TY - CHAP A1 - Fredebeul-Krein, Markus T1 - Die Liberalisierung des deutschen Telekommunikationsmarktes: Vorbild für andere Sektoren? : Vortrag am Institut für Wirtschaftspolitik der Universität zu Köln, 3. November 2008, Köln N2 - Regulierung des deutschen Telekommunikationsmarktes Wettbewerb auf dem deutschen Telekommunikationsmarkt KW - Telekommunikationsmarkt KW - Telekommunikationsmarkt Y1 - 2008 ER - TY - CHAP A1 - Fredebeul-Krein, Markus T1 - Time for revision: The regulation of Germany's next generation networks in the light of new economic and technological challenges on telecom markets : Presentation for the 18th Biennial conference of the International Telecommunications Society, June 24–27, 2008 Montreal, Canada N2 - On 1st January 1998, the German telecom market was fully liberalised. Since then genuine competition between market participants has developed, based on a comprehensive legal and regulatory framework that provides for safeguards against unfair competition and market power by Deutsche Telekom. Today, about 10 years after the liberalisation of the telecommunications sector a revision of this regulatory approach has become necessary because at least on three dimensions the situation is quite different from the one 10 years ago: First, with numerous established alternative operators in the market monopolies have been successfully challenged and competition introduced. Second, not only is Cable TV becoming in large parts of Germany a viable alternative for the provision of broadband services but also mobile services are becoming increasingly a substitute for fixed services. Last but not least there are important technological changes under way, requiring huge investments in infrastructure upgrades for next generation networks. In the light of these new developments the question is to which extent the current regulatory approach of severe ex-ante regulatory intervention is still appropriate. Is any part of the network of the former incumbent still a bottleneck? A more light handed regulatory approach might be the right response to this new situation. The paper is organised as follows: The first section will briefly examine the economic rationale for regulating network access. Based on the assumption that regulation is always necessary when bottlenecks exist regulatory principles for an efficient network access regime will be derived. The second section compares the situation of the German market in early 1998 with the one of today. Thereby three dimensions will be considered: the degree of competition, the potential for substitution and technological developments. The third section will define some requirements for the future regulation of telecom markets. Proposals will be elaborated how to ensure competitive telecom markets in the light of new economic and technological challenges. KW - Telekommunikationsmarkt KW - Telekommunikationsmarkt Y1 - 2008 ER - TY - CHAP A1 - Fredebeul-Krein, Markus T1 - Encouraging competition and investment into next generation access networks: The case of long term risk sharing contracts N2 - Working paper distributed at 2nd Annual Next Generation Telecommunications Conference 2009, 13th – 14th October 2009, Brussels 14 pages Abstract Governments all over Europe are in the process of adopting new broadband strategies. The objective is to create modern telecommunications networks based on powerful broadband infrastructures". In doing so, they aim for innovative and investment-friendly concepts. For instance, in a recently published consultation paper on the subject the German regulator BNetzA declared that it will take “greater account of … reducing risks, securing the investment and innovation power, providing planning certainty and transparency – in order to support and advance broadband rollout in Germany”. It further states that when regulating wholesale rates it has to be ensured that “… adequate incentives for network rollout are provided on the one hand, while sustainable and fair competition is ensured on the other”. Also an EC draft recommendation on regulated network access is about to set new standards for the regulation of next generation access networks. According to the recommendation the prices of new assets shall be based on costs plus a projectspecific risk premium to be included in the costs of capital for the investment risk incurred by the operator. This approach has been criticised from various sides. In particular it has been questioned whether such an approach is adequate to meet the objectives of encouraging both competition and investment into next generation access networks. Against this background, the concept of “long term risk sharing contracts” has been proposed recently as an approach which does not only incorporate the various additional risks involved in the deployment of NGA infrastructure, but has several other advantages. This paper will demonstrate that the concept allows for competition to evolve at both the retail and wholesale level on fair, objective, non-discriminatory and transparent terms and conditions. Moreover, it ensures the highest possible investment incentive in line with socially desirable outcome. The paper is organised as follows: The next section will briefly outline the importance of encouraging competition and investment in an NGA-environment. The third section will specify the design of long term risk sharing contracts in view of achieving these objectives. The fourth section will examine potential problems associated with the concept. In doing so a way of how to deal with them will be elaborated. The last section will look at arguments against long term risk sharing contracts. It will be shown that these arguments are not strong enough to build a case against introducing such contracts. KW - Electronic Commerce KW - Breitband Markt KW - Regulierung KW - Internet KW - Bundesnetzagentur KW - broadband market KW - regulation KW - Internet KW - next generation access networks KW - risk sharing Y1 - 2009 ER - TY - CHAP A1 - Fredebeul-Krein, Markus A1 - Haunert, Martina T1 - Assessing the effectiveness of price cap regimes for the regulation of fixed telephony markets: has it been successful in achieving competition? : preliminary draft / by Markus Fredebeul-Krein and Martina Haunert. 19th European Regional ITS Conference of the International Telecommunications Society, September 17–19, 2008 Rome, Italy N2 - 1. Introduction 2. Tariff regulation, rebalancing and price caps 3. Price cap regimes in selected European countries 4. Has price cap regulation been successful? 5. Regulatory implications for other countries KW - Telekommunikationsmarkt KW - Telekommunikationsmarkt Y1 - 2008 ER - TY - CHAP A1 - Fredebeul-Krein, Markus T1 - Die globale Finanzkrise: Ursachen und Bewältigung : Vortrag an der Georg-Simon-Ohm-Schule Köln, 2. Dezember 2008, Köln N2 - - Wie kam es zu der globalen Finanzkrise? - Wodurch zeichnet sich die Finanzkrise aus? - Wer hat die Finanzkrise verschuldet? - Welche Rolle spielten Spekulanten? - Inwiefern ist die Finanzkrise selbstverschuldet? - Ist die Globalisierung Schuld an den Finanzkrisen in zahlreichen Regionen dieser Welt? - Wie wirkt sich die Finanzkrise auf die Realwirtschaft aus? - Welche Wege bieten sich, aus der Krise herauszukommen? KW - Finanzkrise KW - Finanzkrise Y1 - 2008 ER - TY - BOOK A1 - Fredebeul-Krein, Markus T1 - Veränderte Anforderungen an eine europäische Standardisierungspolitik in der Telekommunikation Y1 - 1996 N1 - IWP-Diskussionspapier ; 96,2 CY - Köln ER - TY - BOOK A1 - Fredebeul-Krein, Markus T1 - Marktzutrittsregulierungen im Handwerk und bei technischen Dienstleistungen : eine ökonomische Analyse / Markus Fredebeul-Krein ; Angela Schürfeld Y1 - 1998 SN - 3-933812-00-3 N1 - Untersuchungen zur Wirtschaftspolitik ; 112 PB - Inst. für Wirtschaftspolitik an der Univ. Köln CY - Köln ER - TY - BOOK A1 - Fredebeul-Krein, Markus T1 - Die Regulierungspolitik auf dem Markt für Telekommunikationsdienste : nationale Gestaltung und internationale Regeln Y1 - 2000 SN - 3-933812-05-4 N1 - Untersuchungen zur Wirtschaftspolitik ; 117 ; Zugl: Köln, Univ., Diss., 1999 PB - Inst. für Wirtschaftspolitik CY - Köln ER - TY - BOOK A1 - Fredebeul-Krein, Markus T1 - Die Internationalisierung der Märkte für Telekommunikationsdienste. IZ-Erhebung 1999 Y1 - 1999 PB - Institut für Wirtschaftspolitik an der Universität Köln CY - Köln ER - TY - JOUR A1 - Fredebeul-Krein, Markus T1 - The case for a more binding WTO agreement on regulatory principles in telecommunication markets JF - Telecommunications policy. vol. 23 (1999), H. afl. 9 Y1 - 1999 SN - 0308-5961 SP - 625 EP - 644 ER - TY - JOUR A1 - Fredebeul-Krein, Markus T1 - Handels- und industriepolitische Eingriffe in die europäische Filmwirtschaft : eine ökonomische Analyse JF - Zeitschrift für Wirtschaftspolitik. 48 (1999), H. 1 Y1 - 1999 SN - 0721-3808 SP - 105 EP - 128 ER - TY - JOUR A1 - Fredebeul-Krein, Markus T1 - Das Universaldienstkonzept der Europäischen Union in der Telekommunikation JF - Wirtschaftsdienst. 78 (1998), H. 8 Y1 - 1998 SN - 0043-6275 SP - 461 EP - 467 ER - TY - BOOK A1 - Fredebeul-Krein, Markus A1 - Donges, Jürgen A1 - Eckhoff, Johann A1 - Freytag, Andreas T1 - Die Rolle des Staates in der globalisierten Wirtschaft / Donges, Jürgen B., Eekhoff, Johann; Fredebeul-Krein, Markus [u.a.] Y1 - 1998 SN - 3-8282-0058-3 N1 - Schriften zur Wirtschaftspolitik; N.F. 6 PB - Lucius und Lucius CY - Stuttgart ER - TY - JOUR A1 - Fredebeul-Krein, Markus T1 - Nationale Dienstleistungsmärkte im globalen Wettbewerb : notwendige Regulierungsreformen am Beispiel der Telekommunikation JF - Die Rolle des Staates in einer globalisierten Wirtschaft / hrsg. von Juergen B. Donges ... Mit Beitr. von Barbara Dluhosch Y1 - 1998 PB - Lucius & Lucius CY - Stuttgart ER - TY - JOUR A1 - Fredebeul-Krein, Markus T1 - Die Deregulierung des deutschen Handwerks als ordnungspolitische Aufgabe JF - Ordo. 49 (1998) Y1 - 1998 SN - 0048-2129 SP - 515 EP - 540 ER - TY - JOUR A1 - Fredebeul-Krein, Markus T1 - Veränderte Anforderungen an eine europäische Standardisierungspolitik in der Telekommunikation JF - Zeitschrift für Wirtschaftspolitik. 46 (1997), H. 2 Y1 - 1997 SN - 0721-3808 SP - 140 EP - 166 ER - TY - JOUR A1 - Fredebeul-Krein, Markus T1 - Telecommunications and WTO discipline : an assessment of the WTO agreement on telecommunication services JF - Telecommunications policy. 21 (1997), H. 6 Y1 - 1997 SN - 0308-5961 SP - 477 EP - 491 ER - TY - JOUR A1 - Fredebeul-Krein, Markus A1 - Vogel, Erika T1 - Underground Storage Facilities in the German natural gas market: A need for access regulation to ensure competition? JF - Zeitschrift für Energiewirtschaft. 30 (2006), H. 4 Y1 - 2006 SN - 0343-5377 SP - 257 EP - 270 ER - TY - JOUR A1 - Fredebeul-Krein, Markus T1 - Adopting a coherent institutional framework for the Ukrainian telecom sector: Lessons to be learnt from European and German experience JF - Zerkalo Nedeli (2003) Y1 - 2003 N1 - (Ukrainian Journal) ER - TY - JOUR A1 - Fredebeul-Krein, Markus T1 - Regulating Prices of Unbundled Access to the Local Loop: A German Case Study JF - Telekomunikacja i techniki informacyjne (2002) Y1 - 2002 SN - 1640-1549 N1 - Telecommunications and Information Technologies SP - 10 EP - 18 ER - TY - JOUR A1 - Fredebeul-Krein, Markus A1 - Freytag, Andreas T1 - Wie umfassend ist die Liberalisierung der Märkte für Telekommunikationsdienste? : Eine kritische Bewertung des WTO-Abkommen. / Markus Fredebeul-Krein ; Andreas Freytag JF - Lernort Multimedia / hrsg. von Herbert Kubicek ... Y1 - 1998 SN - 3-7685-3297-6 N1 - Jahrbuch Telekommunikation und Gesellschaft ; 6. 1998 SP - 318 EP - 325 PB - v. Decker CY - Heidelberg ER - TY - JOUR A1 - Fredebeul-Krein, Markus A1 - Steingröver, Markus T1 - Next Generation Access Networks: Why is there a higher risk of investment and how to deal with it? JF - Wettbewerbsprobleme im Internet / Jörn Kruse ... (Hrsg.). Mit Beitr. von: Patrick F. E. Beschorner ... Y1 - 2009 SN - 978-3-8329-5024-8 N1 - Hamburger Forum Medienökonomie ; 9 SP - 83 EP - 102 PB - Nomos, Ed. Fischer CY - Baden-Baden ER - TY - JOUR A1 - Fredebeul-Krein, Markus T1 - Sollen die Studiengebühren wieder abgeschafft werden? JF - Bildungsgerechtigkeit in der Begabtenförderung : ein Widerspruch in sich? ; 1. Aufl. / Bartoldus, Beate [Hrsg.] Y1 - 2010 SN - 978-3-86872-423-3 PB - Friedrich-Ebert-Stiftung CY - Berlin ER - TY - JOUR A1 - Fredebeul-Krein, Markus A1 - Knoben, Werner T1 - Long term risk sharing contracts as an approach to establish public–private partnerships for investment into next generation access networks JF - Telecommunications Policy Y1 - 2010 SN - 0308-5961 VL - 34 IS - 9 SP - 528 EP - 539 ER - TY - JOUR A1 - Fredebeul-Krein, Markus T1 - Studiengebühren sind sozial gerecht JF - ÖkonomenBlog : Die Stimme der Ökonomischen Vernunft (2010) Y1 - 2010 N1 - [gesehen: 24.09.2010] ER - TY - JOUR A1 - Fredebeul-Krein, Markus T1 - Die Abschaffung der Studiengebühren ist der falsche Weg JF - Universität / Institut für Wirtschaftspolititk : Ordnungspolitischer Kommentar (2010) Y1 - 2010 N1 - vom 03.08.2010 ER - TY - JOUR A1 - Fredebeul-Krein, Markus T1 - Wirtschaftskrise : Staatliche Förderung von glasfaserbasierten Breitbandnetzen? JF - Wirtschaftsdienst. 90 (2010), H. 2 Y1 - 2010 SN - 0043-6275 SP - 113 EP - 117 ER - TY - CHAP A1 - Fredebeul-Krein, Markus A1 - Steingröver, Markus T1 - Wholesale Broadband Access to IPTV in an NGA environment : how to deal with it from a regulatory perspective? Y1 - 2012 N1 - Regional ITS Conference of the international Telecommunications Society , February 22-24, 2012 New Delhi, India SP - 1 EP - 16 ER - TY - CHAP A1 - Fredebeul-Krein, Markus A1 - Steingröver, Markus T1 - Enhancing broadband development and internet usages for improving networks and services in APEC member economies: Bridging the digital divide T2 - The 19th ITS Biennial Conference 2012 “Moving Forward with Future Technologies: Opening a Platform for All” 18 - 21 November 2012, Thailand Y1 - 2013 PB - ITS CY - Bangkok ER - TY - JOUR A1 - Kaltschmitt, Martin A1 - Thrän, Daniela A1 - Fredebeul-Krein, Markus A1 - Vogel, Erika A1 - Kalitzky, Thomas A1 - Ehrhart, Karl Martin A1 - Hoppe, Christian A1 - Seifert, Stefan A1 - Sijm, Jos A1 - Böhringer, Christoph A1 - Hoffmann, Tim A1 - Moslener, Ulf A1 - Sturm, Bodo A1 - Diekmann, Jochen A1 - Schleich, Joachim T1 - CO2-Emissionshandel JF - Zeitschrift für Energiewirtschaft Y1 - 2006 SN - 0343-5377 (Print) 1866-2765 (Online) VL - Vol. 30 IS - Iss. 4 SP - 271 EP - 314 ER - TY - BOOK A1 - Fredebeul-Krein, Markus A1 - Koch, Walter A. S. A1 - Kulessa, Margareta A1 - Sputek, Agnes T1 - Grundlagen der Wirtschaftspolitik Y1 - 2014 SN - 978-3-8252-8556-2 PB - UVK Verl.-Ges. CY - Konstanz [u.a.] ET - 4. Aufl. ER - TY - CHAP A1 - Fredebeul-Krein, Markus T1 - Developing competitive broadband markets: Lessons learnt from German and European regulatory approaches on broad-band access N2 - A key feature of future broadband markets will be diversity of access technologies, meaning that numerous technologies will be exploited for broadband communication. Various factors will affect the success of these future broadband markets, the regulatory policy being one amongst others. So far, a coherent regulatory approach does not exist as to broadband markets. First results of policies so far suggest that less sector-specific regulation is likely to occur. Instead, regulators must ensure that access to networks and services of potentially dominant providers in a relevant broadband market will satisfy requirements for openness and non-discrimination. In this environment the future challenge of regulationg broadband markets will be to set the right incentives for investment into new infrastructures. This paper examines whether there is a need for the regulation of future broadband access markets an if yes, what is the appropriate regulatory tool to do so. Thereby the focus is on the analysis of European broadband markets and the regulatory approaches applied. The first section provides a description of the characteristics of future broadband markets. The second section discusses possible bottlenecks on broadband markets an their regulatory implications. The third section will examine regulatory issues concerning access to broadband networks in more detail. This will be done by comparing the regulatory approaches of European countries and the results in terms of bradband penetration. The final section will give key recommendations for a regulatory strategy on brandband access markets. KW - Telekommunikationsmarkt KW - Telekommunikationsmarkt Y1 - 2006 N1 - paper presented at 16th Biennial conference of the International Telecommunications Society. Information Communication Technology: Opportunities and Challenges for Telecommunications. June 12-16, 2006 Beijing, China. ER - TY - CHAP A1 - Fredebeul-Krein, Markus T1 - 10 years of liberalised telecom markets in Germany: Assessing the degree of competition on the markets for voice telephony N2 - Market data for the German telecom market shows that Deutsche Telekom as the former incumbent is constantly loosing shares on all arkets for voice telephony: the market for local calls, the market for long-distance calls and the market for international calls. At the same time prices decline steadily with the latest trend being that operators offer voice services free of charge, the costs of which are covered by a monthly subscription charge. Against this background the paper examines the state of policy and regulatory reform in the telecommunications sector in Germany almost 10 years after the liberalisation of the fixed telecommunications market. Thereby the focus is on the analysis of the competitive conditions that have been established on the German market for voice telephony services. If these retail markets are competitive, there might be a need to remove remaining regulatory provisions. In the new environment of converging markets the future challenge of regulating fixed telecom markets might be to ensure that access to the network and/or services of a potentially dominant provider in a relevant market will satisfy requirements for openness and non-discrimination. KW - Telekommunikationsmarkt KW - Telekommunikationsmarkt Y1 - 2007 N1 - paper presented at 18th European Regional ITS Conference of the International Telecommunications Society, September 2-4, 2007 Istanbul, Turkey ER - TY - CHAP A1 - Fredebeul-Krein, Markus T1 - 10 Jahre Wettbewerb auf dem deutschen Telekommunikationsmarkt: Zeit für einen Paradigmenwechsel in der Regulierung? N2 - 1. Ein Referenzrahmen für die Wettbewerbsanalyse 2. Regulierung des deutschen Marktes für Sprachtelefondienste 3. Wettbewerb auf dem deutschen Markt für Sprachtelefondienste 4. Die Telekommunikationsregulierung vor einem Paradigmenwechsel KW - Telekommunikationsmarkt KW - Telekommunikationsmarkt Y1 - 2007 N1 - Vortrag auf dem TEC ER - TY - JOUR A1 - Fredebeul-Krein, Markus T1 - TTIP : warum ein Investitionsschutzabkommen wünschenswert ist JF - Ordnungspolitischer Kommentar / Institut für Wirtschaftspolitik an der Universität zu Köln Y1 - 2015 IS - 02 SP - 1 EP - 2 ER - TY - JOUR A1 - Fredebeul-Krein, Markus T1 - Ziele der Sozial- und Verteilungspolitik JF - Das Wirtschaftsstudium : wisu ; Zeitschrift für Ausbildung, Prüfung, Berufseinstieg und Fortbildung Y1 - 2014 SN - 0340-3084 VL - 43 IS - 7 SP - 907 EP - 912 PB - Lange CY - Düsseldorf ER - TY - JOUR A1 - Fredebeul-Krein, Markus A1 - Steingröver, Markus T1 - Wholesale broadband access to IPTV in an NGA environment : how to deal with it from a regulatory perspective? JF - Telecommunications Policy Y1 - 2014 U6 - http://dx.doi.org/doi:10.1016/j.telpol.2013.04.002 SN - 0308-5961 (Print) SN - 1879-3258 (Online) VL - 38 IS - 3 SP - 264 EP - 277 PB - Elsevier CY - Amsterdam ER - TY - JOUR A1 - Fredebeul-Krein, Markus T1 - Volkswirtschaftslehre : Die Klausur JF - Das Wirtschaftsstudium : wisu ; Zeitschrift für Ausbildung, Prüfung, Berufseinstieg und Fortbildung Y1 - 2015 SN - 0340-3084 VL - 45 IS - 11 SP - 1253 EP - 1255 PB - Lange CY - Düsseldorf ER - TY - JOUR A1 - Fredebeul-Krein, Markus T1 - Wettbewerbspolitische Leitbilder JF - Das Wirtschaftsstudium : wisu ; Zeitschrift für Ausbildung, Examen, Berufseinstieg und Fortbildung Y1 - 2015 SN - 0340-3084 VL - 45 IS - 4 SP - 483 EP - 486 PB - Lange CY - Düsseldorf ER - TY - JOUR A1 - Fredebeul-Krein, Markus T1 - Warum staatliche Kaufprämien für Elektroautos abzulehnen sind JF - Wirtschaftliche Freiheit : das ordnungspolitische Journal N2 - Im Jahr 2015 wurden in Deutschland über drei Millionen Benzinautos und lediglich 12.363 Elektroautos neu zugelassen. Das ursprünglich von der Bundesregierung vorgegebene Ziel, dass bis 2020 eine Million E-Autos auf deutschen Straßen fahren (und bis 2030 sechs Millionen), rückt damit in immer weitere Ferne. Um das Ziel dennoch zu erreichen, plant die Bundesregierung nun eine staatli­che Prämie für den Kauf von Elektroautos: Umwelt-, Verkehrs- und Wirtschaftsministerium haben gemeinsam ein Konzept entworfen, dem zufolge private Käufer zukünftig einen Zuschuss von 5.000 Euro beim Erwerb eines Elektroautos bekommen sollen. 40 Prozent dieses Zuschusses soll von den Autoherstellern getragen werden. Das Programm, das weitere ausgabenwirksame öffentli­che Maßnahmen vorsieht, würde Kosten in Milliarden­höhe verursachen. Die beabsichtigte Subventionierung wirft die Frage auf, ob diese wirtschaftlich sinnvoll sind. Y1 - 2016 N1 - Hinweis: Dieser Text ist zugleich als Ausgabe Nr. 04/2016 der Reihe Ordnungspolitischer Kommentar des Instituts für Wirtschaftspolitik an der Universität zu Köln und des Otto-Wolff-Instituts für Wirtschaftsordnung erschienen. VL - 2016 IS - 4 PB - Alexander B. Brunner CY - Würzburg ER - TY - CHAP A1 - Fredebeul-Krein, Markus T1 - Towards trade facilitation via regulatory convergence: An analysis of the TTIP chapter on Electronic Communications T2 - Regional ITS Conference of the International Telecommunications Society. Cambridge, United Kingdom, 7-9 September 2016 N2 - To give the exchange of goods and services between the European Union (EU) and the United States (U.S.) new momentum the two parties are currently negotiating the transatlantic free trade agreement Transatlantic Trade and Investment Partnership (TTIP). The aim is to create the largest free trade area in the world. The agreement, once entered into force, will oblige EU countries and the U.S. to further liberalize their markets. The negotiations on TTIP include a chapter on Electronic Communications/ Telecommunications. The challenge therein will be securing commitments for market access to Electronic Communications services. At the same time, these commitments must reflect the legitimate need for consumer protection issues. The need to reduce Electronic Communications-related non-tariff barriers to trade between the Parties is due to the fact that these markets are heavily regulated. Without transnational rules as to regulations national governments can abuse these regulations to deter the market entry by new (foreign) suppliers. Thus the free trade agreement TTIP affects in many respects regulatory provisions on and access to Electronic Communications markets. The objective of this paper is therefore to examine to what extend the regulatory principles for Electronic Communications markets envisaged under TTIP will result in trade facilitation and regulatory convergence between the EU and the U.S. As to this question the result of the analysis is that the chapter on Electronic Communications will be an important step towards facilitating trade in Electronic Communications services. At the same time some regulatory convergence will take place, but this convergence will not lead to a (full) harmonization of regulations. Rather the norm, also after TTIP negotiations will have been concluded successfully, will be mutual recognition of different regulatory regimes. Different regulations being the optimal policy response in different market settings will continue to exist. Moreover, it is very unlikely that such regulatory principles for the Electronic Communications sector are a vehicle for a race to the bottom in levels of consumer protection. KW - regulation KW - liberalisation KW - electronic communications markets KW - TTIP Y1 - 2016 ER -