Banking union's "single supervisor" agreed, but the details are sketchy - the goals of the rest of this week's summitteering were downsized from the earlier eurocrats' plans.
Previously on MoreLiver’s:
Roundups &
Commentary
US Opening
News And Market Re-Cap – Ransquawk / ZH
Frontrunning – ZH
Overnight: The Printer Is Now In Draghi's Court – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Today’s front pages – presseurop
Daily press summary – Open Europe
Morning MarketBeat: Fed Punch Bowl Flowing Strong – WSJ
Broker Note Briefing – WSJ
Foreign Exchange Frustrates – Marc
to Market
US session ahead
Pre-market
Commentary – Marketwatch
Pre-Market
Trading – CNNMoney
Pre-Market
– NASDAQ
Earnings
& Events – The
Street
MarketCurrents
– Seeking
Alpha
Reference
Debt crisis
live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
Economic
Calendar – Forexpros
EUROPE
Crisis in Euroland:
Year in Review – CFR
Carney differs from
Bank of England orthodoxy – Gavyn
Davies / FT
'Disappointment' for those expecting ambitious
EU summit – euobserver
EU leaders
will gather in Brussels Thursday and Friday but as market pressure has
waned so too have member states' ambitions.
Spain will soon intensify pension
reforms, possibly accelerating an increase in the retirement age and
restricting index-linking of pension payouts to meet European Union demands to
fix the country's troubled public finances, Spanish officials said.
EU approves budget for 2013, more money for
2012 – Reuters
EU
lawmakers gave final approval on Wednesday for a European Union budget of
nearly 133 billion euros ($172 billion) for 2013, removing some uncertainty
around the bloc's future funding after talks on spending for 2014-2020 broke
down.
Statistics Pocket Book, December 2012 – ECB (pdf)
Monthly Bulletin, December 2012 – ECB (pdf)
BANKING
UNION
Banking deal boosts EU leaders in fighting
crisis – Reuters
The EU
reached a landmark deal on Thursday to make the ECB the bloc's top banking
supervisor, giving EU leaders greater confidence that they are gaining the
upper hand over the euro zone's debt crisis.
Europe deepens union with ECB as chief bank
watchdog – Reuters
Europe clinched a deal on Thursday to give
the ECB new powers to supervise euro zone banks from 2014, embarking on the
first step in a new phase of closer integration to help underpin the euro.
Ministers agree deal on EU banking union – euobserver
EU
ministers have agreed a landmark deal making the ECB into the single supervisor
of the European banking sector.
ECB's Chinese wall still full of holes? – Open
Europe
The sticks and carrots of a banking union – alphaville
/ FT
UNITED STATES
Fed to create more
volatility? Q&A on the new rate guidance – Nordea (pdf)
The Fed’s shift to an outcome-based forward guidance
for the funds rate will only strengthen markets’ response to data releases,
specifically the employment report. Considering the volatility in the jobs
data, this could easily lead to big market swings going forward.
More Of The Same... With "Thresholds" – The
Capital Spectator
Bernanke Wields New Tools to Reduce
Unemployment Rate –
BB
OTHER
Morning Briefing (EU/US): The Emperor’s clothes – BNY
Mellon
Implicit criticism of ‘plain vanilla’ inflation
targeting appears to be growing
IN FINNISH
Pääjohtaja Liikanen: Ponnistuksia
kilpailukyvyn ja työllisyyden parantamiseksi sekä julkisen talouden
vakauttamiseksi lisättävä – Suomen
Pankki
Euro & talous 5/2012 Talouden näkymät – Suomen
Pankki
Valtiovarainministeriölle puhtaat paperit
eurokriisin hoidosta – YLE
Eduskunnalle on
toimitettu runsaasti tietoa teknisistä yksityiskohdista, mutta taloudellisten
vastuiden kokonaisuuden ja riskien analysointi on jäänyt vähäiseksi.
Eduskunta ei halua EU:lle yhteistä
valtiovarainministeriötä – YLE
Valiokunnan mielestä
Suomen ei pidä tukea kehitystä, joka voisi johtaa velkojen yhteisvastuun
lisäämiseen euromaissa