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Sunday, March 23

23rd Mar - W/E: The World

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Fritz W. Scharpf : No Exit from the Euro-Rescuing Trap?Max Planck Institute
The euro is a democratic disasterWaPo
Scharpf describes Europe’s single currency as a “non-military attempt at imperial unification,” and suggests that there is a “disturbing continuity of Nazi visions of European unity and the ideas of some prominent promoters of European integration in postwar Germany.” These are very strong words for a German political scientist of Scharpf’s stature (he is an extremely well-known public intellectual).

Peripheral countries: A scorecard after six years of crisisNatixis
Production capacity has decreased by 25% in Spain, by nearly 17% in Greece and Italy and by around 13% in Portugal

Taxes in Europe: Lightening the loadThe Economist
Austerity-hit countries try a new approach: cutting taxes

European industrial policy: Limited scope for action in short termDB Research
While this political signal is to be welcomed, the Commission's short-term scope for taking action is limited in many areas. Firstly, this is the case because established economic structures in individual member states cannot be altered overnight. And secondly, decision-making powers in important policy areas largely rest with national governments.

ECB’s Constancio Sees Downside Risks to European RecoveryWSJ
The euro zone's tepid economic recovery is "real" but plenty of risks remain, including the prospect of slower growth in emerging markets and the possibility of an escalation of tensions between Russia and Ukraine

Leading Candidates Square Off The Race for Europe's Top JobSpiegel
This May, European voters will decide for the first time who becomes the president of the European Commission. In a SPIEGEL interview, leading candidates Jean-Claude Juncker, 59, and Martin Schulz, 58, discuss their views on tax havens, euro bonds and the losers in the debt crisis.

Anti-austerity protest turns violent in Spanish capitalReuters
Hundreds of thousands of Spaniards rallied in Madrid on Saturday against poverty and EU-imposed austerit

Brussels blog round up 15 – 21 MarchEuropp / LSE
Parisian smog, homophobia in Spain, and could Ukraine split in two?

Crimea Sanctions Europe Should Impose Stiffer PenaltiesSpiegel
Germany has said it wants to take on greater responsibility in foreign policy -- and the Crimea crisis offers a golden opportunity to do so. Berlin should impose tougher penalties against Russia, even if it would hurt the German economy.

Moscow Moves to Destabilize Eastern UkraineSpiegel
It's not only in Crimea where Russian President Vladimir Putin is playing with fire, but also in eastern Ukraine. The majority of the people in the economically powerful region speak Russian and reject the new government in Kiev.

The Most Important Company In EuropeZH
There is a reason why in the past we have referred to Russia simply as Gazpromia. Here is why...

Can Europe survive without Russian gas?Bruegel
Replacing 130 bcm of natural gas imports from Russia within a year would be a significant challenge, but not impossible

Diplomacy and security after Crimea: The new world orderThe Economist

Europe has yet to wean itself off Russian energyThe Economist

Bullard: Yellen’s ‘Six Months’ Comment Doesn’t Represent Change in PolicyWSJ
Stocks Slump As Bullard Doubles Down On Yellen's "Six Month"  Fedian SlipWSJ

Fed Not Seen Boosting Rates Until 2016 – Goldman SachsWSJ

Dissenter Kocherlakota Says New Guidance Creates More UncertaintyWSJ

Kocherlakota's DissentTim Duy’s Fed Watch
Kocherlakota's dissent paints the rest of the FOMC as surprisingly hawkish.

Why Kocherlakota Broke RanksWSJ

Suppose the Fed always aims for 2% inflationThe Money Illusion

Janet Yellen didn’t gaffeFelix Salmon / Reuters
The big FOMC-related move in the 10-year bond yield happened immediately at 2pm, when the statement was released. Yellen’s “gaffe” caused barely a wobble.

Confused Fed adds to emerging market muddleMacroScope / Reuters
If investors once again start to doubt the U.S. central bank’s commitment to allow inflation to reach 2 percent before it raises rates, there will be a fresh bout of fund-raising pain for countries like Brazil, India and Indonesia whose current accounts are in deficit.

Janet Yellen's Rookie Mistake: Speaking Too ClearlyBusinessweek
The mistake: being specific when the occasion called for generality.

China Money-Market Rate Has Biggest Weekly Jump in Three MonthsBB
China’s benchmark money-market rate had the biggest five-day jump since December after the central bank drained funds from the banking system for a sixth week.

Housing markets: Double bubble troubleThe Economist