22nd Jun - W/E: Linkfest

Europe, US, Asia, Markets, Economics, Off-topic and Finnish.

Previously on MoreLiver’s:

W/E: Weekly Support

W/E: Best of the Week

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EUROPE

The Achilles heel of Europe? – Bruegel

When badly designed, the regulation of service and network sectors risks creating barriers to the entry of new competitors or reducing the incentives of incumbents to compete, with detrimental effects on productivity and consumers’ welfare. These risks seem particularly tangible in many European countries as EU policy makers have made liberalisation in these sectors one of the structural reforms most often recommended to Member States to achieve sustainable growth in the long term.

The EU’s New Stability & Growth Spat – WSJ

Euro-zone governments have returned to one of their favorites topics: Do the bloc’s spending rules — which limit national budget deficits to 3% of gross domestic product -- hurt growth?

Europe's half a banking union – Bruegel

But the half that has been undertaken will be transformative and positive for the European Union

Brussels round up – Europp / LSE

Rating democracy in the EU, Farage-Grillo, and why do German exporters succeed despite high labour costs?

Cameron Outmaneuvered in Battle over Juncker – Spiegel

British Prime Minister David Cameron is determined not to let Jean-Claude Juncker become president of the European Commission. But he is increasingly isolated. He might face his Waterloo as early as next week.

Britain and Europe: The Juncker busters bomb – The Economist

Euro area consumer confidence declines in June – TradingFloor

  EUROPEAN CENTRAL BANK

Analysts Skeptical New ECB Loans Will Get to Firms in Need – WSJ

Recent challenges to monetary policy in the euro area – ECB

Speech by Vítor Constâncio, Vice-President of the ECB, at the Athens Symposium on Banking Union, Monetary Policy and Economic Growth, Athens, 19 June 2014

Telegraaf Interview with Mario Draghi June 21 – ECB

UNITED STATES

Is the recent US CPI increase just noise? – Sober Look

ASIA

BOJ Will be Ready When it’s Time to Normalize Policy, Officials Say – WSJ

MARKETS

Daily Macro – WSJ

Data from two very different export-dependent countries on either end of the globe combined to give, on balance, a relatively healthy view of global demand.

Daily Central Banks – WSJ

Did The Fed Misdiagnose The Expansion, And Kill It? * FOMC Tenures: Long Terms Mean Current Committee Could Be Going Nowhere * IMF Urges Big ECB Asset Purchases * Quantitative Easing Not Needed Yet, ECB’s Coeuré Says * Another BOE Rate Setter Mulls Timing of Rate Hike * Norway Central Bank Governor Expected Krone Drop

Finance blogger wisdom: advice for novice investors – Abnormal Returns

Finance blogger wisdom: reading lists – Abnormal Returns

On Alternative Investment Myths – Aleph Blog

"What Could Possibly Go Wrong?" – ZH

Volatility in all the markets very low

Gliner, Global Macro Trading – Reading the markets

Another Look At Margin Debt – The Short Side of Long

Margin debt peaked in Feb while the market continues higher…Previous margin debt peaks were early warnings of a major top!

Why Inexperienced Investors Do Not Learn – SSRN

They Do Not Know Their Past Portfolio Performance

Bailing in banks’ bondholders: Hungry Hypo – The Economist

Active Management Required – Above the markets

The Global Multi-Asset Market Portfolio 1959-2012 – SSRN

Dangerous Financial Words – Fool

How to Lose $1 Billion: Yeshiva University on Loser Hedge Funds – Take part

How to build your own financial dream team – The Big Picture

ECONOMICS

International spillovers from unconventional monetary policy easing and exit - what do we know? – BIS

Remarks by Mr Seppo Honkapohja, Member of the Board of the Bank of Finland, in the panel session "Unconventional Monetary Policy and Its Reversal: Policy Options for Growth and Stability", Asian Economic Panel, Helsinki, 9 June 2014.

Monetary policy and asset prices: A narrow path – The Economist

Buttonwood: Counting the cost of finance – The Economist

Austerity and Hysteresis – Krugman / NYT

The monetary economics of the roll-up – Moneyness

Fiscal rules: politics and economics – mainly macro

'Monetary Policy Target Regimes: Inflation, Price Level, Nominal GDP, etc.' – Mark Thoma

  IMF

The Fund's Lending Framework and Sovereign Debt– IMF

IMF Seeks a “Reprofiling” Middle Ground Between Bailouts and Defaults – WSJ

IMF Girds for Market Storms Ahead – WSJ

The IMF apology nonsense: how to maintain a lie – Mainly Macro

IMF Isn’t About to Apologize for Greece – WSJ

FINNISH

Taloustieteilijät: Suomi on kaksoistaantumassa – YLE

Suomi on taloustieteilijöiden mukaan nyt kaksoistaantuman toisessa osassa. Arvioiden mukaan Suomi pääsisi kunnolla nousuun vasta 2020-luvulla.

Seuraavaksi maksat kriisimaiden työttömyyskorvaukset – Juhani Huopainen / US

"Ei voida jämähtää" - ekonomisti haluaa kokonaisveroasteen alas – Verkkouutiset

Ovatko myönteiset kulutusluvut vain harhaa? – Nordea

Yksityisen kulutuksen vahva kasvu yllätti monet myönteisesti vuoden 2014 ensimmäisellä neljänneksellä. Me arvioimme, että kyseessä on vain harha ja luvut tarkentuvat myöhemmin huomattavasti matalammiksi.

OFF-TOPIC

The Fermi Paradox – Wait but why

What if Quality Journalism Isn't? – Baekdal

Silicon Valley Tries to Remake the Idea Machine – NYT

Monetizing QE bonds – Sober Look

It’s unlikely to happen in the UK in the near future, but Japan looks like a perfect candidate for monetization.

The NSA in Germany: Snowden's Documents Available for Download – Spiegel

In Edward Snowden's archive on NSA spying activities around the world, there are numerous documents pertaining to the agency's operations in Germany and its cooperation with German agencies. SPIEGEL is publishing 53 of them, available as PDF files.