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Thursday, November 23

23rd Nov - Good EZ data, US Thanksgiving

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Merkel Offered Path to Fourth Term as Resistance DwindlesBB
Social Democrat leader Schulz to outline plan to president * SPD under pressure to join Merkel to secure stability

Structuring versus restructuring sovereign debts in the Eurozonevoxeu
In the debate on European reforms, a sovereign debt restructuring mechanism for the Eurozone is often proposed. This column argues that such a mechanism is not required. Instead, Eurozone member states should issue GDP-linked bonds, which would enact an implicit seniority structure on their sovereign debt and make the Eurozone more resilient to the next crisis.

Ordoliberalism: A German oddity?voxeu
This book includes a number of contributions by leading German and international researchers, and (former) policymakers on ordo-liberalism, an economic policy approach developed at Freiburg University after WWII. It is compared to the more flexible and pragmatic Anglo-American approach.

Macroeconomic Imbalance Procedure Scoreboard
Eurostat, the statistical office of the European Union, publishes today the indicators of the Macroeconomic Imbalance Procedure (MIP) Scoreboard. The MIP is part of the Six-Pack regulation on economic governance adopted by the European Parliament and Council in November 2011.

ECB split over keeping bond buys open-ended: minutesReuters

ECB Policy Makers Worried Markets Expect More QE ExtensionsBB
Account of Oct. 26 meeting showed debate on QE open-endedness * Various QE sizes and duration discussed by Governing Council

Flash Eurozone Composite PMI –
Flash Germany Composite PMI – Markit
Flash France Composite PMI – Markit
Another broad-based rise in PMI… a headache for the ECB? – Pictet

Two Biggest Risks Now Are China and Inflation, Market Veteran SaysBB
Investors overlooking potential risks: GAM’s Larry Hatheway * Risk is that inflation surges despite little evidence yet

Corporate debt-to-GDP close to previous pre-recession highs
Martin Tiller

Australia's $5.6 Trillion Housing Frenzy Tops U.S. Subprime PeakBB
Value of nation’s homes equivalent to four times the economy * Risk that ‘a minor shock could become far more significant’

The source of the next crisis
Kevin Muir
Shorting volatility has provided huge risk-adjusted returns – which has made it too popular

MiFID Got You Down? There's Work in ChinaBB
It's not hard to see why international investment banks are taking a closer look.

This Robot Said to Sell Facebook. Next Time It May Be RightBB
In a step toward replacing Wall Street analysts, Wells Fargo’s Ken Sena has trained his Aiera bot to read millions of news stories and make calls on stocks.

Monaco Has To Build Into Mediterranean Sea To House Super-RichZH

FirstFT Daily BriefingFT
UK Budget wrap, Zimbabwe’s new president, how to be charismatic

Fed on Track for December Rate Rise, Why Ireland Is Proving a Brexit Roadblock

“Best of the web” daily charts Lukas Daalder

Danske DailyDanske Bank

Euro-area PMIs to gradually fall from elevated levels * Many FOMC members fear inflation could stay below target for longer * Lower US yields and a weaker USD after the FOMC minutes

Brussels PlaybookPolitico
Tale of two economies — Fillon campaign tell-all — Poland’s ambitions
Europe Rebounds From Chinese Rout After Stellar PMIs; US Closed For Holiday

Tänään julkaistaan euroalueen ostopäällikköindeksit | Fedin pöytäkirja vahvisti odotuksia joulukuun koronnostosta | USA:n markkinat on suljettu kiitospäivän vieton vuoksi

EMU-keskustelusta unohtuu tärkein Elina Lepomäki

Tuotannon Tekijät – Palkansaajien Suomi 100 vuottaPT
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Työmarkkinoiden sopeutuminen rahaliiton ja talouskriisin testissä
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Hyvinvointivaltion nousu ja lasku