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EUROPE
Draghi Says Euro
Appreciation Would Trigger ECB Stimulus – BB
ECB Officials Keep
Focus on New Measures To Support Euro Zone – WSJ
The Bundesbank has dropped its opposition to extraordinary measures,
like ending the sterilization of the SMP bond purchases, and has even dropped
its visceral opposition to QE, if it can be structured properly to keep within
the ECB's mandate.
The Euro and the
Geography of International Debt Flows – FED
Core EMU countries increased their borrowing from outside of EMU and
their lending to the EMU periphery.
German Finance Minister Wolfgang Schäuble recently declared that the
European Union has “moved sovereignty to the European level” – a startling
claim, given that European governments seem to be pursuing their national
interests more aggressively than at any time since World War II. Was Schäuble’s
statement supposed to serve as a rallying cry for greater European solidarity?
Or was it just a ploy to deflect calls for a larger German contribution to the
eurozone’s recovery?
UNITED STATES
Fed’s Stein:
Financial Stability Fits Within Central Bank’s Dual Mandate – WSJ
ASIA
Chinese Finance
Official: Please Excuse Us While We Renovate Our Economy – WSJ
The world’s second-largest economy is getting a long overdue makeover.
That means slower growth. Get over it, said one of China’s top finance
officials.
OTHER
IMF Introduces
‘Spillbacks’ Into Lexicon of Global Finance Officials – WSJ
“Monetary policy settings in major countries should continue to be
carefully calibrated and clearly communicated, with cooperation among
policymakers to help manage spillovers and spillbacks,” the IMF’s steering
committee said in its official communiqué.
The IMF on Bank
Subsidies – Mainly
Macro
The Longer Term
Outlook – Global
Macro Trading
With High Yield spreads near historical tight levels, spread compression
as a source of return is probably over for credit holders.
Yield Forecast Update – Danske
Bank
Low inflation continues to keep rates down
Emerging Markets
Briefer: April 2014 – Danske
Bank
BANK FOR INTERNATIONAL SETTLEMENTS
FX market trends before, between and beyond Triennial Surveys – BIS
FX and derivatives markets in emerging economies – BIS
OTC interest rate derivatives market in 2013 – BIS
Anatomy of the FX market through the lens of the 2013 Triennial Survey –
BIS
FINNISH
Suomi tahmeasti irti taantumasta – Roger
Wessman
Kreikka ja sopulilauma – Roger Wessman