Protection
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