Also worth noting that Paris resists advice from Brussels. The big ones seemingly have rules of their own.
Previously on MoreLiver’s:
Roundups &
Commentary
Frontrunning – ZH
Overnight: Nikkei Plunges Another 5% But "Unsourced" Stick
Save Arrives Just In Time – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Daily press summary – Open Europe
Morning MoneyBeat: A Bond Selloff, But Not the Big One – WSJ
Morning Bond Update – TradingFloor
Dollar Bowed by Month-End Pressure – Marc
to Market
Morning Briefing
(EU/US): Fight the good fight – BNY
Mellon
The BOJ
has been left to fight a strengthening tide - something that could have
profound implications for currency crosses like AUD/JPY
EUROPE
The transmission
mechanism of the euro area monetary policy is not working properly, as interest
rates charged by the banking system vary widely across countries. This hurts
small businesses in particular, as they have to rely on bank credit much more
than large companies which can issue debt in the capital market. As a result,
countries which are implementing fiscal restriction cannot fully benefit from
the monetary policy easing implemented by the ECB. Under these conditions the
adjustment risks being self-defeating.
Franco-German motor – MacroScope
/ Reuters
Today’s big setpiece
is a meeting of German Chancellor Angela Merkel and French President Francois
Hollande ahead of a June EU summit which is supposed to lay the path for a
banking union.
Somehow — was it the ludicrous secrecy, maybe? — you could tell this was
coming. On Wednesday, Jan Hurri at Taloussanomat took advantage of the Finnish
government’s recent doc dump in order to reach a conclusion about its deal for
‘collateral’ on Greek bailout loans
UNITED STATES
ASIA
Abenomics to make or break Japan – Nordea
(pdf)
Or the summary.
Rethinking Abenomics – WSJ
What's going on in Japan? – Buttonwood
/ The Economist
Another sharp fall in Japan's stockmarket this morning (5.2% on the
Nikkei, 3.8% on the Topix) raises broader questions about the euphoria that
greeted the introduction of Abenomics.
Nikkei Takes Another Big Plunge – WSJ
The Nikkei Stock
Average closed down 5.2%, hitting a four-week low at 13,589.03, the lowest
level since April 23.
Nikkei pain – alphaville
/ FT
What we do know is
that until recently a refrain across the City was “good news stocks are up, bad
news stocks are up” so this, potentially ongoing, correction was something
everyone was waiting for.
OTHER
Blogs review: The economics of a regime shift – Bruegel
For several years
already (see our previous reviews on price level and nominal GDP targeting),
monetary economists and historians have called for a regime change in monetary
policy that would break with the past and greatly affect inflation and growth
expectations. After two decades of deflation, this change has come to Japan. As with the UK experiment with fiscal contractions, the early
effects of the Japanese experiment have been followed with great interest on
both side of the Atlantic where the policy approach has been more
incremental. In this post, I complement the discussion of Abenomics with
historical evidence from the Great Depression.
FINNISH
Sanoman Pekka Soini intranetissä: Liian moni
tyytymätön Hesarin sisältöön – MarMai
”Iltapäivälehdet
ovat tottuneet elämään ajan pulssilla. Ne myydään lukijoille joka päivä. Tässä
asiassa digimedia opettaa meitä kaikkia”, Soini sanoo M&M:lle.
Helsinki alkaa etsiä kerjäläisille
yöpymispaikkoja – HS
Euroopan komissiolta suuntaviivoja kotimaan
talouspolitiikkaan –
EK
Euroopan
komissio julkaisi eilen EU:n jäsenmaille maakohtaiset suositukset osana
eurooppalaista ohjausjaksoa (European Semester). Suosituksissa on arvioitu
jäsenmaiden toimintaa julkisen talouden tasapainottamiseksi ja talouden
rakenteiden kehittämiseksi. Suositusten tavoitteena on antaa ulkopuolista
näkemystä asioista, joiden tulisi olla kansallisen päätöksenteon painopisteinä
seuraavien 12–18 kuukauden aikana.
Kreikan
vakuusjärjestelystä – Valtteri
Aaltonen / Piksu
Velkadeflaatio:
Euroalueen kuolemanspiraali – Juha
Remes / Piksu
Kreikan vakuusjärjestelystä – Valtteri
Aaltonen (sd) / US Puheenvuoro
EK:n puheenjohtaja Ilpo Kokkila: Suomea uhkaa
vaarallinen kierre –
EK
Suomi elää
viennistä, mutta nyt tämä vientikone yskii pahasti. Edessä on vaarallinen
kierre, kun kilpailukyky heikkenee, työpaikat vähenevät, kotimainen kysyntä
hiipuu ja investoinnit hyytyvät, totesi EK:n puheenjohtaja Ilpo Kokkila tänään
EK:n kevätseminaarissa Helsingin Palacessa.