Previously:
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EUROPE
The
idea that Europe’s challenges could be addressed with further integration dates
back to the beginning of the European project. This column argues that partial
integration might not necessarily lead to more integration. In particular, such
a strategy might not be successful in areas involving high heterogeneity costs
that do not necessarily reduce with more integration. If further integration is
to take place, European institutions may need to accept much more flexibility
and have provisions not only for entry, but also for exit.
The IMF’s Euro Crisis – Project
Syndicate
Over
the last few decades, the IMF has learned six important lessons about how to
manage government debt crises. In its response to the crisis in Greece, however, each of these
lessons has been ignored.
Wolfgang Münchau: The make believe world of eurozone rules – FT
The
disagreement between Germany and the ECJ is not about the law, but politics and
economics
Money matters: a Capital Markets Union primer – Politico
The Italian Job Market Is So Bad That Workers Are Giving Up in Droves – BB
EURO AREA IMF ARTICLE IV ON EURO
AREA
Press
Release – IMF
Staff
Report – IMF
Selected
Issues – IMF
IMF
urges ECB to use firepower aggressively – FT
GREECE
EUROPEAN CENTRAL BANK
An event-study analysis of ECB balance sheet policies since October 2008 – EC
Has underlying inflation reached a turning point? – ECB
Draghi’s ‘Whatever It Takes’ Marks Three Years Proving Enough – BB
DATA
Monetary
developments in the euro area: June 2015 – ECB
[M3 +5% (+5), M1 +11.8% (+11.2), NFC loans
+0.1% (+0.1)]
Euro
area bank lending signals stronger recovery – Danske
Bank
July
2015 Ifo Business Climate Index Rises – CESifo
German Ifo
defies Greek woes – Carsten
Brzeski
UNITED STATES
Fed Is
Closer to Hitting Its Inflation Target Than People Think – BB
Signs of
wage growth mean the central bank is moving closer to an interest rate hike in
September.
Fed May
Hint September Liftoff Is on Table With Statement Tweaks – BB
Fed staff error reveals “potential”
output is mostly nonsense – FT
Durable
Goods Bounces, Revised Lower; YoY Declines Warn Recession – ZH
U.S. Capital Equipment Orders Rise for
Second Time This Year – BB
US durable
goods orders rebound 3.4% in June – TF
OTHER
Global
Housing Watch July 2015 – IMF
REGULARS
Daily
Central Banks – WSJ
Hannon’s
Take: What if the Output Gap is Global? * Fed Officials May Offer More Clarity
on Rates * Fed Economic Forecasts Released Early * Fed Staffers Slightly
Pessimistic About Economy * China Stocks Suffer Sharpest Daily Fall
Since 2007
Morning
MoneyBeat Asia – WSJ
For U.S. Stocks, a Rough Week
Morning
MoneyBeat Europe – WSJ
Stocks
Slump In China’s Wake
Investors
Nervous Over Depth of Market Gains
Danske
Daily – Danske
Bank
Euro
rates update – Nordea
Eye-Opener – Nordea
Fed to
steal the show: clear signal of September rate hike this week * Lower oil
prices could become a concern for the ECB Breakeven inflation lower – warning
to ECB, could strengthen the USD
Morning
Markets – TF
Asian
stocks followed their European and North American counterparts lower on Monday
as a fresh bout of worries about Greece and the continued weakness in
commodity markets undermined sentiment.
Daily FX
Comment – Marc
Chandler
Plummeting
Chinese Stocks Take Toll on Dollar
Daily
Shot – TF
Some
emerging market currency declines against the dollar have been spectacular,
with the Brazilian real the major causality. But the falls are not limited to
emerging economies, with the likes of the Canadian, Australian and New Zealand dollars all suffering.
Daily
Press Summary – Open
Europe
Osborne in
Paris as media speculates on June 2016 EU referendum * Leaked reports detail
secret plans for return to drachma in Greece * Corbyn: Labour should not give
Cameron a free hand during the EU renegotiation * Spiegel: Germany willing to
discuss Eurozone budget and ‘euro tax’ * New poll confirms sharp drop in
support for Podemos after Greek deal * Polish Central Bank Governor: Don’t
expect us to be enthusiastic about joining euro * German state authorities see
costs of providing assistance to asylum seekers more than double * Almost half
of EU doctors applying for a job in the UK over the past year failed to prove
their English skills * Multiculturalism row divides Finnish coalition while
Hungarian PM warns against immigration * US raises concerns about number of EU
investigations into US digital firms
The Greek
Plan V — Euro-trap — Brexit tour
US Open – ZH
Global
Stocks, US Equity Futures Slide Following China Crash
Frontrunning – ZH
FX
Update – TF
We had an
ugly close in major equity markets on Friday and that is being followed this
morning with ugly risk sentiment in Asia, keeping the USD and commodity currencies
under pressure and rewarding the euro and the yen.
From the
Floor – TF
Chines
industrial data fell 0.3% on year sparking yet another run on the Shanghai
Composite Index and a run to safe-haven proxies, the euro and the yen as well
as corporate bonds.
FINNISH
Aamukatsaus – Nordea
Jos Fed ei puhu, palkkatilastot puhuvat Fedin puolesta |
USA:n BKT-kasvu on piristynyt toisella neljänneksellä | Euroalueen inflaatio
jatkaa maanpinnan kyntämistä
Olipa kerran euro – Sakari
Heikkinen
Roger Wessman: Väyrynen, euro ja munakasongelma – Marketnoze
Kuluttajien luottamuksen lasku jatkui heinäkuussa – Tilastokeskus