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Saturday, March 9

9th Mar - Weekender: The World

Europe, Asia and US articles from the ending week.

Previously on MoreLiver’s:

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Brussels blog round-up for 2 – 8 Marcheuropp / LSE
The end for Vaclav Klaus, EU gender equality, and is Italy governable?

Hans-Werner Sinn, Akos Valentinyi: Periphery countries should devalue in order to regain competitiveness and reduce imbalances. As to whether they should pursue internal or external devaluation, the answer remains unclear. Overall, given that policymakers have excluded the option of exit, economic policymaking must focus on the possibilities for internal devaluations, despite some of the difficulties it may bring.

Crisis does not prove that a monetary union requires fiscal/political unioneuropp / LSE

Parliament may yet reject February’s EU budget dealeuropp / LSE

Crisis is severely limiting the EU’s foreign policy capacityeuropp / LSE

Will ‘Eurosis’ condemn Britain to be an outsider looking in?europp / LSE

Book Review: A Europe Made of Money: The Emergence of the European Monetary Systemeuropp / LSE

Basel III: Europe’s interest is to
The EU was once a champion of global financial regulatory convergence. What happened? This column argues that the EU should drop its lacklustre inertia and pursue Basel III because, in the end, it’s in its interests to comply. EU policymakers ought to aim at enabling the adoption of a Capital Requirements Regulation that would be fully compliant with Basel III.

Learning from GermanyProject Syndicate
In just ten years, Germany has gone from being the sick man of Europe to being a role model that the eurozone's distressed economies are instructed to emulate. But there is much in the German model – particularly its neglect of service-sector reforms – that economies struggling to boost productivity should ignore.

Why Europe?Project Syndicate
The threat of an explosive disintegration of the eurozone – and with it of the EU – is receding. But the confused outcome of Italy's parliamentary election, with an upper house dominated by an anti-EU party and a pro-EU majority in the Chamber of Deputies, has revived the fundamental debate about the purpose of European integration.

A Rest Stop for EuropeProject Syndicate
The EU is mired in a crisis of confidence. Rather than continue to stumble toward more unity, EU leaders should restore effective sovereignty to national authorities in eurozone countries, giving Europeans the opportunity to regroup in preparation for future steps toward a more integrated Europe and a more resilient euro.

The Limits to ECB PolicyWSJ

Draghi Won’t Stop the Euro’s SlideWSJ
Draghi may have sounded less dovish than many expected after the central bank's meeting Thursday

Kafka at the ECBalphaville / FT

Credit in the euro area: Still crunchingThe Economist

La brutta figuraalphaville / FT
Italy has finally fallen out of the ‘A’ ratings and into the Bs, at Fitch Ratings. Here’s the explanation for cutting it to BBB+, outlook negative:

Fitchslapped: Italy Downgraded To BBB+ (Outlook Negative)ZH

Beppe Grillo - an Italian or European phenomenon?euobserver
Beppe Grillo's extraordinary success in the recent Italian elections tapped into anti-establishment feeling that is ripe for the plucking in other member states too

Italian politics: After the partyThe Economist

Ireland bond deal with its central bank "sets precedent" says Weidmannqfinance
At a recent press conference, Mario Draghi batted away a seemingly endless stream of questions about the ECB’s take on.

Spain’s economy: Not yet the new GermanyThe Economist

Spanish business: Foreign gain, domestic painThe Economist

Sequestration: A Fiscal Diet That Won’t Fix the DeficitThe Fiscal Times
Every budget expert I know thinks the sequester is just about the stupidest way of cutting spending imaginable, because it cuts equally from fat, muscle and bone. I certainly agree, but today I want to play devil’s advocate and present the case for sequestration.

The sequester: On to the next crisisThe Economist

Gone Deficit GoneKrugman / NYT
So says the CBO, although not directly. Anyone who is serious (as opposed to Serious) about matters fiscal knows that it’s highly misleading just to focus on the raw deficit numbers (ONE TRILLION DOLLARS), for two reasons.

Will the Next Exit from Monetary Stimulus Really Be Different from the Last?Macroblog

Another step towards an East-West trade warThe Telegraph
China's trade figures released this morning are shocking. They tell us that China is still flooding the world with excess goods, and is once again a net drain on global demand.

Ending deflation in Japan: Waging a new warThe Economist

China’s economy: Three meetings, many partingsThe Economist