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Thursday, April 26

26th Apr - Careful ECB

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Ashoka Mody: The myth of Franco-German friendshipvoxeu
Since Emmanuel Macron’s election as French president in May 2017, hope has lingered that a mythical friendship between France and Germany will help complete the gaps in the euro area architecture. As this column discusses, however, history provides no basis for such an expectation. National interests, always central to the decision calculus, have diverged even further. French leaders have a pressing task at hand: they need to rejuvenate their own economy and build domestic social cohesion. This may take a generation or more.

Deepening EMU requires a coherent and well-sequenced packagevoxeu
The debate on deepening EMU is entering a critical stage. This column, contributing to VoxEU's Euro Area Reform debate argues that while the proposals in a recent CEPR Policy Insight are both timely and attractive, the mix seems unbalanced and carries significant risks. The focus of the proposals on reducing fiscal risks could lead to financial distress, ultimately requiring more, not fewer, rescues.

ECB Keeps QE Pledge, Rates Unchanged – ZH
Introductory statement to the press conference – ECB
ECB Maintains Course, Check Back in June – Marc Chandler
Euro Rebounds, Reclaims 1.22 As Draghi Downplays Soft Econ Data – ZH
The ECB’s steady hand – Pictet
Weaker data a concern for the ECB – ABN AMRO
ECB Seeks Clarity on Economy Before Next Move – WSJ
Draghi Insists Outlook Is Solid as ECB Skirts QE Debate Again – BB
Draghi Faced Nowotny Plea to Discuss ECB Policy – BB

Dean Curnutt: Markets Today Have Much in Common With 2007BB
In their benign, pre-crisis economic assessment, policy makers failed to appreciate the fragility imposed by asset prices.

Noah Smith: The Myth That Markets Get Prices Right Won’t DieBB
All that irrational human behavior gets in the way.

Deutsche Bank: Disastrous Results, Retreats From US Investment BankingZH

Macron and Trump Can Team Up on TradeBB
Unusually, the leaders of the two countries have more common ground than it appears.

FirstFT Daily BriefingFT
Facebook’s good day, Macron’s bold speech, Ireland’s abortion battle

Deutsche Bank Announces Major Overhaul, Barclays Posts Loss, Investors Eye ECB,

WSJ EconomicsWSJ
Check-In On the U.S. Economy | U.S.-China Chilling Effect | Prepare to Pay More for Your Next TV

“Best of the web” daily chartsLukas Daalder

Danske DailyDanske Bank

Daily Market CommentMarc Chandler
Euro Remains Soft Ahead of Draghi

Brussels PlaybookPolitico
Battles and wars — Siding with the Irish — Loose lipsticks sink ship

Five Things You Need to Know to Start Your DayBB

Aamukatsaus Nordea
Emme odota EKP:n tämän päivän kokoukselta suuria yllätyksiä | Myös Riksbank kokoustaa tänään | USA:n 10-vuotinen korko puhkaisi 3 prosentin rajapyykin