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Wednesday, June 11

11th Jun - European politics

Previously on MoreLiver’s:

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Democracy in Europe Project Syndicate
Kemal Derviş: The struggle over who will preside over the European Commission has begun. But the real debate is not about the personalities involved; it is about the degree to which Europeans are prepared to create the shared political space that is needed to manage the monetary union and secure Europe’s global leadership role.

Does Juncker have a “popular mandate” to become the next PresidentOpen Europe

Has Marine Le Pen put Farage's European Parliament group out of business (and out of pocket)? – Open Europe

EU’s top two — oh to be a fly on the wallReuters
Who are the two most important people in the EU? It’s hard to argue against Angela Merkel and Mario Draghi and they meet today in Berlin.

ECB acts as expected, now the waiting game beginsOpen Europe

Propping up the peripheryThe Economist

Former ECB Official Blames Eurowoes at Politicians, Mainly GermanWSJ
Athanasios Orphanides has a theory on what went wrong in Europe: The governance of the euro-zone was incompatible with prudent management of a major crisis. Some big countries – notably Germany – exploited the flaws in the system to its advantage at the expense of others. The 2009 recession was triggered by the U.S., but the 2011 recession was made in Europe and was avoidable.

Will the ECB’s Actions Be Enough?Megan Greene
Mr Draghi has further tools he can use to try to prevent deflation in the eurozone, particularly credit and quantitative easing. Given the ECB’s record of acting too late, such programs may not be enough. Ultimately, it is unrealistic to expect the ECB to fix the Eurozone’s woes. That should be up to the elected national policymakers.
Forget Europe, Emerging Markets to Gain Most from ECB EasingWSJ

Reading list: Everyone’s worried about student loansWaPo

Daily Central Banks WSJ
Hilsenrath’s Take: In Janet Yellen’s Eyes, Quitters Really Do Win * U.S. Senate Advances Fed Nominees * Makuch Sees More Room for ECB Easing * BOE Goes to (Cyber) War * World Bank Downgrades Global Forecast

Daily MacroWSJ
The balancing act that the People’s Bank of China’s must perform can be gleaned from its 2014 outlook statement, released today.

Sterling ShinesMarc to Market

Great Graphic: Euro-Yen Breaks DownMarc to Market

Global Business Cycle MonitorDanske Bank
Global indicators confirm the re-acceleration in global growth after a weak start to the year.

Those who forget the past… - FT    
Stephen King questions the soundness of inflation targeting. He claims instead that it’s the stability of inflation targeting which may be causing the instability:

The Interest-Rate EnigmaProject Syndicate
Claudio Borio, et al.: The prevailing view of today's ultra-low real interest rates in much of the world is that they largely reflects a fall in equilibrium, or “natural” rates, driven by changes in saving and investment fundamentals. But this explanation neglects the role of financial factors in pushing down real rates.

Perussuomalaiset painostaa hallitusta parempaan kasvuun ja työllisyyteenPS

Suomi sosiaalidemokratian vankinaSami Rinne / US

Asuntojen hintojen alueelliset erot kärjistyivätVerkkouutiset
Asuntomarkkinat ovat jakaantuneet yhä selvemmin alueellisesti kasvukeskuksien ja pienempien alueiden sekä pääkaupunkiseudun ja muun Suomen välille, kertoo LähiTapiola.