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Tuesday, February 24

24th Feb - Greece still solved for now, Yellen testified

Previously on MoreLiver’s:

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Defining ‘responsible’ fiscal policy for Europevox
Recommend Eurozone fiscal neutrality, moderate consolidation in France and Spain, lower consolidation in Italy, and moderate stimulus in Germany.

A ‘big bang’ to expand Europe’s economyFT
A capital markets union is needed, writes Michael Sherwood and Richard Gnodde

A Greek deal cannot fix the flaws in the euroFT
Gideon Rachman: There has rarely been a period when it is more urgent for Europeans to work together

Germany’s Budget Surplus Strengthens Hand in Dealing With Vulnerable EZ CountriesWSJ

Why Switzerland is such a great country (all’s well that ends well)Scott Sumner

Denmark: What’s going on?Nordea
Theories abound on what exactly is going on with EURDKK and Danish rates right now. Both are up, markedly. After 70bps in cuts and total intervention of 275bn DKK over just over a month, a seeming reversal has been underway since Friday. In our view, the situation is not yet solved.

BOE’s Carney: Return to Crisis in Eurozone Would be Serious For U.K.WSJ

Eurogroup conference call raises hopes for Greek bailout extension – FT
Greece sends comprehensive reform plan to lenders: EU source – Reuters
Greek Plan to Tackle Economy Goes Before Finance Chiefs – BB
Morgan Stanley: Odds of Greece Staying in Euro Haven't Gotten Any Better – BB
Greece and primary surpluses – Simon Wren-Lewis

Commission: reform list “sufficiently comprehensive” as a starting point – Open Europe
Troika "Happy" With Reform Promises: Full Varoufakis Letter – ZH
Brussels signs off on Greek reform plan – FT
Does the reform list change the judgement on Greek capitulation? – Open Europe
5 Things to Know About Greece’s Proposed Reforms – WSJ

How Greece’s Creditors Can Encourage Its Return to Stability – PIIE
The Greek Deal – A game changer or a mere name changer? – Sony Kapoor
Greece Must Stop Grandstanding and Start Governing – PIIE
The Economic Opportunity of Greece’s Exit – Project Syndicate
All quiet now, but can Greece really thrive inside the Euro? – George Magnus

The House View: The Greek ConundrumDeutsche Bank

Why is Monetary Policy Underrated?Project Syndicate
Koichi Hamada: Despite the European Central Bank's decision to launch quantitative easing, many economists, policymakers, and central bankers continue to underestimate unconventional monetary policy. But, to understand QE's transformative potential, they need only look to its recent success in Japan.

Hans-Werner Sinn: Why the taxpayer is on the hookvox
It has been debated whether taxpayers would have to foot the bill from different ECB government bonds purchase programmes. This column argues that for the participants of such programmes that involve the mutualisation of interest revenues, there is no free lunch.

Annual inflation down to -0.6% in the euro areaEurostat

5 Things to Watch for in Janet Yellen’s Testimony – WSJ
Parlez Vous QE? The Fed’s Foreign Language Lessons – WSJ
Yellen faces Senate grilling on Fed rate policy, transparency – Reuters
How ‘patient’ is Yellen? – FT
The Context for Yellen – Marc to Market

The Street Reacts to Yellen: Fed ‘Appears Fearful’ of Raising Rates – WSJ
Yellen: Semiannual Monetary Policy Report to the Congress – Calculated Risk
Fed lays the ground for end of zero rates – FT
Yellen Opposes Changes to Fed Structure – WSJ
Yellen ‘Strongly Opposed’ to ‘Audit the Fed’ Bill – WSJ
Yellen Not Seeking to Alter Dodd-Frank – WSJ
5 Quotes From Fed Chairwoman Janet Yellen’s Report to Congress – WSJ

Is Japan in danger of a “fiscal crisis”?FT
The Japanese economy seems much less in danger of suffering from an acute “fiscal crisis” than a gradual decline in the living standards of workers forced to support a rapidly-growing elderly population.

How addiction to debt came even to ChinaFT
Martin Wolf: Huge increases in private sector credit preceded many financial crises

Australia’s Frothy House Prices Make Another Cut Unlikely–At Least for NowWSJ

The great growth destruction?FT
Barclay’s Michael Gapen: output is being destroyed on a permanent basis and potential growth is slowing as a result. This is happening as growth outside the developed world is also slowing.

Daily Central BanksWSJ
Hilsenrath’s Take: Yellen’s Testimony Might be More Meaningful Than a Year Ago * Five Things to Watch For In Yellen’s Testimony * Community Bankers Support Curbing New York Fed’s Powers * BOE’s Forbes: Rate Rise May be Needed to Ensure Financial Stability * Israeli Central Bank Cuts Policy Rate to Record Low

Daily MacroWSJ
Once again, Greece is being shifted onto the back burner, which means eyes can now turn to the U.S., where  Federal Reserve Chairwoman Janet Yellen is scheduled to make a much anticipated presentation before Congress later Tuesday.

Danske DailyDanske Bank

More Greek delays * European markets cheer * Yellen presents testimony * US Treasuries to find support from Yellen’s testimony * NOK hurt again by the falling oil price

Dollar Bid Ahead of YellenMarc to Market

With Greece Swept Under The Rug, Focus Turns To Janet Yellen's Congressional Testimony

FX UpdateTF
Any appearance by a Fed chair before Congress is a huge two-way event risk for markets, but given the mix of data and more dovish policy expectations by the market, it may be easy for Yellen to surprise on the hawkish side merely by insisting that she would like to keep all options on the table.

Daily NewsletterTF
Today sees two major data developments: EU inflation and the beginning of Federal Reserve chair Janet Yellen's statement to Congress. The results of both could prove significant over the coming weeks.

Martin Sandbu’s Free Lunch: Robot takeover cancelled for now – FT
We don't need no (more) education, rather an attack on rent

Politiikasta tulossa punnan painolasti | Fedin Yellen pitää kongressille puheen rahapolitiikasta | Eurooppalaiset osakemarkkinat nousivat eilen uusiin ennätyslukemiin

Näin syvällä nyt kynnetään ysärilamaan verrattunaYLE
Tässä talouskurimuksessa työttömyys ei ole kertaakaan hätyytellyt kymmentä prosenttia, toisin kuin 90-luvulla. Kuvaajat työpaikkojen tuhoutumisesta ja syntymisestä sen sijaan näyttävät rujoilta.

HS-gallup: Keskusta vakiinnutti asemansa, Sdp kiilasi kokoomuksen ohiHS
Vaalitutkija: Vain skandaali voisi kääntää keskustan kannatuksen

Kreikka-pokerissa kaivataan avoimia korttejaElina Lepomäki

Soini kehuu ja moittii Zyskowiczin säästölistaaYLE

Vasemmisto, ilmaisunvapaus ja muuttuva maailmaHannu Visti

Tammikuun työttömyysaste 8,8 prosenttia – Tilastokeskus
Teollisuuden tuottajahinnat tammikuussa -2,7% YoY – Tilastokeskus