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Friday, November 20

20th Nov - Dovish Draghi, Mysterious EZ

Previously on MoreLiver’s:

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Euro area depression, chartedFrances Coppola
But war, however justifiable, is terribly destructive. It would be far better for the Euro area to risk fiscal profligacy and monetary irresponsibility than travel that road again. So let's ditch the ridiculous rules and directives, spend a lot of money - ideally by means of helicopter drops, since increasing the fiscal burden on highly-indebted countries in a dysfunctional monetary union is not a sustainable solution - and get people working, and the economy growing, again.

Matthew Klein: Maybe the euro area’s bad banks didn’t matter?FT
Whatever happened in 2011 to hit the euro area economy, it’s difficult to look at all this and argue the problem has been the supply of credit. Something else seems to be at work. So fixing lenders, while helpful, probably isn’t enough to restore growth to the monetary union.

Rebooting the Eurozone: Step 1 – Agreeing a Crisis narrativevox
Paul Krugman: Desperately Seeking ConsensusNYT
Peter Dorman: Read Carefully Before Signing: EZ Crisis NarrativeEconospeak

Speech Mario Draghi: Monetary Policy: Past, Present and Future – ECB
Euro Tumbles As Draghi Says " Will Do What It Must To Raise Inflation" – ZH
German Bunds Give Draghi The Finger: 2-Year Hits Record Negative Low -0.39% - ZH
Draghi Says ECB Will Do What It Must to Spur Price Gains – BB
ECB Path to More Easing Littered With Potholes, Analysts SayBB
ECB's Draghi sinks euro after two days of gains – Reuters
Draghi’s speech: Read my lips – 'whatever it takes' – TF

Fed Hike: Moving From ‘When’ to ‘How’ WSJ

What Will Happen To Corporate Profits If The Fed Hikes In DecemberZH

14 Predictions for 2016 from the Brightest Minds in FinanceBB
Some of the top financial experts warned us of recessions and crisis, while others shared their tips for finding yield

Goldman:  Limited Equity Upside As Bernanke Put Replaced With Yellen CallZH

Morning MoneyBeat AsiaWSJ
U.S. Stocks Flat After Wednesday’s Rally

Morning MoneyBeat EuropeWSJ
Central Bankers Remain Key

Morning MoneyBeat USWSJ
Holiday Sales Expected to Slow, But Not By Much

Danske DailyDanske Bank

Euro rates updateNordea

Focus on central bank speeches * Central bankers tell Fed to “just do it” * Bank of Japan to publish new inflation measure

Morning MarketsTF
Copper's hit a fresh 6.5-year low and as a gauge of global demand, that's pretty ominous.

Daily FX CommentMarc Chandler
Euro Short Covering Bounce Fizzles and Draghi Pushes it Lower

Daily ShotTF
New GDP forecasts see India in pole position once again with the gap between it and China becoming increasingly wider. At the other end of the spectrum we find Russia and Brazil. But while the former is seen exiting its recession next year, the latter's economic misery index is only deteriorating.

Daily Press SummaryOpen Europe
Ministers confirm talks over mini-Schengen have taken place but Germany resists plan * French PM warns that terrorist used refugee crisis to ‘slip in’ to France * Former Conservative Party treasurer donates £1m to campaign to leave EU * Die Welt: Paris attacks will force EU to reassess value of UK membership * 65% of Scots want to stay in the EU * Journalists take European Parliament to Court over lack of expenses transparency * EU-Turkey agreement on reducing refugee flows runs into trouble * Greek parliament passes measures needed to unblock bailout cash, but government majority gets thinner * New minutes show ECB considered boosting QE at October meeting

Brussels PlaybookPolitico
Mini-Schengen plans — French resistance — Belgian raids

Futures Rise, Global Stocks Set For Best Week In Six Unfazed By Terrorism Concerns


FX UpdateTF
Today’s close in EURUSD represents an important setup day and week for the run into the early December event risks (Yellen speech, ECB meeting, US employment report). Meanwhile, Beijing has busted an illegal capital-flight network, but the underlying issue of an overinflated RMB remains.

From the FloorTF
European equity markets were enlivened by Dutch banking group ABN AMRO's return to public trading after the government sold a 20% stake, while US shoemaker Nike authorised a $12 billion share buyback and a stock split overnight, which was seen boosting the company's shares.

EKP haluaa pitää rahapolitiikan ohjakset omissa käsissään * Suomi: Niukkuutta jakamassa – kuluttajien vuosi 2016 * Etelä-Afrikan keskuspankki nosti ohjauskorkoaan * USD heikkeni eilen laajalla rintamalla

Löydä viisi virhettäRoger Wessman
Rakenneuudistuksilla Suomi kasvuun? - Akateeminen talousblogi

Turvapaikanhakijoista tulossa miljardilasku, ex-kansliapäällikkö: miksi sitä hyssytelläänESS

Friedmanista, Kantolasta, talouspuheesta ja talouspuhepuhetta puhuvista talouspuhetutkijoistaAsiaton Lehdistökatsaus