Thought of the Day: Head of the Ifo Institute Hans-Werner Sinn
also gave evidence and suggested the OMT could eventually total €3.5trn. He
also argued that the ECB engages in “regional fiscal policy” and that the
Central Bank’s OMT programme is basically “a free insurance for investors when
a state goes bankrupt”.
Previously on MoreLiver’s:
Roundups &
Commentary
Frontrunning – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Daily press summary – Open Europe
German Constitutional Court raises concerns over conditions on ECB bond-buying;
Bundesbank backs limiting ECB mandate
Morning MoneyBeat: The First Domino to Drop Will Be… – WSJ
Morning Bond Update – TradingFloor
Yen Soars, while Dollar Stabilizes – Marc
to Market
Morning Briefing
(EU/US): – BNY
Mellon
One of the most unnerving spectacles right
now is the Chinese economy’s sustained slowing into an uncertain future for all
and sundry
EUROPE
Lessons of a Greek Tragedy – Project
Syndicate
Barry Eichengreen: It
was already clear in the first half of 2010, when Greece lost access to financial markets, that the
country's public debt was unsustainable. If other countries draw the right
lessons, Greece’s brave, beleaguered citizens can at least take comfort in knowing that
many people elsewhere will be spared the same unnecessary sacrifices.
A deeper look at Euro-area deflation risks:
small but rising – Nordea
(pdf)
We believe deflation
risks in the Euro area will be a major theme during the second half of this
year. Deflation risks are a question of how much slack there is in the economy
or, in academic terms, a question of the size of the output gap. The problem with
the output gap is that it cannot be observed (summary here).
Emerging-market
investors are on the lookout for countries with fast growth rates, modest debt
burdens and other signs of a promising future. Greece, some say, is not it.
Next EU summit risks being waste of time, MEPs
say – euobserver
Statistics Pocket Book, June 2013 – ECB (pdf)
Monthly Bulletin, June 2013 – ECB (pdf)
ASIA
Doubling down on the Nikkei – alphaville
/ FT
OTHER
Just how bad is the EM sell-off? – alphaville
/ FT
Bloomberg reports on Thursday that this is probably the biggest drop in
creditworthiness for emerging-market borrowers since the credit crisis started.
Worse still, it is deepening.
Unproductive Finance – Krugman
/ NYT
Kevlar gloves in
AUD/JPY – Macro Man
FINNISH
Kansantaloudellinen
aikakauskirja 2/2013 – Taloustieteellinen
Yhdistys
Euroopan
keskuspankin kuukausikatsaus – Suomen
Pankki (pdf)
Suomi
ei näe tarvetta muuttaa EU:n rakenteita – verkkouutiset
Ulkomaisten matkailijoiden yöpymiset -7,3%
huhtikuussa – Tilastokeskus
Teollisuuden liikevaihto -6% Q12013 YoY – Tilastokeskus
Palvelualojen liikevaihto +0,8% Q12013 YoY – Tilastokeskus
Kotimaisten pankkien rahoituskate supistui
Q12013 YoY – Tilastokeskus