N. Berk CetinkayaN. Berk Cetinkaya

POLICY BRIEF · LMU MUNICH · FEB – MAR 2026

Beyond the Interest Barrier — the HBPS framework

Why Europe needs one thin-cap rule instead of many.

Multinationals increasingly shift profits through intra-group debt. Germany's interest barrier (Zinsschranke) cut debt ratios, but going it alone made real investment more sensitive to tax and pushed mobile capital towards laxer neighbours. This brief proposes a Harmonized Base-Protection Standard (HBPS): a uniform 30% EBITDA cap on interest deductibility across the EU, no intra-EU exemptions, and alignment with the OECD BEPS Action Plan.

Science-communication project, Topics in Applied Economics, LMU Munich.

PRODUCT · GAMIFIED PRODUCTIVITY

Competitive Peak

One score for your mental and physical effort.

Turns study, reading and workout sessions into points, so everything you put in adds up to one simple metric. A clear, all-in-one view of daily progress — with a competitive edge.

AUTOMATION · ONGOING

Workflows & chatflows

Automations that run in the cloud — or entirely on my own machine.

A growing set of workflows and chatflows built with n8n and Dify. Some run in the cloud; others are fully local, down to every AI node running on Ollama. They support my learning and keep track of financial data. More to come.

• n8n
• Dify
• Ollama
• local LLMs