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Tuesday, September 20

20th Sep - Merkel is sorry for the migration crisis

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Shore up the euro before it's too late, experts warnReuters
Will the euro survive the next big crisis? A new report inspired by Jacques Delors, one of the architects of the single currency, says it probably won't and urges policymakers to pursue immediate changes to Europe's troubled monetary union to ward off the inevitable collapse.

The End of the European Supernation?Project Syndicate
As the EU prepares to negotiate Britain’s exit, it is becoming increasingly apparent that European supranationalism gave way to inter-governmentalism long ago. The question is whether the EU’s status as an enterprise dominated by its member states is a permanent condition.

Quarter of French Muslims follow hardline Islam: studyPolitico
Officials silent on study recommending use of ethnic and religious statistics.

Insulted Hungary won’t stop criticizing EUPolitico

'Hard Brexit' would have only modest impact on City, says Moody'sThe Guardian
Martin Wolf: No halfway house will do: Theresa May will go for a hard BrexitFT

  ITALY Credit Suisse Sees Less Than 1% Chance Of ExitalyZH
Matteo Renzi: Italy will deal with migrant crisis on its ownPolitico
Merkel: refugee policy misunderstood, not mistaken – Politico
Merkel admits mistakes over asylum seekers after disastrous election – The Guardian
Berlin’s state election heralds a new era in German politics – Politico
A note on Deutsche Bank – Golem XIV
Merkel’s “mea culpa” and what comes next – Reuters
Angela Merkel’s kinda sorta mea culpa – Politico
Angela Merkel Isn't Backing Down – View / BB

Editorial: The Fed Should Be Clear and Raise Rates – View / BB
The Rate-Hike Window of Opportunity Is Closing; Will the Fed Break It Anyway? – WSJ
What Do We Need to Give the Fed's Hawks More Room to Fly? – BB
Ahead Of The FOMC Meeting – Tim Duy
FOMC preview: Once a year Yellen – Nordea

Fed and BoJ preview: why September is turning into a dudTF
September was supposed to be an epic month for the world's central banks. But we are not seeing any action instead only delays and promises. Next December will be the new September.

Why the Bank of Japan’s Meeting Is a Wildcard for Global MarketsWSJ

What Have We Learned From The Crisis?Paul Krugman

Danske DailyDanske Bank

Waiting for the BoJ and the Fed * Important news from the BoJ early tomorrow morning; The Bund dances around zero, USTs rangebound waiting for Fed; USD weaker

Morning MarketsTF
Markets are largely in a holding pattern ahead of this week's central bank meetings where soft data are weighing on the Fed's normalisation plans. Some major banks however say a hike cannot be ruled out.
Daily Market CommentMarc Chandler
Dollar Goes Nowhere Quickly

Daily Market CommentMacro Man

Daily Press SummaryOpen Europe

Brussels PlaybookPolitico

US Futures, Bonds Rise, Dollar Dips As Fed, BOJ Meetings Begin


FX UpdateTF
The US dollar is back to the weak side this morning as the market appears confident that the Fed will not shock the market with a rate hike tomorrow. At the same time the market smells a BoJ that will de-emphasise QE at its meeting tomorrow.

From the FloorTF
USDJPY looks like it could be ready for a push on 100.0 but there is so much risk surrounding the big central bank meetings in the US and Japan over the next 36 hours that it is a difficult one to predict.

Japanin keskuspankin korkopäätös vie markkinoiden huomion * Venäjän duuman vaaleissa Putin puolueelle huomattava enemmistö

Raimo Sailas: Laiminlyönnit synnyttivät 1990-luvun lamanHS
Laman syynä ei ollut niinkään se, mitä tehtiin, vaan se, mitä jätettiin tekemättä.

Millainen exit EU:n eksistentiaalisesta kriisistä?YLE
Viime viikolla EU-komission puheenjohtaja Jean-Claude Juncker piti puheen. Perjantaina järjestettiin Bratislavan huippukokous. EU on Brexit jälkeen suurimmassa hajaannuksen tilassaan. Blokit vastaan blokit. Puhutaan eksistentiaalisesta kriisistä. Saksan liittokansleri Angela Merkel viittasi jopa sodan ja rauhan kysymykseen. Millainen exit kriisistä olisi? Aluksi kuullaan kommentteja kysymykseen, pitäisikö järjestäytynyt rasismi kriminalisoida. Sakari Sirkkasen studiovieraina ovat euromepit Petri Sarvamaa (kok) ja Jussi Halla-aho (ps).