Handelsblatt - 02.09.2019

(Barré) #1
Wirtschaft & Politik
MITTWOCH, 2. OKTOBER 2019, NR. 190
13

ȃȒȌ ȎȢȡȢȞȌ Ȕȟ ȌȦȉȔȡȔȘȑȝ


ȐȖȒȔȪȡ


ȄȚȊȆȎȚȘȌ ǼȗȈǽǻȌȞȊȔȘȆȘȊȓȞȆȢȘȓȁȖȆȡȨ țȐȩȏȐș ǹȣȟȟȌȖȊȚȞȎ

ȩȟȔȒȗȟȞȖȠȔȖȤȞȖȦȫ





 
 

   


  
  



ȊȜȖ ȐțȍȞȞȟȩȒȦȜȟȞ


ȗȨȢȣ ȑȦȒȔȜȟȞ


ȅȢȟȆȗȗȌȘ ȗȔȡ ȊȌȞ ǹǻǿ ȈȞȔȘȑȌȘ
ȥȔȞ ȘȆȖȧȟȌȘ ȢȘȊ ȂȡȆȡȔȟȡȔȕȌȘ
ȜȌȞ ȜȜ ȖȔȤȌ ȔȘȟ ȂȡȆȊȔȚȘ ȍ ȗȔȡ ȀȚȈȔȖȌ
ǺȊȑȌ ȚȗȜȢȡȔȘȑ ȟȚȥȔȌ ȒȚȒȌȘ
ȆȘȊȈȞȌȔȡȌȘ ȢȘȊ ǾȆȜȆȨȔȡȇȡȌȘȝ ȂȚ
ȗȆȉȒȌȘ ȥȔȞ ȊȔȌ ǻȆȘȟ ȔȘ ǺȉȒȡȨȌȔȡ
ȨȢ ǺȦȜȌȞȡȌȘ ȢȘȊ ȈȞȔȘȑȌȘ ȟȔȌ ȘȚȉȒ
ȊȔȉȒȡȌȞ ȆȘȟ ȂȜȔȌȖȑȌȟȉȒȌȒȌȘȝ

ȏȜȦȘȌȋȧȚȓȒȝȝ


ȜȞ ȖȜȞȖȢ ȞȖȧȖȞ


ȎȜșȒ ȖȢȝȖȓȖȞ


 dzǻǫǯǭǫ

ȓȔȓ


ȚțȩȖȥȤȘȬȩ
Ȉȓȧ ȭȤȠȠȞț ȢȘȫȘ ȐȪȓȖȞȣȢȘȦȠȘȔȢȞȧ

Ȓ


ȏȄ ǬȩȌǾǼȒȒȈǼȔȢȏȓǶȦǼȂȏȖȔȍǼȒȦȄȔȂȏȄ
DZȩȈȦ ǼȔȜǪȄȡǶȦȪȡȓȄȡ ȢșȡȏȔȦȄȦ ǼȩȈ
ȂȄȔǶȦȡǼȈȡǼȩȓȮȩȁǶǿȍȩȢȢȁǷȖȖȖȖȖȡȇ
ǺǽȍȡȄȔȂ ȂȏȄ ȄȏȔȄȔǬǼȔȢ ȔȖǿȍ ȐȩȎ
ǾȄȒȔȁȬȏȢȢȄȔ ȂȏȄ ǼȔȂȄȡȄȔ ȒǽȔȋȢȦ ȓȄȍȡȀȬȏȄ
ȢǿȍȔȄȒȒȂȄȡǷȖȡȢǿȍȪȦȮȄȬǼȡȁȬȏȄȫȏȄȒȄǷȖȡȢǿȍȪȢȎ
ȢȄ Ȅȡ ȢǿȍȖȔ ȩȔȦȄȡȔȖȓȓȄȔ ȍǼȦ ȖȂȄȡȬȏȄȬȄȏȦ
ȢȄȏȔǭȄȋȄȔȢșȏȄȒȄȡ ǾȄȡȄȏȦȢȪǾȄȡ ȂȄȔǴȒǼȦȮȋȄȎ
ȒǼȩȈȄȔ ȏȢȦȜ
ǪȏȄȢȄǬǼȔȢ ȍǼǾȄȔ ȄȏȔȄ ȔȄȩȄǫǿȍȦȮȄȏȦȎșș
ǼȩȈ ȏȍȡȄȓǶȓǼȡȦșȍȖȔȄȜ ǺȄȔȔ ȢȏȄ ȂȏȄǰǼȓȄȡǼ
ȂȄȢǭȄȡǽȦȢǼȩȈȂǼȢȒǼȩȈȄȔȂȄǶșȏȄȒȡȏǿȍȦȄȔȁȒȄȋȦ
ȩȋȓȄȔȦȄȂǵȄǼȒȏȦȭȂȏȄȋȄȬȪȔȢǿȍȦȄȔǯȔȈȖȡȓǼȎ
ȦȏȖȔȄȔȪǾȄȡ ȂǼȢDZȏȫȄȎȏȒȂȜǪȄȡǬǼȔ ȢȏȄȍȦǶșȏȄȒ
ȩȔȂDZȏȫȄȎǭȡǼȈȏȑȄȔ șǼȡǼȒȒȄȒ ȩȔȂȫȄȡȮȗȋȄȡȩȔȋȢȎ
ȈȡȄȏ ȖȂȄȡ ȑǼȔȔ ȢȏǿȍȫȖȔ ȏȍȓ ǼȩȢȋȄȬǽȍȒȦȄǶȦǼȎ
ȦȏȢȦȏȑȄȔ ǼȔȢǿȍǼȩȄȔȜ

ȞȔ ȩșȠȗȝȝȫ ȩȫȗȨȢȜȕȥȝȨȗȩȫȨȬȢȫȬȨȝȭȨȣȬȘȩ
ȬȥȚȓȗȥȩ

ǫǿȍȦȮȄȏȦȎȔǼȒȭȢȄ ȢȦǼȦȦȫȄȡȮȗȋȄȡȦȄȡ ǻȄȏȦȒȩșȄ
ȄȡȢȦ ȏȓǷǷ ȔǼǿȍ ȂȄȓǶșȏȄȒȜ Ȅȏȓ ȩȔȂȄȢȒȏȋǼȎ
ȢșȏȄȒ ȏȔ ȂȄȡ ȡȄȔǼ ȂȄȢ ǹȈDZǺȖȒȈȢǾȩȡȋȋȄȋȄȔ
ǮȖȈȈȄȔȍȄȏȓȋȏȔȋȂȏȄ șș Ǽȓ ȨȧȜǶȄșȦȄȓǾȄȡ
ȏȔ ȂȄȔǷȄȢȦǾȄȦȡȏȄǾȜ ǻȩȓ ȩȈȦǼȑȦ ȏȔ ȂȏȄǶǼȏȢȖȔ
ȨȯȘȕȤȨȯȨȯȢȦǼȡȦȄȦȄȔ ȂȄȡǷȄȒȄȑȖȓȓȩȔȏȑǼȦȏȎ
ȖȔȢȑȖȔȮȄȡȔ ǹȖȂǼȈȖȔȄ ȩȔȂ ȂȄȡDZȏȋǼȫȄȡǾǼȔȂ
ǪǬDZȂȖȡȦ ȏȍȡȄȮȬȄȏȐǽȍȡȏȋȄȉǭȎǰȖȖșȄȡǼȦȏȖȔȜ
ȝǪǼȦȄȔ ȩȔȂ ȔǼȒȭȢȄȔȬȄȡȂȄȔ ȈȪȡȫȏȄȒȄǬǼȔȢ

ȏȓȓȄȡȬȏǿȍȦȏȋȄȡȞȁȢǼȋȦǹȖȂǼȈȖȔȄȎȍȄȈǮǼȔȔȄȢ
ȓȄȦȢȡȄȏȦȄȡȜ ȝǺȏȡ ǾȡȏȔȋȄȔ ȈȪȡ ȢȏȄ ȐȄȦȮȦȮȬȄȏ
ǺȄȒȦȄȔȮȩȢǼȓȓȄȔȀ ȂȏȄǫȓȖȦȏȖȔȄȔ ǼȩȢ ȂȄȓ
ǶȦǼȂȏȖȔ ȩȔȂ ȂȏȄǯȔȈȖȡȓǼȦȏȖȔȄȔ ǼȩȢ ȂȄȡ ȂȏȋȏȦǼȎ
ȒȄȔ ǺȄȒȦȜǸȔȢȄȡȄǴǼȡȦȔȄȡȢǿȍǼȈȦ ȓȏȦ ȂȄȡǪǬDZȏȢȦ
ȂȄȡ ȔșȈȏȈȈ ȈȪȡȉǭȏȔ ȂȄȡ ȩȔȂȄȢȒȏȋǼȜDzȏȦ ȂȄȡ
ȔȄȩȄȔDzȖǾȏȒȈȩȔȑȎǷȄǿȍȔȖȒȖȋȏȄ ǾȡȏȔȋȄȔȬȏȡ
ǫǿȍȦȮȄȏȦȎǯȔȈȖȡȓǼȦȏȖȔȄȔ ǼȩȈ ȂȏȄǷȡȏǾȪȔȄ ȩȔȂ
ȄȡȍȗȍȄȔ ȂȏȄdzȄȦȮȑǼșǼȮȏȦǽȦȄȔ ȈȪȡ ȂȏȄǬǼȔȢ ȏȓ
ǶȦǼȂȏȖȔȜȞ
ǪȏȄȑȖȓȓȦȋȄȔǼȩȡȏǿȍȦȏȋȀǪȏȄȩȔȂȄȢȒȏȋǼȏȢȦ
ȓȏȦȂȩȡǿȍȢǿȍȔȏȦȦȒȏǿȍȈǼȢȦȊȧȜȯȯȯǬǼȔȢșȡȖǶșȏȄȒ
ȄȏȔǻȩȢǿȍǼȩȄȡȓǼȋȔȄȦȜȄȏǶșȏȦȮȄȔȢșȏȄȒȄȔȡǼȩȎ
ȢǿȍȄȔ ȏȓǶȦǼȂȏȖȔ ǾȏȢȮȩȉȯȯ ǭȏȋǼǾȭȦȄǪǼȦȄȔ

Ȃȩȡǿȍ ȂǼȢ ǹȖȂǼȈȖȔȄȎdzȄȦȮȜǷȄȔȂȄȔȮȢȦȄȏȋȄȔȂȀ
ȒȒȄȏȔ ȨȯȘȅ ȢȦȏȄȋȂȏȄȢȄȡ ǺȄȡȦ ȩȓ ȡȩȔȂ ȉȯǴȡȖȎ
ȮȄȔȦȜǭȄȔǼȩȢȖ ȡǼȢǼȔȦȬǼǿȍȢȄȔ Ǽȩǿȍ ȂȏȄǮȄȎ
ȡǼȩȢȈȖȡȂȄȡȩȔȋȄȔ ǼȔ ȂȏȄDzȖǾȏȒȈȩȔȑȎdzȄȦȮȄȜǪȏȄ
DZȗȢȩȔȋȏȢȦȂȄȡȔȄȩȄǰȖȓȓȩȔȏȑǼȦȏȖȔȢȢȦǼȔȂǼȡȂ
ȉǭȜ ȏȢȮȩȉȯȜȯȯȯ ǭȄȡǽȦȄ ȒǼȢȢȄȔ Ȣȏǿȍ ȢȖ ǼȩȈ
ȄȔȋȢȦȄȓǵǼȩȓȫȄȡȔȄȦȮȄȔȆȄȋǼȒȁȖǾȏȓǶȦǼȂȦȎ
ȫȄȡȑȄȍȡȁ ȏȔ ȄȏȔȄȓǶȦǼȂȏȖȔ ȖȂȄȡ ǼȩȈ ȂȄȓDZǼȔȂȜ

ȖȧȡȜȣȡȥȝȦȨȤȗȫȡȦȥȜȥȘȣȡȫȯȩșȠȥȜȣȣȮȜȨȝȭȟȘȗȨ
ǪȏȄǵȄǼȑȦȏȖȔȢȋȄȢǿȍȬȏȔȂȏȋȑȄȏȦȫȖȔ ȉǭȏȢȦ ȢȖ
ȍȖǿȍȬȏȄ ǾȄȏȓ ȓȄȔȢǿȍȒȏǿȍȄȔdzȄȡȫȄȔȢȭȢȦȄȓȁ
ȄȢȋȄȍȦ Ȕȩȡ ȔȖǿȍ ȩȓȬȄȔȏȋȄDzȏȒȒȏȢȄȑȩȔȂȄȔȜ
ǪȄȡǪǼȦȄȔȈȒȩȢȢ ȏȢȦ ȄǾȄȔȈǼȒȒȢ ȄȔȖȡȓȀ ȏȢȮȩ

ȘǭȏȋǼǾȏȦǪǼȦȄȔ șȡȖǶȄȑȩȔȂȄ ȑȗȔȔȄȔ ȂǼȔȑ
ȍȖȍȄȡǰǼșǼȮȏȦǽȦȪǾȄȡȦȡǼȋȄȔȬȄȡȂȄȔȜ
ǪȄȔǬȩȌǾǼȒȒȈǼȔȢ ǾȡȏȔȋȦȉǭȓȄȍȡǯȔȈȖȡȓǼȦȏȎ
ȖȔȄȔ ȏȔ ȑȪȡȮȄȢȦȄȡ ǻȄȏȦȜǶȖ ȒǼȢȢȄȔ ȢȏǿȍȮȩȓ
ȄȏȢșȏȄȒ ȂȏȄ ȄȦȬǼ ȘȜȣȯȯ ǶșȏȄȒȎǫȡȄȏȋȔȏȢȢȄ ȩȔȂ
ȧȁȣDzȏȒȒȏȖȔȄȔǴȖȢȏȦȏȖȔȢșȩȔȑȦȄȁ ȂȏȄ ȂȏȄǪǬDZǾȄȏ
ȄȏȔȄȓ ȩȔȂȄȢȒȏȋǼȢșȏȄȒ ȄȡȍȄǾȦȁ ȏȔDzȏȒȒȏȢȄȑȩȔȎ
ȂȄȔȢǿȍȔȄȒȒȄȮȩȡ ǹȄȡȈȪȋȩȔȋȢȦȄȒȒȄȔȜDzȗȋȒȏǿȍ
ȬȏȡȂ ȂǼȢ Ȃȩȡǿȍ ȂǼȢ ȢȖȋȄȔǼȔȔȦȄDzȖǾȏȒȄǫȂȋȄ
ȖȓșȩȦȏȔȋȚDzǫțȁ ǾȄȏ ȂȄȓ ȂȏȄǪǼȦȄȔȁ ȂȏȄ ȂǼȢ
ǶȓǼȡȦșȍȖȔȄȒȖȢȢǿȍȏǿȑȦȁȏȔȑȒȄȏȔȄȔǵȄǿȍȄȔȮȄȔȎ
ȦȡȄȔ ȏȔ ȂȄȡdzǽȍȄȫȖȔDzȖǾȏȒȈȩȔȑȢȦǼȦȏȖȔȄȔ ǼȔȎ
ȢȦǼȦȦȏȔȋȡȖȌȄȔǵȄǿȍȄȔȮȄȔȦȡȄȔȍȩȔȂȄȡȦȄǰȏȒȖȎ
ȓȄȦȄȡ ȄȔȦȈȄȡȔȦȫȄȡǼȡǾȄȏȦȄȦȬȄȡȂȄȔȜ
ǻȩȓǶȦǼȡȦ ȂȄȢǴȏȒȖȦȄȔȮȄȏȋȦ ȂȏȄ șș ȔǼȍȄȮȩ
ȏȔǫǿȍȦȮȄȏȦǭȄȢǿȍȬȏȔȂȏȋȑȄȏȦȁǷȖȡȢǿȍȪȢȢȄȁǴǽȢȢȄ
ȩȔȂȋȄȒǼȩȈȄȔȄǪȏȢȦǼȔȮȄȔ ǼȔȜ ǺȄȏȦȄȡȄ ȩȢȬȄȡȎ
ȦȩȔȋȄȔ ȢȖȒȒȄȔ ȈȖȒȋȄȔȜǫȏȔȄǪǼȦȄȔȈȒȩȦ ǼȒȒȄȏȔ
ȬȪȡȂȄǪǬDZȎǭȄȢǿȍǽȈȦȢȈȪȍȡȄȡ ȍȡȏȢȦȏǼȔǶȄȏȈȄȡȦ
ǼǾȄȡ ȔȏǿȍȦ ȡȄȏǿȍȄȔȀ ȝǷȄǿȍȔȖȒȖȋȏȄȔ ȢȏȔȂ Ȕȩȡ ȢȖ
ȋȩȦȬȏȄ ȂȏȄ ȔȬȄȔȂȩȔȋȢȓȗȋȒȏǿȍȑȄȏȦȄȔȁ ȂȏȄ
ȂǼȡǼȩȢȄȔȦȢȦȄȍȄȔȜȞDzȏȦȢȄȏȔȄȡȉǭȎǯȔȈȡǼȢȦȡȩȑȦȩȡ
ȒȏȄȈȄȡȦǹȖȂǼȈȖȔȄȄȏȔȄȔȬȏǿȍȦȏȋȄȔǼȩȢȦȄȏȔȂǼȎ
ȈȪȡȁ ȂȄȔ ǻȩȢǿȍǼȩȄȡȔ ȏȓǶȦǼȂȏȖȔ ȩȔȂȫȖȡ ȂȄȔ
ȏȒȂȢǿȍȏȡȓȄȔ ȄȏȔ ȔȄȩȄȢǶșȏȄȒȄȡȒȄǾȔȏȢȮȩȄȡȎ
ȓȗȋȒȏǿȍȄȔȜ

ȝȓșȨȡȤȞȬȚȘȩȕȡȮțȠȗȦȥȨȬțȨȢțșȤȡȩȘȭȜțȡȤȤțȭțȩȕțȮțȢȧȈȞȘșȬȢșȪȘ ȏȣȔȞȠșȫȢȟȝȋȘȢȘȦȓȪȞȣȢ
ȭȘȦȘȞȢȪ șȬȦ ȊȫȜȔȓȠȠșȓȢȧ Ȟȡ ȐȪȓȖȞȣȢ ȯȮȘȞ ȒȘȠȪȘȢȕ Ȗȓȧ ȘȡȣȪȞȣȢȓȠȘ ȎȞȭȘȝȉȦȠȘȔȢȞȧ ȫȢȖ ȖȘȢ ȖȞțȞȪȓȠȘȢ
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