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Tuesday, June 10

10th Jun - EU's argues over the next leader

Previously on MoreLiver’s:

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Cameron and Merkel Go in Circles Over Juncker EU Role – BB
Merkel and Cameron in battle over European Commission – BBC
Merkel takes boat trip with Juncker opponents – euobserver

German euro critics appeal to Tories for dealThe Irish Times
AfD urges British allies to ignore Merkel and admit them to their EU parliament grouping

German Euroskeptics Become Bargaining Chip in Battle Over EU JobsWSJ
Germany's euroskeptic AfD wants to join forces with the U.K. Conservatives in the European Parliament -- a move that could upset Chancellor Angela Merkel.

EU democracy and transparency to be decided by... a secret ballotOpen Europe
It is hard to stress just how absurd it is for MEPs to decry a "stitch-up" by national leaders and then refuse to allow themselves to be subjected to scrutiny. If the idea is to make the appointment process more transparent and to 'put voters in charge', how can voters hold their MEPs to account when they do not know how they voted?

The economic consequences of leaving the EU – Centre for European Reform
The final report of the CER commission on the UK and the EU single market. A group of experts finds that, after leaving the EU, the UK would face an invidious choice: sign up to the single market’s rules, or suffer economic damage. Press release and full document.

The Great Insanity In Context (200 Years Of European Bonds)ZH

Can Spanish Debt Really Be A Good Deal?WSJ

Spanish Bonds Yielding Less Than TreasuriesBespoke

ECB aftermath; how firm is opposition to QE?Reuters
By no longer offsetting the government bonds the ECB bought back during the debt crisis by taking in an equivalent amount in bank deposits each week -  non-sterilisation in central bank jargon – has Draghi essentially crossed the Rubicon in terms of creating money and does that mean the philosophical objections to full-on QE have been surmounted?

Is liquidity stuck at banks?Antonio Fatas
The level of reserves will not change when the private loans are given.

5 Things to Know About the President’s Latest Student-Debt Relief PlanWSJ
The Plan Isn't Entirely New * The Problem is Real * No One Knows the Costs * The Demand is Huge * Expect a Political Fight

The growth of US student loan debt: causes and consequencesFT

Focus on first Fed hike to intensifyDanske Bank
When the Fed first started talking about tapering of asset purchases in May last year it had quite a big impact on the bond market. Although we do not expect a similarly strong reaction this time, the start of a debate about the timing of the first hike will likely lead to upward pressure on bond yields and support a stronger USD

Economists React: China’s ‘Targeted’ Bank Reserve CutWSJ

PBoC in the ascendantFT

Macro DailyWSJ
There’s not a lot of significant news on the global economic front Tuesday but what there is suggests will be welcomed by investors as an affirmation of the status quo…All this bodes well for the continued accumulation of risk assets while bond fund managers will struggle to find yield advantages in an environment of strong bond-market convergence.

Central Banks DailyWSJ
Hilsenrath’s Take: Why Are Stocks Rising If There’s Secular Stagnation? * Bullard: Fed May Raise Rates Sooner Than Many Think * Tarullo Hints at New Rule for Short-Term Markets * PBOC Cuts Reserve Ratios for Some Banks * Fears Rising That U.K. House Prices Will Fall

Euro Sheds More Post-ECB GainsMarc to Market

Suomen Pankki pitää sopeutustoimia välttämättöminäVerkkouutiset

Navigaattori: Kymmenen vuoden kuoppaNordea

Tyyntä myrskyn edelläHenri Myllyniemi / US

Kultarannan kokous pohti Suomen turvallisuuttaJyrki Virolainen

Perinteisen taloustieteen puolustuspuheRoger Wessman

Onko Suomessa hallitus enää mitään mieltä mistään?Hannu Visti

Raha ja talous -klubi: keynesiläisyys SuomessaRaha ja talous

Teollisuustuotanto väheni huhtik. 2,3% YoY – Tilastokeskus
Teollisuuden uudet tilaukset kasvoivat huhtik. 8,0 % YoY – Tilastokeskus