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Sunday, June 22

22nd Jun - W/E: Linkfest

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

Previously on MoreLiver’s:

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

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

Cameron Outmaneuvered in Battle over JunckerSpiegel
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 bombThe Economist

Euro area consumer confidence declines in JuneTradingFloor

Analysts Skeptical New ECB Loans Will Get to Firms in NeedWSJ

Recent challenges to monetary policy in the euro areaECB
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 21ECB

Is the recent US CPI increase just noise?Sober Look

BOJ Will be Ready When it’s Time to Normalize Policy, Officials SayWSJ

Daily MacroWSJ
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 BanksWSJ
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 investorsAbnormal Returns

Finance blogger wisdom: reading listsAbnormal Returns

On Alternative Investment MythsAleph Blog

"What Could Possibly Go Wrong?"ZH
Volatility in all the markets very low

Gliner, Global Macro TradingReading the markets

Another Look At Margin DebtThe 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 LearnSSRN
They Do Not Know Their Past Portfolio Performance

Bailing in banks’ bondholders: Hungry HypoThe Economist

Active Management RequiredAbove the markets

The Global Multi-Asset Market Portfolio 1959-2012SSRN

Dangerous Financial WordsFool

How to Lose $1 Billion: Yeshiva University on Loser Hedge FundsTake part

How to build your own financial dream teamThe Big Picture

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 pathThe Economist

Buttonwood: Counting the cost of financeThe Economist

Austerity and HysteresisKrugman / NYT

The monetary economics of the roll-upMoneyness

Fiscal rules: politics and economicsmainly macro

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

The Fund's Lending Framework and Sovereign DebtIMF
IMF Seeks a “Reprofiling” Middle Ground Between Bailouts and DefaultsWSJ
IMF Girds for Market Storms AheadWSJ

The IMF apology nonsense: how to maintain a lieMainly Macro
IMF Isn’t About to Apologize for GreeceWSJ

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

Seuraavaksi maksat kriisimaiden työttömyyskorvauksetJuhani Huopainen / US

"Ei voida jämähtää" - ekonomisti haluaa kokonaisveroasteen alasVerkkouutiset

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.

The Fermi ParadoxWait but why

What if Quality Journalism Isn't?Baekdal

Silicon Valley Tries to Remake the Idea MachineNYT

Monetizing QE bondsSober 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 DownloadSpiegel
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.