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Monday, April 11

11th Apr - Germans get angry at ECB

Previously on MoreLiver’s:

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Should the blind lead the blind?Peter Nyberg
If nobody can be expected to credibly prevent a crisis, things should at least be arranged in a manner that minimizes costs to society when a crisis strikes. This would require markedly stricter constraints on financial markets structures than have so far been considered.

Are we about to get a new ”euro spasm”?Lars Christensen

Greece Points Finger at IMF as Schaeuble Sees Deal Within WeeksBB

Denmark Peg Under Pressure, but Won't be AbandonedMarc Chandler

Mere criticism of the ECB is no solutionBruegel
What would happen if the ECB failed to respond to the excessively low inflation and the weak economy? And what economic policy would be suitable under the current circumstances, if not monetary policy?

Why Europe's Banks Don't Have Enough CapitalView / BB
European Banks Crash For 4th Straight WeekZH

Schaeuble vs DraghiReuters

ECB Scrambles To Calm A Furious Germany: "Helicopter Money Was The Straw That Broke The Camel's Back"ZH

German Finance Minister Disagrees with ECB but Says Its Political Independence Is VitalWSJ
Schäuble says central bank is half responsible for rise of far-right political party

Ben Bernanke: What tools does the Fed have left? Part 3: Helicopter moneyBrookings
Welcome back, Helicopter BenFT
Bernanke: "Helicopter Money May Be The Best Available Alternative"ZH

Irony and that JPY-equity correlationFT

FX: PPP-edNordea

Same Drivers, Different DirectionMarc Chandler

Commodity stress abates, but concerns persistPictet

The Positive Effects of Negative Nominal Interest RatesIMF
IMF supports move to negative rates by some central banks – Reuters

Is the Dollar Bottoming against the Yen?Marc Chandler

Deutsche Bank: World Past The Point Of No Return In The Default CycleZH

Danske DailyDanske Bank

Euro rates updateNordea

Higher oil prices support NOK; USD/JPY at 18-month low; busy week ahead * Chinese data, BoE meeting, Fed speeches and CPI prints to dominate this week * Oil prices close to year-to-date high * USD/JPY at new 18-month low

Morning MarketsTF
The yen's ferocious push against the dollar has already reduced to irrelevance some of the pronouncements on the strength of the currency last week but even as the Bank of Japan surveys its options what can it actually do?

Daily Market Comment Marc Chandler
Sterling Shines Temporarily in Choppy Start for Foreign Exchange

Daily Market Comment Macro Man
A look at term premia

Daily ShotTF
The release of US wholesale inventories data for February along with several labour force prints has moved consensus forecasts for the country's Q1 GDP distinctly lower.

Daily Press SummaryOpen Europe
Schäuble suggests ECB is partly to blame for rise of populist AfD in Germany * Italian government seeks to finalise €5bn bank rescue fund * Spain wants one extra year to bring public deficit in line with EU rules * Schäuble: Solution for Greece will be found “in the coming weeks”, but without debt relief * Thousands of unaccompanied child refugees disappear in Germany

Brussels PlaybookPolitico
TTIPping point — Oettinger’s mini-Davos — Panama papers

U.S. Futures Jump In Tandem With Soaring Italian Banks On Hopes Of Government Bailout


FX UpdateTF
EURUSD was bottled up in a tight range last week and looks to test higher after every minor dip was scooped up last week. Elsewhere the JPY remains the market’s prime mover as Japan’s verbal intervention gets more serious and specific.

From the FloorTF
After a sharp rebound in oil prices on Friday the global crude oil markets face another big week with eyes on a producer country meeting in Doha at the weekend and fresh inventory data from the US. In Asia the strength of the Japanese yen and weakness of the US dollar is the theme of the day and the greenback is hit also against other Asian currencies.

USA:n inflaatio polki paikoillaan maaliskuussa * Raaka-ainevaluutat olivat myötätuulessa perjantaina * Markkinoiden riskisentimentti oli perjantaina vahvaa *Kiinan vaikeudet jatkuvat - tällä viikolla luvassa useita datajulkistuksia

Sokeat sokeiden valvojiksi?Peter Nyberg
Jos finanssikriisin luotettavaa estäjää ei löydy, tulisi edes järjestää asiat niin, että kriisien kansantaloudelliset seuraamukset olisivat mahdollisimman vähäiset. Tämä edellyttäisi merkittävästi tiukempia rajoituksia rahoitusmarkkinoiden rakenteeseen kuin tähän saakka on haluttu toteuttaa.

Euroalueen heikko happi ja utopia FixitistäYLE
Ekonomistit: Euroalueesta on vaikeaa saada menestystarinaaSuomen Uutiset
Massiivisen velkataakan niskoilleen hankkineelle Italialle esitetään roskapankkia, EKP arvioi ”helikopterirahoitusta” ja Britannia pohtii EU-eroa. Euroopan ja euron vaikeaa tilannetta arvioivat Yle Politiikkaradiossa Nordean pääekonomisti Aki Kangasharju ja valtiotieteen tohtori Heikki Koskenkylä.