Previously
on MoreLiver’s:
EUROPE
Frances Coppola: my attempt to explain how Europe, the European Union
and the Euro differ from each other but are all related to each other. And all
are subject to change.
The European Commission's
new economic forecasts – Open
Europe
Fragile recovery continues, but problems remain
Changing Trade
Patterns Could Threaten Euro Zone – WSJ
The euro zone is slowly coming to grips with its banking and debt
problems, but may have to prepare for a new round of turbulence if a paper
published by the Brussels-based Breugel think tank is on the mark.
Turkish Lira Blows
Out As Graft Scandal Comes Back With A Vengeance – ZH
UKRAINE
Following a crescendo
of terrifying violence, the Ukrainian uprising has had a surprisingly positive
outcome. But whether Ukrainians' newfound unity endures will depend on how Europe responds.
Hryvnia Down 17% in Two Weeks; 7% of Bank Deposits Withdrawn in 3 Days –
Mish’s
EUROPEAN CENTRAL BANK
ECB to take the QE
plunge this year…finally – Reuters
Euro Inflation
Research #3: ECB’s medium-term outlook for inflation – Danske
Bank
Who wields supreme
power over the ECB? – voxeu.org
This column analyses the recent ruling by the German
Constitutional Court that the ECB cannot act as lender of last
resort. Although seemingly couched by the referral of this decision to the
European Court of Justice, this is a bid for power and the return to the
pre-crisis paradigm of ‘ultra posse nemo obligatur’.
UNITED STATES
2008: Liquidity
crisis, or solvency crisis? – Noahpinion
HOUSING MARKET
The Housing Market's
Wild Ride – BB
For more than a decade, the U.S. housing market has
been on a wild ride -- from bubble to bust to recovery. Check out this
interactive data visualization explaining what happened and why.
The best part of the
housing price recovery may be over – WaPo
The rise in prices during the past two years is showing signs of
leveling off, with month-to-month increases slowing down
Update: Seasonal
Pattern for House Prices – Calculated
Risk
Comment on House
Prices: Real Prices, Price-to-Rent Ratio, Cities – Calculated
Risk
New Home Sales: Don't
read too much into January Sales Rate – Calculated
Risk
I've been hearing reports of a slowdown in house price increases (more
than the usual seasonal slowdown), and perhaps this slowdown in price increases
is finally showing up in the Case-Shiller index. This makes sense since inventory is starting
to increase.
Don’t Get Excited by Jump in New Home Sales – WSJ
U.S. Housing Markets
Faces Growing Wealth Inequality – WSJ
Have Home Prices
Peaked? –
WSJ
Why Higher Interest Rates Could Depress Housing Turnover – WSJ
FEDERAL RESERVE
Tarullo: Monetary
policy and financial stability – BIS
Fed’s Tarullo Sees
Signs of Market Risks – WSJ
Tarullo on Monetary
Policy and Financial Stability – Tim
Duy’s Fed Watch
The Fed continues to explore the role of monetary policy in addressing
asset bubbles. But engaging such
concerns head on with tighter policy remains a secondary option… by the time
the Fed feels they are left with no other option but to tighten policy to limit
financial instability risks, the damage will already have been done.
Rosengren: Still Weak
Job Market Calls for Patience – WSJ
ASIA
Monitor: Chinese
Credit Crunch – Danske
Bank
Money market rates have plunged in recent weeks, suggesting that People’s
Bank of
China has de facto started
easing.
OTHER
The instability in
central bank divergence – FT
Mohamed El-Erian: A careful reading of recent policy statements in
advanced economies points to an intriguing possibility: after being forced into
quite a similar stance, individual central banks will try to implement more differentiated
monetary policy approaches. The driver is greater evidence of multispeed
economic growth. The challenge is for other components of economic policies to
support the more differentiated set of central bank policies. And what is
fundamentally at stake is the much-desired shift from policy-induced growth to
genuine self-sustaining private sector engines.
FX Board for February
26: A risk bump in the afternoon – TradingFloor
Commodity currencies are wilting a bit and the supermajors are stirring
as risk appetite tectonics are suddenly shifting late in the day today, perhaps
on geopolitical concerns over Russia and Ukraine.
Are frontier markets
overvalued? – FT
Only rarely in the recent past have FM equity valuations traded at such
a generous premium to EM counterparts.
The Economic Roadmap
Ahead: "It Isn't That Complicated" – Gordon
Long
FINNISH
Iiro Viinanen ammattiyhdistysliikkeestä: Ei
tulisi ikävä – Studio
55
Taas paljastui yksi asia, joka eurossa on
pielessä – TE
Yksimielisesti umpikujassa – Antti
Pesonen / US
Uusia
visioita haetaan usein asiantuntijoilta, mutta suomalaiselle
umpikujakonsensukselle on ominaista se, että asiantuntijoiksi kutsutaan
ihmisiä, joiden näkemysten tiedetään valmiiksi vastaavan vanhoja omia
käsityksiä
Kevyemmät vyönkiristykset, silti enemmän
harmia – Jan
Hurri / TalSa
Hallituksen
havittelemat talouden vyönkiristykset näyttävät keveämmiltä kuin viime laman
kulukuuri, mutta tämä on "säästösummien" harhaa. Viimeksi
vyönkiristyksiä pehmensi kolme tärkeää apukeinoa – joista yksikään ei ole nyt
tarjolla. Nyt kiristyksiä pehmentää korkeintaan aika, sillä niihin ei ole pakon
sanelemaa kiirettä.
Ranska lipsahtamassa deflaatioon – kuinkas
tässä nyt näin kävikään
– Tyhmyri