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Monday, November 17

17th Nov - W/E: Linkfest

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Europe’s unbalanced answer to weak growthFT
Fiscal stringency and loose money risk sparking currency conflict

Welfare in Europe: Benefits tourism not OKThe Economist

Geithner reveals how Europe's leaders tried to commit financial suicideThe Telegraph
Taped transcripts of the former US Treasury Secretary expose a catalogue of errors that will haunt Europe for years, made worse by misplaced righteousness

Europe’s Franco-German Dream TeamProject Syndicate
Europe’s economic struggles are taking their toll, reflected in the hopelessness and extremism that increasingly characterize European politics. A forthcoming reform proposal, produced by the highly respected economists Jean Pisani-Ferry and Henrik Enderlein, could be the first step toward turning the situation around.

The real “beggar-thy-neighbor” policyMoney Illusion
Proponents of fiscal stimulus often call on Germany to adopt a more expansionary fiscal policy, in the hope that this will help rebalance and reflate the entire eurozone.  It’s possible it might work, but it’s also possible it might end up being a “beggar-thy-neighbor” policy.

Russia’s import-substitution problemFT
What’s an oil power to do when the commodity it owes its power to is on the wane?

Ukraine faces economic breakdown as war returnsThe Telegraph
Analysts say the IMF has repeated the errors made in Argentina and Greece: lending large sums of money to a country charging headlong towards insolvency

Greece’s recession is over, but its depression will be the worst in historyWaPo

Italy’s government: Frenzied RenziThe Economist

Italy’s Greater Depression – Eerie memories of the 1930sMarket Monetarist

Italian Debt, Mutual Insurance, Fiscal Federalism and Fiscal RulesPlace du Luxembourg

Podemos Now Leading Force In Spanish PoliticsThe Spain Report
Popular Party Slumps To Third Place, Says Poll

Mr. Europe? The Ghosts of Juncker's Past Come Back to Haunt HimSpiegel
He only recently took office as European Commission president, but now, Jean-Claude Juncker is under pressure due to potentially illegal tax deals forged in Luxembourg during his stint as the country's prime minister. Some believe he may have to resign.

Democratic Deficit: It's Time to Put Juncker on the Hot SeatSpiegel
Can the European Commission be led by a man who transformed his own country into a tax oasis? The debate is long overdue and Jean-Claude Juncker can no longer afford to shirk the question.

Luxembourg Leaks: ‘This man is unfit to lead Europevoxeurop

LuxLeaks Has Revealed Another Clash between National vs EUeuinside
The LuxLeaks scandal is a classical example of the growingly frequent clash between the level of integration of the European economy (and the global for that matter) and the national sovereignty.

G20: Juncker fends off attacks on Luxembourg tax dealsFT

ECB looks on the bright side - or is it the blind side?TradingFloor
Max McKegg: The EER-20 measure (the effective exchange rate) is the one to concentrate on when estimating the effect on inflation of exchange rate movements. In that regard, there can be little confidence that price rises are in the pipeline for the Eurozone.

A Silver Bullet for the European CrisisBrookings
The ECB intervention would be less distortive and more effective if it could leverage on the existence of a liquid market for a public security representing the eurozone as a whole, based on the securitization of the different underlying national public securities. It would consist of an ABS of the existing eurozone public securities composed according to the pre-defined key.

China’s Transition: Third Plenum ObjectivesThe Big Picture
Why Shinzo Abe could nix tax hike twoFT

The World Economy Is in Bad Shape, Especially Europe: PollBB
The world economy is in its worst shape in two years, with the euro area and emerging markets deteriorating and the danger of deflation rising, according to a Bloomberg Global Poll of international investors.

Shadow banking - what kind of regulation for the (European) shadow banking system?BIS
Notes by Mr Pentti Hakkarainen, Deputy Governor of the Bank of Finland, for the panel discussion at the SAFE Summer Academy 2014 "Shadow Banking: Evolution, Background, Perspectives", Brussels, 3 September 2014.

A safe asset for Eurozone QE: A
The ECB seems to be edging towards QE, but faces a quandary on what to buy. This proposal suggests that the ECB buy ‘Safe Market Bonds’. These would be synthetic bonds formed by the senior tranches of EZ national bonds combined in GDP-weighted proportions. The ECB would merely announce the features of the synthetic bonds it will purchase. The market would create the bonds in response to this announcement, thus avoiding new EZ-level institutions or funds.

Panel remarks at the International Symposium of the Bank of FranceBIS
Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the International Symposium of the Bank of France "Central Banking: The Way Forward?" Paris, 7 November 2014.

Liquidity Traps and Monetary Policy: Managing a Credit CrunchFED
Chicago Fed Working papers by Francisco (Paco) Buera and Juan Pablo Nicolini

Fiscal Multipliers: Size, Determinants, and Use in Macroeconomic Projections IMF

Is This Legit?Aleph blog

Reducing excessive variability in banks' regulatory capital ratios – BIS
Implementation of Basel standards – BIS
Basel capital framework national discretions – BIS
Information on national discretions published by the Basel Committee – BIS

The twenty-first century needs a better G20 and a new G7+ - Bruegel

Growth, Convergence and Income DistributionBrookings
The road from the Brisbane G-20 summit (186 pages), interactive version

The Biggest News from Brisbane: China to Chair the G-20 in 2016Brookings

A Plutocrats Summit?Project Syndicate

The 21st century needs a better G20 and a new G7+ - Bruegel

G20 Leaders’ CommuniquéG20

G20 summit: Leaders must urge Juncker to steer Europe back on the road to recovery – FT

Final communique lists 800 measures for economic growthThe Guardian
G20 leaders approve a package estimated to increase global growth by at least 2.1% by 2018 after two-day summit

Lagarde Welcomes G20 Growth Strategies, Says Implementation CriticalIMF

G20 leaders pledge reforms to boost growthFT
Leading economies commit to liberalisation despite US-EU divisions on strategy

G-20 Plans $2 Trillion Growth Boost to Uneven Global EconomyBB
Citing risks from financial markets and geopolitical tensions, the leaders said the global economy is being held back by lackluster demand

Why has financial fraud lost its shock factor?TradingFloor
Adam Courtenay: It appears we are becoming inured to reports of banking criminality. First there was the one involving the Libor, then forex markets and now precious metals. At what point do we say enough is enough when it comes to market manipulations? Perhaps if we link the fraudulent behaviour to investor losses, then some action might be taken to end this type of activity.

A Spreadsheet Way of KnowledgeMedium
A generation ago, a tool unleashed the power of business modeling — and created the entrepreneurial boom that has transformed our economy

Africa, Uncolonized: A Detailed Look at an Alternate ContinentBig Think

The mathematician who proved why hipsters all look alikeWaPo
What brain neurons tell us about the 'hipster effect' when all contrarians end up looking the same.

Is Quantum Entanglement Real?NYT

If Other Industries Were Like Wall StreetFool

The Thrill of Flying the SR-71 BlackbirdGizmodo
SR-71 Flight
Hi-Res CockpitVirtual Tour

Presidentti Niinistö ja euro ja taloudellinen huuhaa – masentava haastatteluTyhmyri

Sauli Niinistö valehteleeJuhani Huopainen / US

Lehdet: Sauli Niinistö arvostelee rajusti viime hallitusten talouspolitiikkaaYLE
Presidentti Sauli Niinistön haastattelu julkaistiin sanomalehti Keskisuomalaisessa, Savon Sanomissa, Etelä-Suomen Sanomissa ja Karjalaisessa.

Entinen pääministeri Matti Vanhanen ei niele presidentin arvosteluaYLE
Eduskuntavaaliehdokkuutta harkitseva entinen pääministeri kehottaa presidenttiä analysoimaan myös oman ministerikautensa. Ratkaisuksi nykyisiin ongelmiin Matti Vanhanen esittää "sisäistä devalvaatiota".

EK:n Häkämies haluaa palkat jäihin vuosiksiHS
EK:n toimitusjohtajan mielestä yleisiä palkankorotuksia ei pidä juuri tehdä tällä vuosikymmenellä

Näin palkka-ale vaikuttaisi suomalaisten elämäänHS
Muun muassa Elinkeinoelämän keskusliiton toimitusjohtaja Jyri Häkämies on ehdottanut palkkojen jäädyttämistä kansantalouden pelastamiseksi. Tällöin yritykset säästäisivät kuluissaan, mutta samalla myös tulevat eläkkeet hupenisivat.

"Sisäinen devalvaatio" voisi tarkoittaa tuloveroaleaHS

EU ja talouden kehitysBrysselin kone / YLE
Johtaja Leena Mörttinen Elinkeinoelämän keskusliitosta keskustelee mm siitä mitä ongelmia oli Euroopan keskuspankin tekemät pankkien stressitesteissä ja miltä EU:n ja Suomen talouden tilanne nyt vaikuttaa.

Professori: EU:n ja USA:n vapaakauppasopimus sisältää "pommin"MTV
Euroopan Unioni ja Yhdysvallat neuvottelevat parhaillaan vapaakauppasopimuksesta (TTIP), jonka tarkoituksena on poistaa kaupan esteitä ja luoda uusia työpaikkoja.

Odotukset Euroalueelle negatiivisia – parempaa on tuskin luvassa poliittisista syistäTyhmyri