2nd Jan - EURUSD dips

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EUROPE

Joint liability in international lending: A proposal for amending the Treaty of Lisbon – voxeu.org

Kaushik Basu, Joseph Stiglitz: The Eurozone crisis exposed weaknesses in the Eurozone’s design. The Eurozone’s financial architecture can be improved by amending the Treaty of Lisbon to permit appropriately structured cross-country liability for sovereign debt incurred by EZ members.

Europe is slowly strangling the life out of national democracy – The Telegraph

Decisions affecting the lives of voters are being taken by bureaucrats and unelected 'experts'

The Euro Zone’s Recovery Or Hangover? – WSJ

Euro-zone manufacturing surveys offer hope of a recovery

Euro zone factories end 2013 on a high, but France a worry: PMIs – Reuters

Euro zone manufacturing grew at the fastest rate since mid-2011 in December on brisk business in Germany and Italy, setting the stage for a solid start to the year after a tumultuous 2013, a survey showed on Thursday

French borrowing costs rising at 'worrying' rate – The Telegraph

France's borrowing costs continued to rise as latest figures revealed the manufacturing sector underperformed even Greece

UNITED STATES

Fannie Mae: Mortgage Serious Delinquency rate Lowest since Dec 2008 – Calculated Risk

Manufacturing growth hits 11-month high: Markit – Reuters

Factories in U.S. Expand at Second-Fastest Rate Since 2011 – BB

ISM Beats Expectations Despite Its First Drop In Seven Months – ZH

ISM Manufacturing index declines slightly in December to 57.0 – Calculated Risk

ISM Manufacturing knocks another one out of the park – TradingFloor

U.S. construction spending highest in nearly five years – Reuters

ASIA

Meanwhile, in Australia...A Call for Expansionary Austerity! – Economist’s View

China’s Banks Adopt ‘Living Wills’ to Plan for Less Predictable Future – WSJ

The idea of a living will, sometimes likened to a near-death patient preparing for the inevitable, is to provide a resolution plan to help regulators wind up a failing bank—or bring it back to healthy operation.

China Finance: Is the SME financing jam an opportunity to buy? – TradingFloor

Chinese manufacturers have been feeling blue of late and as revealed by PMI data and business outlook sentiment there’s some real gloom about business. But could this be a passing issue and an opportunity to buy?

HSBC China PMI hits three-month low in December – Markit

Economists React: China’s Manufacturing Sector Runs Into Trouble – WSJ

Chinese Manufacturing Gauges Drop as Xi Grapples With Risks – BB

Chinese Stocks Decline After Manfacturing Gauges Slow – BB

OTHER

Economics and the Immigration debate – mainly macro

The Rich Country Trap – Simon Johnson / NYT

Great Graphic: Is this the End of Moore's Law? – Marc to Market

FINNISH

Kuinka sisäinen devalvaatio voi onnistua – Tyhmyri

Ei tarvitse kuin uhrata tulevaisuus

Toive uudelle vuodella ja ikävien asioiden huomiointia – Tyhmyri

Olli Rehn: Niinistön puhe oli tarpeellinen ja painava – YLE

Talouskomissaarin mielestä nyt on tärkeää käydä rehellistä keskustelua siitä, mihin suuntaan Eurooppaa viedään ja miten esimerkiksi vakausmekanismeja kehitetään.

EK: Suomalaiset havahtuvat eläkeongelmaan vuoden päästä – YLE

Huono taloudellinen tilanne ja työttömyys peittävät vielä alleen kohta koittavan työvoimapulan, sanoo EK:n pääekonomisti Jussi Mustonen.