Mit dem heute gestarteten Deutschlandfonds will die Bundesregierung mehr Investitionen in private Unternehmen mobilisieren. Die Koordination des Deutschlandfonds übernimmt die KfW. Es folgt dazu ein Statement von Marcel Fratzscher, Präsident des Deutschen Instituts für Wirtschaftsforschung (DIW Berlin):
Der Deutschlandfonds ist eine große Chance, die beabsichtigte Wirkung könnte aber verpuffen. Ähnlich wie beim Investitionsplan für Europa, dem sogenannten Juncker-Plan vor zehn Jahren, könnten die staatlichen Gelder hauptsächlich zu Mitnahmeeffekten führen. Dies wäre der Fall, wenn Unternehmen Projekte realisieren, die sie ohnehin umgesetzt hätten und Investoren lediglich Risiken auf den Staat abwälzen. Daher ist ein kluges, politisch unabhängiges Management der KfW so wichtig. Entscheidungen müssen strikt auf Qualität beruhen, nicht auf politischen Interessen.
Meine Sorge ist, dass der Deutschlandfonds zu unerwünschten Verteilungseffekten führt und primär alte, große (oder große mittelständische) Industrieunternehmen fördert und zu wenig junge, innovative KMU. Ein weiteres Risiko ist, dass Entscheidungen – wer gefördert wird und wer nicht – stark politisch beeinflusst werden und somit zur Klientelpolitik werden. Hier gibt es in den letzten Jahren genug Beispiele, und es besteht die Gefahr, dass die Politik diese Klientelpolitik fortsetzt und das Ziel nicht die wirtschaftliche Transformation und Erneuerung ist.
Der Deutschlandfonds dürfte zudem scheitern, wenn er nicht mit anderen Reformen einhergeht. Ohne große Reformen bei Steuern, Innovation, Regulierung und Sozialsystemen wird der Deutschlandfonds allein seine Ziele verfehlen. Der Deutschlandfonds darf nicht national, sondern muss europäisch gedacht und umgesetzt werden. Wir benötigen schnellen und großen Fortschritt bei der Kapitalmarktunion, der Vollendung des Binnenmarkts für alle Dienstleistungen sowie der Vollendung der Bankenunion.
Der Rat der Europäischen Zentralbank (EZB) hat in seiner heutigen Sitzung entschieden, den Leitzins unverändert zu belassen. Dazu eine Einschätzung von Marcel Fratzscher, Präsident des Deutschen Instituts für Wirtschaftsforschung (DIW Berlin):
Die EZB ist mit ihrer neuen Prognose wieder etwas optimistischer in Bezug auf die europäische Wirtschaft. Die Preisstabilität ist nach wie vor gewährleistet. Daher ist die Entscheidung, die Zinsen unverändert zu lassen, konsequent und logisch. Nicht nur die Inflationsrate ist stabil bei rund zwei Prozent, sondern auch die Kerninflation hat sich stabilisiert. Die EZB sieht in ihrer neuen Prognose einen leichten wirtschaftlichen Aufschwung für 2026, vor allem in Deutschland. Der Aufschwung ist jedoch schleppend und nach wie vor schwach.
Die wirtschaftlichen und finanziellen Risiken für 2026 dürften weiter zunehmen. Die Gefahr einer Eskalation geopolitischer und geoökonomischer Konflikte ist groß und steigt. Die EZB muss besser kommunizieren und signalisieren, dass sie bereit ist, schnell und entschieden zu handeln. Die Wahrscheinlichkeit ist groß, dass der nächste Zinsschritt der EZB eine Zinssenkung sein wird – als Antwort auf erneute negative Schocks für den Euroraum und die Weltwirtschaft.
Joyce Msuya (right at table), United Nations Assistant Secretary-General for Humanitarian Affairs and Deputy Emergency Relief Coordinator, briefs the Security Council meeting on the maintenance of peace and security of Ukraine. Credit: UN Photo/Manuel Elías
By Oritro Karim
UNITED NATIONS, Dec 18 2025 (IPS)
In recent weeks, the Russo-Ukrainian War has taken a considerable turn for the worse, with armed hostilities escalating in both frequency and intensity, causing extensive damage to civilian infrastructure and a significant loss of life across Ukraine. Attacks on energy infrastructures and the resulting power outages are forcing the most vulnerable civilians to deal with a “cold, frightening ordeal” in the winter season, warned the United Nations (UN) human rights chief.
“Nearly four years into Russia’s full-scale invasion of Ukraine, the plight of civilians has become even more unbearable,” said UN High Commissioner for Human Rights Volker Türk. “As peace negotiations continue, our monitoring and reporting show that the war is intensifying, causing more death, damage, and destruction…No part of the country is safe.”
According to figures from the United Nations (UN) Office of the High Commissioner for Human Rights (OHCHR), between January and November 2025, approximately 2,311 Ukrainians were killed as a direct result of war—a 26 percent increase compared to the same period in 2024 and a 70 percent increase from 2023. Turk noted that between December 2024 and November 2025, there was a significant increase in the average daily number of long-range drones used by the Russian Federation, particularly in densely-populated frontline and urban areas.
November was especially volatile, with at least 226 civilians killed and 952 injured—51 percent of which being caused by long-range missile strikes and loitering munitions from Russian armed forces. The vast majority of civilian casualties occurred in areas that were controlled by Ukraine, while roughly 60 percent were near the frontlines of the conflict. On November 18, a large-scale combined missile and drone attack killed at least 38 people in Ternopil, marking the deadliest strike in western Ukraine since the beginning of Russia’s full-scale invasion in February 2022.
Short-range drones, aerial bombardments, and other munitions used in frontline regions have caused extensive damage to residential districts, rendering entire neighborhoods uninhabitable and triggering significant new displacement. Hospitals and clinics in frontline regions have sustained significant damage, forcing some facilities to shut down entirely and severely straining the operations of those that remain. Persisting insecurity prevents ambulances from reaching injured persons, while aid workers risk their lives to assist.
Additionally, attacks on water and energy infrastructure continue across Ukraine, disrupting access to water, heating, and electricity for millions—often for extended periods of time. The Office for the Coordination of Humanitarian Affairs (OCHA) noted that new attacks in Ukraine over the weekend alone have left more than 1 million people without access to water, heating, and electricity, particularly across the country’s southern region.
The Odessa, Kherson, and Chernihiv regions have reported district-wide disruptions to electricity, water, and heating services, severely straining lifesaving operations. Meanwhile, the majority of food shops and pharmacies in frontline areas—particularly in the Donetsk, Kharkiv, and Sumy regions—have shut down. Some communities in these areas have also reported having no access to electricity for more than two years.
Residents in areas of Donetsk have also reported receiving poor-quality running water only once every few days, raising alarm among humanitarian groups given the close proximity of numerous abandoned mines and chemical plants, as well as the rapidly approaching winter season which is projected to exacerbate already dire living conditions.
According to World Vision (WV), Ukrainian children and families are expected to face the harshest winter since the wake of hostilities in 2022. Temperatures this season are projected to drop below –10°C, and repeated strikes on critical energy infrastructure have left children facing an average of 16-17 hours of power cuts each day. These prolonged outages deprive families of heat, electricity, water, and essential services at the coldest time of the year—exactly when they are needed most.
“In some areas, families go up to 36 hours without heating, electricity or water. This prolonged lack of basic services puts children’s health at serious risk, disrupts their education, and threatens their overall well-being,” said Arman Grigoryan, World Vision’s Ukraine Crisis Response Director. “Humanitarian support, including winter supplies, safe spaces, and psychosocial assistance, is urgently needed to protect them.”
World Vision noted that the harshest living conditions have been recorded in northern and eastern Ukraine, such as Chernihiv, Dnipro, Donetsk, Kharkiv, and Sumy. Additionally, education for children has been severely impacted, with roughly 40 percent of children studying through remote or blended learning due to power cuts making it increasingly difficult for schools and kindergartens to operate safely.
Living conditions are also especially dire for older persons and people with disabilities, many of whom are unable to leave their homes and lack access to appropriate transit services and suitable housing. Roughly 60 percent of civilian deaths in frontline areas have been individuals over the age of 60.
The UN and its partners have been working on the frontlines to assist in winterization efforts by providing emergency shelter and protection services. The United Nations High Commissioner for Refugees (UNHCR) has also been distributing cash assistance to vulnerable communities for winter-specific needs such as fuel and insulation.
UNHCR estimates that approximately 12.7 million people in Ukraine are in urgent need of humanitarian assistance and protection in 2025. However, due to repeated funding cuts, the 2025 Humanitarian Needs and Response Plan for Ukraine has been forced to prioritize support for only 4.8 million people— a notable decrease from the originally targeted 8 million. As conditions continue to deteriorate, the UN is urging for increased donor contributions and broader international support to meet growing humanitarian needs.
IPS UN Bureau Report
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