Previously on MoreLiver’s:
Current Specials
EUROPE
Economic Policy’s Narrative Imperative – Project
Syndicate
The eurozone crisis
highlights the need for a narrative that explains public policy and generates
political support for it. While central bankers can provide such narratives to
financial markets, political leaders must provide the messages that encourage
long-term investment, electoral support for reform, and hope for the future.
The Eurozone crisis and EU institutional
change: A new CEPR Policy Insight – voxeu.org
The Eurozone crisis
has produced rapid institutional change: executive powers over national
economic policies have been shifted to the EU. This column introduces a new
CEPR Policy Insight that analyses the changes and shifts of power among the
EU’s institutions. What is clear is that further reforms are needed in order to
safely and accountably underpin new executive power.
Europe in
Brief – Krugman /
NYT
Tim Duy asks, when can
we all admit that the euro is a failure? The answer, of course, is never. Too
much history, too many declarations, too much ego is invested in the single
currency for those involved ever to admit that maybe they made a mistake
World Economic Outlook (WEO) – IMF
‘IMF sounds the alarm for European failure to
respond to the crisis’ – presseurop
Ackermann Says Allowing Euro to Fail to Be
Costlier – BB
“Allowing the euro to
fail would be more costly than deepening the region’s fiscal and political
ties.”
A two-year slump, 19
million unemployed and five countries on emergency aid are no reason to take
bold, immediate action to spur economic growth, according to European officials
set to defend their handling of the debt crisis in Washington this week.
Euro zone posts February trade surplus on lower
imports – Reuters
Biggest ever euro area trade surplus – TradingFloor
Net exports rose by
EUR 3.3 billion in February to EUR 12 billion, the highest monthly trade
surplus in the euro area's history. Judging from January and February, net
exports should contribute positively to Q1 GDP.
Support Grows for European Effort to Fight Tax
Havens – DealBook
/ NYT
Efforts to crack down
on tax havens is gaining momentum after the number of European countries
agreeing to share more bank information doubled. The push against tax evasion
could eventually extend to dividends, capital gains and royalties, that would
significantly expand government revenues
Structural weaknesses
are part of the explanation for the eurozone's predicament. But Europe also
made two mistakes in responding to the crisis. First, it failed to recognise
the true extent of its banking problem. It believed – or pretended to believe –
that the guarantees and recapitalisations of 2008-2009 had addressed the issue
whereas weaknesses were in fact much more widespread. Second, it failed to
appreciate that excessive private-sector debt was not just an American problem.
In Europe too many households and companies needed to deleverage.
Analysis: Euro zone bank troublespots don't
come down to size – Reuters
Though the implosion
of Cyprus's bloated banking system has put other euro zone economies with
outsized financial sectors such as Luxembourg and Malta in the spotlight, loan
quality is the real litmus test of a country's financial stability.
ECB
The role of monetary policy in addressing the
crisis in the euro area – ECB
Speech by Mario
Draghi, President of the ECB, at the “Room for discussion” of the Study
Association SEFA and the Faculty of Economics and Business, Amsterdam,15 April
2013
The euro exchange rate during the European
sovereign debt crisis - dancing to its own tune? – ECB (pdf) ,
Working paper no. 1532
by Michael Ehrmann, Chiara Osbat, Jan Stráský and Lenno Uusküla
ASIA
CHINA Q1 GDP
CHINA Q1 GDP
China’s shark’s fin
soup slowdown – beyondbrics
/ FT
China’s ever-diminishing returns – beyondbrics
/ FT
China is having a credit-fuelled non-recovery – alphaville
/ FT
This Week's Emerging Markets Highlights – Marc
to Market
Emerging Markets Briefer - April 2013 – Danske
Bank (pdf)
FINNISH
Maksutase
helmikuussa 2013 – Suomen
Pankki
Vaihtotase oli helmikuussa 0,2 mrd. euroa
alijäämäinen, eli alijäämä oli 0,6 mrd. euroa pienempi kuin vuotta aiemmin.
Maksutaseen mukainen kauppatase1 oli helmikuussa 0,1 mrd. euroa ylijäämäinen.
Yhteenlaskettu 12 kuukauden vaihtotase oli 3,1 mrd. euroa alijäämäinen.