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Monday, June 16

16th Jun - Distressed start of the week

Previously on MoreLiver’s:

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The European Parliament should return to a ‘dual mandate’ system which uses national politicians as representatives instead of directly elected MEPsEuropp / LSE

The ECB’s bank review: Kill the Zombies and heal the woundedBruegel
Complacency could still lead to another failed attempt to fix Europe’s banks, with severe consequences

European Commission endorses Telegraph view of the euroThe Telegraph
Ambrose Evans-Pritchard: I never thought I would live to see a serving European Commissioner suggest that it was "reckless" to launch the euro without a lender-of-last resort or fiscal union to back it up.

BOE Hasn’t Cracked the Mystery of U.K. Productivity CollapseWSJ

Draghi Stock Rally Runs to Record Price-Earnings RatioBB

Euro area deflation monitorDanske Bank

Euro area annual inflation down to 0.5% - Eurostat

FOMC Preview: More TaperingCalculated Risk

FOMC PreviewTim Duy’s Fed Watch

2014 Article IV Consultation with the United States of America Concluding Statement of the IMF MissionIMF

IMF Slashes US Growth Expectations; Pushes Higher Minimum Wage, Removing Tax Loopholes & Fiscal StimulusZH

NAHB: Builder Confidence increased to 49 in June – Calculated Risk
US housing market improves in June – TradingFloor
NAHB Homebuilder Sentiment Better Than Expected – Bespoke
Homebuilder Confidence Beats; Remains Negative For 5th Month – ZH

Industrial Production increased 0.6% in May – Calculated Risk
Industrial Production Beats But Autos Drop 3rd Month In A Row – ZH

BOJ’s Bond Paralysis Seen Spreading Across Markets: Japan CreditBB

"Liquidity Is Becoming A Serious Issue" As Japan's Bond Market Death Goes GlobalZH

Japanese Yen About To Wake Up?The Short Side of Long
Yen has been basing for awhile now and could be ready to rally * Close to record high levels of short bets against Yen

Three Developments in ChinaMarc to Market

FX Update: It’s FOMC week. Does the Fed blink?TradingFloor

Daily central banksWSJ
Hilsenrath’s Take: What is Going Down With Term Premiums? * Fed Debating How High to Raise Rates in the Long Run * Carney’s Comments Spur Bets BOE Will Raise Rates by End of 2014 * Leaked Tapes Complicate Polish Central Bank Chief’s Position * Happy 81st Birthday, FOMC!

Daily macroWSJ
If investors had become “complacent” – in the words of a few Federal Reserve officials – earlier this month, they now may have something quite serious to snap them out of their nonchalance. The conflict in Iraq, which appears to be deepening by the day and which on Monday prompted a selloff in Asian and European stocks and a gain in the safe-haven yen, has all the ingredients to feed through into economic and financial conditions.

Great Graphic: Federal Reserve and ECB Balance SheetsMarc to Market
Divergence between the Federal Reserve and ECB balance sheets may be a few months away from peaking. While the euro has trended higher since July 2012, it is not obvious that it was driven by the divergent balance sheets.

Yield Forecast UpdateDanske Bank
Full impact of ECB easing not yet seen

Quiet, though Nervous Start to WeekMarc to Market

The Investment Climate and GeopoliticsMarc to Market

Events In Iraq Waking Commodities Up?Short Side of the Long

US Orders Partial Evacuation Of Baghdad Embassy As Aircraft Carrier Arrives In GulfZH

The Economics Of ISISCentives

How ISIS is exploiting the economics of Syria's civil warVOX

Rumat luvut vahvistuivat: Vienti Venäjälle romahtiTalSa

Ulkomaalaisten toimeentulotukea kiristetään pääkaupunkiseudullaLänsiväylä

Lausunto valtiovarainvaliokunnalleRaha ja Talous
Lauri Holappa ja Jussi Ahokas olivat perjantaina 23.5.2014 kuultavina asiantuntijoina eduskunnan valtiovarainvaliokunnassa. Kuulemisen aiheena oli valtioneuvoston selonteko julkisen talouden suunnitelmasta vuosille 2015-2018