First
Germany’s NordLB, then Italy’s Banca Popolare di Bari. Taxpayers are still very
much on the hook for the failures of the finance system.
Can
European carmakers accelerate electric transition? – FT
New
EU emissions standards are designed to wean consumers off larger,
petrol-fuelled cars
EU
Makes Deeper Economic Ties With China a Priority – WSJ
European
Council President Charles Michel said he would lobby the bloc’s national
leaders early in the new year on a more unified approach to Beijing, and
wouldn’t allow U.S. to dictate policy.
ING’s Eurozone Quarterly: Is this recovery for real? – ING
There
are gradually more signs that the Eurozone economy is bottoming out after that
slowdown that started in January 2018. That's the main theme for our Eurozone
Quarterly. From Germany to Greece, France to Finland, we give our assessment of
what's really going on right now in the region... and what we think is going to
happen next
What
Qualifies as a Green Investment? EU Sets Rules – WSJ
The
European Union outlined the world’s first comprehensive green-financing rules,
seeking to regulate claims made by the finance industry in the burgeoning area
of environmentally sustainable investment products.
Here
comes European protectionism – Politico
The
next five years of EU policy will be about defending the bloc’s interests.
What
Macron plans for Europe – Politico
The
French president’s EU adviser outlines what Paris wants from Brussels.
Never
mind the strikes, here’s the French pension reform – Politico
Prime
Minister Edouard Philippe unveils plan to revamp the system, and the unions
aren’t happy.
French
Protesters Turn Up Pressure on Macron Over Pensions – WSJ
Hundreds
of thousands of people took to the streets in nationwide protests against the
French government’s planned pension overhaul, deepening the standoff between
President Emmanuel Macron and the country’s powerful unions.
UNITED STATES
Feldman:
A Brief Guide to the Weird Constitutional Rules on Impeachment – BB
The
Senate pretty much gets to invent its own procedure.
U.S.
Prefers Mass Hysteria to Sound Policy on Vaping – BB
Saving
the lives of millions of smokers isn’t a priority. Protecting kids from
nicotine seems to matter more.
Goldman
Sachs in Talks to Admit Guilt, Pay $2 Billion Fine to Settle 1MDB Probe – WSJ
Wall
Street bank could install monitor as part of deal with Justice Department
CENTRAL
BANKING
El-Erian:
Sweden Says Enough Is Enough on Negative Rates – BB
The
Riksbank parts with its peers because of concerns about collateral damage and
unintended consequences.
Giugliano:
Sweden's Hike Holds a Lesson for the ECB – BB
Misguided
anxiety about subzero rates has led to unnecessary tightening. Other banks
should take heed.
China’s
Central Bank and the Fed Look More Alike – BB
The
big economies are on the same monetary page, and independence doesn’t account
for everything.
Gallo:
Central Banks Want New Powers, But at What Cost? – BB
Linking
monetary policies with governments’ fiscal policies is likely to have negative
consequences.
Fiscal
activism in the euro area and in other advanced economies: new evidence – ECB
On
average, discretionary fiscal policy did not deliver economic stabilisation: during
good economic times (positive output gaps) it has been on average pro-cyclical
both in the euro area and in the other regions
A
tale of two decades: the ECB’s monetary
policy at 20
– ECB
Market
reaction to the two-tier system – ECB
The
ECB after the crisis: Existing synergies among monetary policy, macroprudential
policies, and banking supervision – voxeu
In
2012, European leaders decided to establish a pan-European supervisory
authority at the ECB, and in November 2014 direct banking supervision and an
important role in financial stability were added to the monetary policy
responsibilities of the central bank. This column examines what this has meant
for the organisational structure of the ECB, asking why the decision was made,
what the working arrangements of this enlarged ECB are, and what the
similarities and synergies among these three functions are.
Central
banking in challenging times – BIS
The
essay focuses on the threefold challenge central banks have been facing
post-crisis - economic, intellectual and institutional. It pays special
attention to central bank independence.
Despite the Fed’s efforts, the repo market risks more turbulence – The Economist
A
challenge awaits the central bank on December 31st
OTHER
The
ceasefire in the trade war between America and China is fragile – The
Economist
New
American tariffs have been cancelled in a “phase one” trade deal
Book
Recommendations to Turn the Page From 2019 to 2020 – BB
Bloomberg
Opinion writers on what they’re reading to make sense of the year past and look
forward to a new decade.
Macau's
a Safe Bet — to Remain a Gambling Hub – BB
Who
needs another meal ticket when you’ve already got a monopoly on running casinos
in China?
Macau:
lessons for Hong Kong from Beijing’s ‘good student’ – FT
There
is growing anger over inequality in the former Portuguese colony, so why are
the people not protesting?