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Sunday, January 26

26th Jan - W/E The World

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Herr Nein: The Bull in the Euro Zone's China Shop Photos Spiegel
German Central Bank head Jens Weidmann has developed a reputation in Europe for saying no to everything. He is skeptical of efforts to save the euro and isn't shy about saying so. But is he right?

Corporation Carte Blanche: Will US-EU Trade Become Too Free?Spiegel
Opposition to the planned new trans-Atlantic free trade agreement is growing. So far, criticism has focused on the fact that the deal seems directed exclusively at economic interests. Now fears are growing that corporations will be given too much power.

Romance and Reform: Does Hollande Mean Business This Time?Spiegel
German politicians are letting out a sigh of relief over French President François Hollande's apparent about face on economic reforms. With his private life under scrutiny, is he strong enough to push through needed changes?

Draghi Sees Progress in Euro Zone, but Puts Banks on Notice
Some banks in the euro zone could go out of business as a result of intense official scrutiny they will face this year, Mario Draghi, the president of the European Central Bank, said Friday as he presented a generally upbeat view of the European economy.

Cross-Currency Swap Premium Rises Seventh Day as Banks Pull BackBB
The premium that European lenders pay to obtain dollar-denominated cash flows increased for a seventh day as global central banks said they’ll wind down emergency funding programs.

Bond Risk Heads for Biggest Weekly Jump Since June in EuropeWaPo
The cost of insuring corporate bonds against losses in Europe is heading for the biggest weekly rise in seven months on concern a slowdown in emerging-market economies will curb global growth.

Europe's Modest Proposal To End Unemployment: SlaveryZH

Question Answered: Moody’s Affirms France RatingWSJ

The Spanish economy: On the mendThe Economist

The BoE’s “first phase” of forward guidanceMoney supply / FT

China: UBS Says Market Wants Default as Risks to Pile UpBB
The market wants policy makers to allow the first onshore bond default to reduce long-term hazards to the financial system.

Currencies and banks: the two big questions about ChinaThe A-list / FT
Will the renminbi soon rival the dollar as a global reserve currency? Is the rapid growth of shadow banking an accident waiting to happen?

Aussie Drops Below 87 U.S. Cents on China Concerns, RBA CommentsBB

Japan government forecasts show Abe missing budget-balance promiseReuters
Japanese government calculations indicate that Prime Minister Shinzo Abe cannot meet his budget-balancing promise in coming years on the current course, suggesting he may come under greater pressure from fiscal hawks for future tax increases.

Latam stocks at 4-year low in emerging markets selloffReuters
Emerging markets stocks and currencies, and to a lesser extent bonds, have been pummeled in recent sessions as investors fret over issues including slower growth in China and a decline in U.S. monetary stimulus. 

Contagion Spreads in Emerging Markets as Crises GrowBB
The worst selloff in emerging-market currencies in five years is beginning to reveal the extent of the fallout from the Federal Reserve’s tapering of monetary stimulus, compounded by political and financial instability.

Davos 2014: what EM private equity investors are thinkingbeyondbrics / FT

Argentina leads the emerging markets ‘bloodbath’Reuters

Emerging market policymakers move to allay currency concernsReuters

Banks Don't Lend Out ReservesFrances Coppola / Forbes

Market Outlook 2014Mebane Farmer

Global Liquidity through the Lens of Monetary AggregatesIMF

Mapping the Shadow Banking System Through a Global Flow of Funds AnalysisIMF

Exchange Rate Management and Crisis Susceptibility: A ReassessmentIMF
Macroeconomic and financial vulnerabilities are significantly greater under less flexible intermediate regimes—including hard pegs—as compared to floats. While not especially susceptible to banking or currency crises, hard pegs are significantly more prone to growth collapses, suggesting that the security of the hard end of the prescription is largely illusory.

Weekend Reading: Looking Back at Our View From the AlpsDealBook / NYT
As the World Economic Forum concludes in Davos, Switzerland, we’re looking back at some of our past coverage of the elite gathering.

New Old KeynesianismCrooked Timber