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EUROPE
The Eurozone Crisis, which broke out in May 2010, is a long way from
finished. Worse yet, many of the fragilities and imbalances that primed the monetary
union for the Crisis are still present. EZ decision-makers will never agree
upon the changes needed to prevent future crises unless they agree upon the
basic facts that explain how the EZ Crisis got so bad and lasted so long. CEPR
Policy Insight 85 presents a consensus narrative of the causes.
Iceland’s external debt was de jure private, while Greece’s external debt
was sovereign debt. Iceland has its own currency, making it easy to create a
current account surplus through a lower exchange rate. The government of
Iceland took full ownership of the IMF programme, which was not the case in
Greece.
EUROPEAN CENTRAL BANK
Account of the monetary policy meeting – ECB
October Minutes Say "Deflation Risk Not fully Excluded" – ZH
ECB minutes: risk of inflation target miss increased – Reuters
Speech Peter Praet: Monetary
policy under uncertainty – ECB
UNITED STATES
FOMC MINUTES
Outdated due to the strong jobs report -
December hike seems very likely – Danske Bank
FOMC gives thumbs up for December rate
rise – TF
Did Goldman Sachs Just Find The Smoking
Gun In Minutes? – ZH
3 points on the Fed minutes – Macro Man
Fed Minutes Make a December Liftoff Look
More Likely – BB
Fed likely to move in December – Nordea
OTHER
REGULARS
U.S. Stocks Extend Rally on Fed
Minutes
Fed Minutes Spur Equity Gains
Markets Prepare for Liftoff
October’s FOMC minutes point to a
December rate hike…and gradual pace of rate hikes thereafter * Minutes suggest
US weathered well global financial stress…and US domestic demand to support
growth going forward
Minutes suggest December hike,
yields lower, USD weaker * Fed and ECB speeches, few data on the agenda * Germany
sells 2-years at record lows * Riksbank comments strengthen SEK
Asian bourses mostly
took a positive lead from Wall Street, with equities surging in Japan and
Sydney. Indeed the rise was so strong on the ASX that it sparked talk of an
early Santa rally, with the big four banks and top miners back in favour.
Shanghai joined the rally party too, but only made modest gains.
Dollar Corrects Lower
Juncker endorses EU with
different levels of integration * France demands tighter controls of Schengen’s
external borders ahead of emergency summit * Germany debates upping military
response to terrorism at home and overseas * Hungary to launch case against EU
refugee quotas at ECJ * Russia tables UN proposal for West to combat IS
alongside Assad * Portuguese President to consult parties again over formation
of new government
Two-speed EU — Two-sided
Molenbeek — Paris attacks
Global Markets Surge
Overnight On Fed Minutes Optimism; ECB Minutes Set To Keep Rally Going
The FOMC minutes were entirely in
line with expectations, and the price action after their release suggests that
more was needed to keep the US dollar on the rally track. But is this a brief
hiccup, or is the USD ripe for a further correction, especially versus the
commodity dollars?
The Federal Open Market
Committee has released its latest minutes, and the countdown to liftoff is on.
As the big event draws nearer, however, it strangely begins to lose its epic
scale.
FINNISH
Konsensus
valtaa alaa Fedissä * Tänään äänessä EKP:n johtokunnan jäseniä * Japanin
ulkomaankauppaluvut odotettua ankeammat * Ruotsin työmarkkinat kehittyvät
todennäköisesti edelleen vahvasti