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
EUROPE
Lonely Struggle: Wolfgang Schäuble's Fight to
Save Europe – Spiegel
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 Mistake – mainly
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
abolished – Reuters
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
Rehn – Reuters
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 meaning – Nordea
(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 plan – The
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.
ASIA
China defies IMF on mounting credit risk and
need for urgent reform – The
Telegraph
OTHER
How the mighty have fallen: EM edition – alphaville
/ FT
Total Credit as an
Early Warning Indicator For Systemic Banking Crises – The
Big Picture
How normal people see
macroeconomics – Noahpinion
FINNISH
Espanjan pankkien ongelmalainojen määrä
jatkoi nopeaa kasvuaan
– TE
Emme ole EU:ssa tyhmyyttämme – demari
Danske: Asuntokupla ei näytä uhkaavan Suomea – TalSa
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.