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However, the rate of the user charge for trucks on the federal motorway network was increased significantly in the average rate increased from In total, the costs of private car use increased by Between and the increase in costs of private car use even was below the inflation rate For freight transport no data on the cost of service provision is publicly available for the period — The producer-price-index PPI can be used as a proxy for cost developments, however it only covers German transport service providers, i.

Moreover, it is only published since In the period — the PPI for rail cargo services increased by Making optimum use of transport infrastructure — shaping transport to make it more efficient. Develop and deploy more traffic management systems on busy sections of federal motorways. Standardize and link up the traffic management systems on federal motorways nationwide.

PDF Private Equity Chancen und Risiken (German Edition)

Continue and intensify the measures to tackle congestion by optimizing roadworks management. Provide traffic information and communications services for heavy goods vehicles on the motorway network by using toll information value-added services. Take concerted action with shippers and the freight transport sector to stagger freight traffic extending ramp times. Create a focal point — the Fed. Government Commissioner for Freight Transport and Logistics.

Review the regulatory framework for freight transport in intermodal competition. Press ahead with the implementation of PPP solutions for the speedy and efficient delivery of motorway widening and motorway maintenance projects. Develop a strategy to vary toll rates according to the route driven and the time of day. Establish a financial assistance programme to encourage the use of modern technologies to reduce the noise caused by rolling stock. Optimize processes in the logistics chain taking greater account of environmental concerns.

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Further tighten environmental and safety standards emissions reduction, noise mitigation, safety technology. Step up the enforcement of social legislation in the road haulage sector to improve road safety. Hold regular summits on the subject of work and training in the freight transport and logistics sector. Launch a lighthouse project to improve the international profile of logistics courses in higher education. Monitor the working conditions in the freight transport and logistics sector as part of the market observation activities of the Federal Office for Goods transport.

Further measures to make Germany even more attractive as a centre for logistics. Implement a marketing strategy to promote Germany as a centre for logistics. Comparing the Freight transport and logistics masterplan with the integrated transport policy program enacted eight years before, the masterplan puts more emphasis on the competitiveness of the German freight transport and logistics industry. At the same time, more attention is given to working conditions which might be attributed to the specific priorities of the social-democratic party, which led the ministry at that time, but may also be a consequence of the intensified international competition, especially by logistic service providers from Eastern Europe after the EU enlargement in and , respectively.

The Chance and Risk of Global Interdependent Networks

Unlike the previous transport policy program the masterplan of names responsibilities as well as implementation periods. In many cases, an immediate action was aspired. However, some of the measures refer to developing concepts rather than implementing specific measures. According to its introduction, the priority of the action plan, in comparison to the masterplan, is more on enabling mobility and less on reducing mobility.

Most measures have been basically updated, some approaches, e. Already in , the ministry published a first report on the implementation of the measures covered by the action plan [ 9 ]. Another update of the action plan was published in [ 16 ]. The ministry, still led by a member of the Christian-social party, claimed that many measures of the former action plan have been successfully implemented.

As a response to new challenges, the ministry refers to 1 increased investment into infrastructure, based on a higher share of user fees, 2 promoting innovations like alternative fuels and 3 digitalization, e. Several transport policy programs have been developed after the year with a focus on certain infrastructures or specific modes of transport, e.

However, it has to be taken into account that the potential influence of the federal government with respect to the promotion of bicycle traffic is rather small. In addition to federal policy programs, some states published transport policy masterplans for their jurisdictions. This masterplan is based on several traffic forecasts and studies commissioned by the government. The key target is a sustainable transport development. However, due to the allocation of competencies, in several cases the state government could only announce that it will try to influence the federal government to take certain measures.

Since then, the prime minister as well as the minister for transport is a member of the green party. Whereas in , a rather strong intention to influence traffic developments and in particular to reduce transport activities and influence the modal split could be observed, a more pragmatic and industry oriented approach has been established by subsequent coalitions.

On the one hand, the different states and regions within the states compete for a high share in the overall budget with the exception of some projects which are not wanted by some stakeholders. On the other hand, the allocation of funds between the different modes of transport has been disputed.

In the s and s, no formal procedure for the allocation of federal funds existed. Members of parliament from different regions tried to influence the ministry, aiming at maximum investment within their respective electoral districts. In order to allocate the budget for transport infrastructure in a more efficient and transparent way, an intermodal investment masterplan for the federal transport infrastructure Bundesverkehrswegeplan - BVWP was introduced in the s [ 30 ].

This masterplan was updated several times. The following paragraphs focus on the development after German reunification in The basic idea of the federal transport infrastructure masterplan is to invest a predefined projected amount of money into the most beneficial projects. Based on project suggestions from the 16 states, railroad operators, and other stakeholders a cost benefit analysis CBA is conducted for potential projects, following a uniform approach for all modes of transport.

In addition to the CBA, in some areas supplementary studies have to be prepared, analyzing effects which are difficult to valuate e. In order to be included into the masterplan, the benefits of a project have to outweigh its costs.

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However, the masterplan is not simply composed of the projects with the highest relation between benefits and costs. First, from a political perspective it would not be feasible to only invest into infrastructure located in few states, even if this would be the most beneficial option for the entire economy. Second, the allocation of the budget onto the different modes of transport matters.

The first masterplan after German reunification dates from BVWP , basically including most of the large infrastructure projects which have been important for the economic recovery of Eastern Germany. In a new masterplan was enacted BVWP 11 , covering all planned investments until [ 11 ]. In March the government published a first draft of the updated masterplan. After a public consultation process, leading to some smaller changes, the government enacted the masterplan in August The timeframe of the new masterplan is Again, the methodology for the CBA has been updated [ 44 ], for a critical discussion see [ 39 ].

Before construction, all infrastructure projects have to be legally approved, including a comprehensive consultation and participation process. However, even for projects with a very high cost benefit ratio, difficulties in the planning process as well as legal controversies might significantly delay or even prevent the investment.

Anecdotal evidence exists for projects which are part of the federal investment program for several decades but construction has not even started. The masterplan itself does not provide funds, this is done by infrastructure investment decisions made by the parliament for roads usually the decision of the parliament covers a five years period. Infrastructure financing in Germany depends on the mode of transport. Apart from some pre-financing through Public-private-partnership models for a critical assessment see [ 19 ] , the entire federal road infrastructure is financed through the state budget.

The two sources for funding are tax revenues and the net revenues from the HGV user charge, the later being included into the state budget and earmarked for road infrastructure investment. Also inland waterways are entirely financed through the state budget with rather small revenues from user fees the river Rhine as the most important waterway in Germany is exempted from user fees since With respect to rail infrastructure, DB Netz AG collects user fees and is not only responsible for operation and maintenance of the federal railway network but also contributes to the financing of investment projects.

Therefore, total investment into the railway infrastructure exceeds the values shown in the state budget and the infrastructure investment masterplans. Past masterplans have been criticized in the literature — and also in the political debate — quite extensively.

States, as the planning authorities, might have an incentive to underestimate the assumed costs of a project in order to improve its chances to be included into the masterplan. Moreover, past masterplans did not consider inflation. Investment into the federal road infrastructure decreased since the year when increasing costs for construction are taken into account [ 6 ].

The only exception is the year when the government fought the recession by significantly increasing public investment. If investment into the federal road infrastructure is related to the German GDP, a very similar pattern arises. The highest percentage value can be observed in the year with a strong decrease in GDP and an increase in infrastructure investment whereas this indicator is decreasing after and shows a minimum in own calculations based on federal budget data and GDP data.

Moreover, past masterplans underestimated the requirements for replacements. Whereas new projects have been included into the masterplan and construction has been started, investment into replacements even stayed below the projected values again with the exception of the year — Source: [ 6 ].

As a consequence, large parts of the German federal roads require maintenance and replacement investments, this is of particular relevance for bridges, leading to a specific priority program for bridge maintenance and upgrading, set up by the ministry for transport. Whereas many transport economists as well as stakeholders from the industry criticize lacking funds for additional investment into the transport infrastructure, other transport economists as well as environmental action groups call for a fundamental adjustment of infrastructure masterplanning.

Additionally, more ambitious targets for changes in the modal split are advocated e. Compared to the previous masterplan, the share of planned investment into road infrastructure has been slightly reduced from The share of planned investment into rail infrastructure also decreased from Although the federal government is responsible for setting the regulatory framework for transport markets as well as for investment into large parts of the German transport infrastructure, there is limited influence of transport policy decision makers.


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This is due to the fact that European regulations as well as requirements from other parts of the government e. Moreover, the states have a strong influence at least regarding road infrastructure investment, and legal controversies provide additional obstacles. Although the priorities set by policy makers in published transport policy programs have changed, the effects on the overall traffic development remain rather limited.

In particular, a shift in the modal split towards more environmental friendly modes of transport, which was a key feature of the integrated transport policy program of the year , has not been achieved. Whereas the integrated transport policy program assumed increasing user costs for road traffic and decreasing user costs for rail traffic, the actual development was different. Moreover, subsequent programs, especially the action plan freight transport and logistics, have shown changing priorities.


Regarding the modal split, the new masterplan is characterized by a decreasing share of investment into the federal road infrastructure and an increasing share of replacement investment, thereby reducing the opportunities for a further expansion of the federal road network. While more regulated industries with high risk, such as pharmaceuticals and aircraft manufacturers, have already implemented some of these requirements, the large remainder of the economy should follow in its own interest: For example, also the manufacturing sector possibly depends on raw materials or resources over several levels of the value chain, which might become a systemic risk due to an uncertain supply in the future.

This also partly requires significant changes to operational product and transaction systems. Network structures are unproblematic and may even reduce risk as long as individual players do not achieve a dominant position. In certain areas of the financial services industry, however, individual actors have attracted so much business that they became indispensable for the stability of the network.

The failure of one actor leads to such high losses on the opposite sides that these too would tilt like dominoes.

3. Who Invests in Private Equity

The solution is to internalize such external effects which emanate from actors that are too big or too networked. This first requires modeling and quantifying the external effects that may become dangerous. On this basis, collaterals of each actor are to be determined in the financial services industry this may include capital needs, in the power grid these may be possible over- or undercapacities depending on the extent of potential damage, i. In addition it is possible to optimize a network: In the power grid, this is done by an already existing overarching control authority which is, however, not immune to systemic risk as described above.

In the financial sector a central counterparty should be established for CDS so that the collapse of a single actor can be buffered. The tasks of BISE can be derived inversely. First, complex models have to be implemented in the IT systems. This requires appropriate algorithms as well as the infrastructure for the procurement, management, and consolidation of extensive volumes of data.