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Tuesday, March 11

11th Mar - European banking union peddling

Previously on MoreLiver’s:

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While voters might blame the EU for policy failures, it is extremely difficult for them to effectively hold it to accountEuropp / LSE

Banking — union or disunionReuters
European governments disagree not only amongst themselves on the details but also with the European Parliament, which must give its blessing before the project can become law. Negotiations are set to stretch into Wednesday. If agreement is not reached this week the parliament will run out of time before May elections and then the project will face months of further delay.

Should the Eurozone really bank on past successes?Merkelnomics
Two factors argue against a last-minute deal: the European Parliament felt side-lined several times during the euro crisis and might want to make the SRM a litmus test of its increased powers. Moreover, with or without SRM, any costs of possible bank rescues this year as the result of the ECB’s stress tests and asset quality review will have to be carried by national players anyway

The German veto on EU banking regulation FT
If all goes to plan, Berlin is securing something rare and coveted in Brussels: the effective power to block future EU banking regulation… Just imagine what this would mean in practice if and when the EU should come to revise its rules on bank failure sometime in the future.

Press release ECB publishes manual for asset quality reviewECB
Asset quality review - Phase 2 ManualECB
The ECB’s stress tests: reaching Level 3FT
The ECB today published details of the second phase of its AQR, which will see national regulators, under the scrutiny of the ECB, scour the balance sheets of the region’s 128 biggest lenders to see what’s lurking in the darkest parts of their loan books.

A needle in a haystack: key terms in official Troika documentsBruegel
An empirical account of evolving Troika conditionality based on the counting of certain key terms in more than 4000 pages of official financial assistance documents.

Russia:  Economic VulnerabilitiesMarc to Market
There is a common perception that Russia's move on Crimea shows its strength.  A closer examination suggests it is more complicated that it may seem. 

Will the IMF Lose Ukraine?Project Syndicate
Mitchell A. Orenstein: No successful Eastern European government has been asked to impose a dramatic austerity and reform program prior to democratic elections. If the IMF insists that the interim Ukrainian government impose austerity immediately, the country will be forced to break uncertain new ground at a particularly dangerous time.

Blogs review: Wild Wild EastBruegel
David C. Saha: Recent events in Ukraine have been and continue to be of great importance on a geopolitical scale. This review focuses on the economic dimension of the issue. Probably cut off from further Russian support, Ukraine faces urgent economic problems, particularly with regard to its international financial obligations and reviving its economy through reforms long overdue.

Bubble watch: growth is goodFT
Morgan Stanley’s US quant team has an eye on the market cauldron, and the simmering has a late nineties feel to it

Commodities: Global food prices surgeDanske Bank
Prices have spiked 15% since the beginning of the year. An unlucky combination of extreme weather events, geopolitical worries and other supply disruptions have been the main factors in play. The period of very stable global food prices thus seems to be over for now

Great Graphic: Emerging Markets' External Hard Currency DebtMarc to Market

If You Never Cash In Then What's The Point of Playing. Polemic's FarewellMacro Man

Yritysten luotonkysynnän kääntyminen kohti kasvua ennakoi taantuman päättymistä Piksu

Italialaisten luottamus unioniin romahtanut – kolmannes lähtisi eurostaVerkkouutiset

Täti tiukka ja setä löysäVerkkouutiset