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Sunday, February 10

10th Feb - Weekender: The World

Päivän mietelause:




"Sijoita vain bisneksiin joita pystyy johtamaan kinkkuvoileipä, koska ennemmin tai myöhemmin sellainen on johtajana." Sopii hyvin myös politiikkaan.





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EUROPE
Brussels blog round-up – europp / LSE
Another EU budget summit, Berlusconi’s polling rises, and a big month for same-sex marriage in Europe.

Race against time – The Economist
Public backing for harsh reforms and austerity in the peripheral countries will be eroded if growth remains elusive. That could make it harder for the ECB to follow through on the commitment that stemmed the crisis: supporting beleaguered countries with unlimited purchases of their short-term bonds if they apply for help from the European rescue fund and accept the stringent terms for such a bail-out. If politics in the periphery turns sour, that sort of conditionality could prove impossible to enforce.

François Hollande’s flawed vision for Europe – Charlemagne / The Economist
Leaders keep talking about the future of Europe, yet none seems able to offer a clear vision.

How to read the EU budget deal? – bruegel
The latest deal is much lower than the European Commission’s proposal.

Monetary policy and firing costs – voxeu.org
Eurozone labour markets are under stress. This column explores the connections between labour-market reform and macroeconomic policy, arguing that with its large differences in firing costs, normal Eurozone monetary policy is inappropriate for several Eurozone countries. If the efficacy of the ECB’s policy is impaired because there is no harmonisation of firing costs, tensions will continue to rise within the Eurozone.

In-Out Debate: What Britain Really Gets From EU Membership – Spiegel
As European leaders get ready to negotiate the EU budget at a summit in Brussels on Thursday, Britain is debating whether membership in the bloc makes any economic sense. Perhaps surprisingly, it's virtually impossible to find hard proof of any net benefit.

Ireland: Untangling the promissory knot – The Economist

The Good, the Bad, and the Greek (Risks) – John Mauldin / Big Picture

  ECB
Draghi: "Sell The EUR" Wink, Wink, Nudge, Nudge – ZH

Third LTRO Put-Back Post-Mortem: €5 Billion Down, €873 Billion To Go – ZH

The ECB’s Shrinking Balance Sheet – PragCap

  SPAIN
Spain’s government: Another blow – The Economist
The ruling conservative party is shaken by a damaging corruption scandal

Awkward questions for Rajoy – The Economist
If democracy is to retain Spaniards’ trust, the country’s political parties must be reformed.

Resigning is a laughing matter in Spain – The World / FT

The Real Threat From Spain’s Corruption Scandal – BB

  ITALY
An Italian "Hung Parliament" - Europe's Biggest Political Risk – ZH

Is Italy’s economic crisis fuelling euroscepticism? – The World / FT

How A Previously Secret Collateral Transformation With The Bank Of Italy Prevented Monte Paschi's Nationalization – ZH


UNITES STATES
Number of the Week: Expect Wider Trade Gap in 2013 – WSJ
The U.S. looks set to grow faster than most advanced economies in 2013, but there's a downside to being the cleanest dirty shirt in the laundry pile: a wider trade deficit.
http://blogs.wsj.com/economics/2013/02/09/number-of-the-week-expect-wider-trade-gap-in-2013/?mod=WSJBlog

Fading productivity could hurt
U.S. job growth – MacroScope / Reuters

QE3 debate kicks into high gear: Get ready for an assembly line of Fed speeches – MacroScope / Reuters

Why the Ratings Agencies Deserve the Death Penalty – The Big Picture


ASIA
Markets Favor Two Ex-BOJ Deputy Governors in Hunt for Next Chief – WSJ
As the guessing game to see who becomes the next Bank of Japan governor intensifies with a little more than a month to go before a new leader is expected to take office, two former deputy governors have emerged as favorites within the financial markets.

The Koizumi years: A macroeconomic puzzle – noahpinion
During the years of 2000-07,
Japan grew quite quickly when measured properly (as GDP/working age population), substantially faster than the United States after accounting for demographics. However, during this entire time, it was stuck deep in a liquidity trap, and undergoing austerity by both government and banks.

The Life of the Party – Foreign Affairs
The post-democratic future begins in China

Democratize or Die – Foreign Affairs
Why China's communists face reform or revolution

China’s Hollow Reform Wish List – The Diplomat
China's State Council is usually described as the nation's equivalent of a cabinet.  But when it comes to economic reform, its role often seems closer to that of the New York Times editorial board – a font of sensible liberal ideas that are unlikely to be implemented.