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Thursday, July 18

18th Jul - US Open

Previously on MoreLiver’s:

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Roundups & Commentary
Frontrunning – ZH
Overnight: Ahead Of Bernanke's Repeat Performance – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Midday Express (EU daily news) – Europa
Daily press summary – Open Europe

Morning MoneyBeat: High Tech, Low Performance– WSJ
Morning Bond Update – TradingFloor
Dollar Firm, Awaiting More Bernanke – Marc to Market

Lonely Struggle: Wolfgang Schäuble's Fight to Save EuropeSpiegel
Germany's Wolfgang Schäuble wants Europe to be his legacy. But his efforts to reform the EU and save the euro face many obstacles. One of them is his boss, Chancellor Angela Merkel.

The Eurozone’s Founding Mistakemainly macro
It really was predictable. Take away the ability to control national interest rates, and you create a potential for patterns of demand to diverge, leading to movements in competitiveness that would have to be painfully unwound later on. The good news was that you could use countercyclical fiscal policy to moderate these movements - an entirely conventional macroeconomic idea. But it was not what the architects of the Euro wanted to hear.

ECB's Asmussen rejects call for troika to be abolishedReuters
Asmussen rejected on Wednesday a call from the EU justice commissioner for the "troika" of the European Commission, ECB and International Monetary Fund to be dissolved.

Troika of IMF, ECB and EU here to stay, says RehnReuters
The EU's top economics official issued a strong defense of the 'troika' of international lenders on Thursday, saying the monitoring team was essential to restoring euro zone credibility.

Dutch disease with a new meaningNordea (pdf)
The Netherlands is going through a painful balance sheet recession and the outlook remains cloudy. Fiscal policy is tight up to now. While we consider a complete policy u-turn unlikely, we do expect the Dutch government to move towards somewhat less austerity after the summer break.

What does euro area adjustment mean for your Big Mac (index)?Bruegel

Majority of IMF backs George Osborne's austerity planThe Telegraph
The IMF has renewed its calls on the UK Government to do more to boost its sluggish economy but George Osborne was boosted by support from member countries of the Fund for his austerity push.

China defies IMF on mounting credit risk and need for urgent reformThe Telegraph

How the mighty have fallen: EM editionalphaville / FT

Total Credit as an Early Warning Indicator For Systemic Banking CrisesThe Big Picture

How normal people see macroeconomicsNoahpinion

Espanjan pankkien ongelmalainojen määrä jatkoi nopeaa kasvuaanTE

Emme ole EU:ssa tyhmyyttämmedemari

Danske: Asuntokupla ei näytä uhkaavan SuomeaTalSa
Danske Bank arvioi, että Suomessa ei ole kovin suurta asuntokuplan riskiä. Pankin tutkimusosasto perustelee markkinakatsauksessaan näkemystään sillä, että asuntojen hinnat ovat pääsääntöisesti nousseet samaa tahtia kuin ansiot.