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EUROPE
POLITICS
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 President – Open 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 wall – Reuters
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.
EUROPEAN
CENTRAL BANK
ECB acts as expected, now the waiting game
begins – Open
Europe
Propping up the periphery – The
Economist
Former ECB Official Blames Eurowoes at
Politicians, Mainly German – WSJ
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.
UNITED STATES
OTHER
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 Macro – WSJ
The balancing act that
the People’s Bank of China’s must perform can be gleaned from its 2014 outlook
statement, released today.
Sterling Shines – Marc to Market
Great Graphic: Euro-Yen Breaks Down – Marc
to Market
Global Business Cycle Monitor – Danske
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 Enigma – Project
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.
FINNISH
Perussuomalaiset
painostaa hallitusta parempaan kasvuun ja työllisyyteen – PS
Suomi
sosiaalidemokratian vankina – Sami
Rinne / US
Asuntojen
hintojen alueelliset erot kärjistyivät – Verkkouutiset
Asuntomarkkinat ovat jakaantuneet yhä
selvemmin alueellisesti kasvukeskuksien ja pienempien alueiden sekä
pääkaupunkiseudun ja muun Suomen välille, kertoo LähiTapiola.