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EUROPE
Europe’s
Next Moral Hazard – Project
Syndicate
Hans-Werner Sinn: The
limit beyond which eurozone governments' creditors become anxious has been
raised significantly by the bailout architecture put in place over the last two
years. This will bring a few years of calm as debt levels climb steadily to
that limit, before the architecture collapses, injuring ordinary citizens the
most.
Periphery business cycle monitor – Danske
Bank
We expect most euro-area
periphery countries to continue to show positive GDP growth. Survey data are at
relatively high levels and the improvement is also seen in hard data, where
industrial production is slowly increasing while retail sales have stabilized
European elections 2014: Overview of parties’ manifestos
– DB
Research
In less than five
weeks, from May 22-25, the elections for the European Parliament (EP) will be
held across the European Union. 751 MEPs from 28 countries will be elected for
a period of five years. For the first time, the largest political groups in the
EP have nominated a pan-European candidate to run for the office of President
of the Commission. In this sense, the EP campaign will resemble more closely
than in the past the usually more personality-driven national election
campaigns.
EUROPEAN
CENTRAL BANK
Mario Draghi: Monetary policy communication in
turbulent times – ECB
Draghi Just Can’t Knock a Good Euro – WSJ
The
euro stumbled. A tiny bit. Then it immediately snapped back. Why is the market
ignoring this message? For one thing, investors feel like they have seen this
film before. They want action, not words. In addition, part of the answer lies
in the region’s bond markets.
Draghi Prepares Ground for ECB Bond Purchases
If Needed – BB
Klaas Knot: The changing role of central
banking – BIS
Klaas Knot, President
of the Netherlands Bank, at the Conference De Nederlandsche Bank 200 years:
central banking in the next two decades, Amsterdam, 24 April 2014.
Here’s a Checklist for Mario Draghi – WSJ
Constancio: Investors’ Appetite for Bank Assets
Positive For Eurozone – WSJ
UKRAINE / RUSSIA
Ukraine Resumes Effort to Oust Separatists Amid Russian Warnings – BB
Tensions Escalate in Ukraine as Geneva Deal Frays – WSJ
Tensions Escalate in Ukraine as Geneva Deal Frays – WSJ
Corruption remains a problem
with EU funds being particularly vulnerable – Europp
/ LSE
Putin: "Use Of
Force Will Have Consequences" As Military Vehicles Heading Toward Border –
ZH
Russia begins "defense drills”, “forced to react” to the situation – ZH
Russia’s Gazprombank Preparing for U.S. Sanctions Over Ukraine – BB
GERMAN
APRIL IFO INDEX
Ifo Business Climate
Index Rises in April – CESifo
German Ifo beats
expectations in April – Merkelnomics
German IFO better than
expected in April – TradingFloor
German ifo
expectations confirm strong growth outlook – Danske
Bank
Germany: improving confidence old news – Nordea
NORDIC
COUNTRIES
A New Riksbank Dove Emerges – WSJ
Krugman Target of Indignation as Swedes Reject Japan
Comment – BB
Danish households have
one of the largest gross debts in the world, but assets are even higher and as
savings are currently positive, debt is declining whereas assets are
increasing. There is no immediate danger of households causing large losses in
the financial sector, barring very large interest rate increases. However, the
combination of large debt and declines in house prices have caused households
to reduce consumption, triggering large problems in other sectors, in particular
retail and construction.
UNITED STATES
Don’t Look Now, but Rising Wages Could Spell
Trouble for the Fed – WSJ
Treasury Yield Curve Collapses At Fastest Pace
In 7 Years – ZH
Durable Goods Report:
March Beats Expectations – dshort
Strong durable goods
orders buoy growth outlook – Reuters
ASIA
BOJ Beat: Banks Becoming More Insulated Against
Rate Jump – WSJ
Japanese banks are
becoming more insulated against losses that could emerge from a sudden rise in
interest rates, a Bank of Japan report showed Wednesday.
OTHER
Hilsenrath’s Take:
Time to Start Worrying about the U.S. Productivity Slowdown * ECB Would
Consider Asset Purchases, Says Draghi * New Zealand Raises Interest Rates * Australian
Central Banker Warns Against Deep Budget Cuts * Hungary Central Bank Revamps
Policy Tools
EMEA Weekly: Week 18 – Danske
Bank
Hungarian central bank
continues to ease * Romanian economy is set for continued recovery
FINNISH
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