KEVA
/ Merja Ailus / Keskusta special (updated)
EUROPE
Germany (almost) has a new government – Merkelnomics
While the announced measures for the domestic economy clearly reflect a
socialdemocratic stamp combined with several presents, Germany’s European and
Eurozone policies will not change with the new coalition.
Euro-zone prospects:
Survival isn't enough – The
Economist
Mr Crafts asks whether saving the euro may be a
Pyrrhic victory. This is not just because of the woeful performance of the
single-currency club since it started in 1999 in terms of living standards
(which are now for example lower in Italy) but also because the prospects for
the euro zone are so gloomy.
In the loop – alphaville /
FT
Across Europe total sovereign holdings are now 9 per cent of
assets, up from a trough of 6 per cent in September 2009.
EUROPEAN CENTRAL BANK
Decoding Michael
Noonan, or: Is OMT only for Italy? – Brussels
blog / FT
“According to Mr. Draghi, OMT is for a systemic crisis in the euro and
will apply across the eurozone.” If Noonan is accurately relating his conversation with
Draghi, it seems to change the very nature of OMT.
Euro-Zone Financial
System Stress Is at Pre-Crisis Levels, ECB Says – NYT
Euro zone financial sector stress has fallen to levels not seen since
before the global financial crisis began in 2007, but the sector remains
fragile,
PIIGS
Presentation: Spanish
economy rising from the dust – Danske
Bank
We see upside risk to Spanish growth in the coming years.
Gurria calls for debt
reduction – Ekathimerini
During Athens visit, OECD
secretary general says creditors must tackle problem ‘as soon as possible’
MACRO NUMBERS
There Is Just No Escape From Draghi's Monetary Zombie Nightmare – ZH
European macro weak ahead of ECB – TradingFloor
UNITED STATES
Fed will get its
inflation – time to start hedging – Nordea
Although the Fed is already promising to be “irresponsible”, recent
signals from the central bank suggest that it may let itself fall even further
behind the curve, adopting an even easier policy stance to offset the impact of
a soon-to-be announced tapering of its asset purchases * With the outlook for
significantly stronger US growth we expect inflation risks to become much more
of a market concern in 2014 * We see a clear risk that the Fed also in the
current cycle overstays it on the easing cycle, erring on the generous side to
try to lower unemployment * Implications for investors: don’t fight the Fed –
it will get its inflation, and perhaps then some. It’s time to start hedging
against inflation risks.
ASIA
BOJ Beat: Question Is
‘When’ Not ‘If’ – WSJ
An additional monetary easing by the Bank of Japan now appears to be a
matter of “when,” not “if.”… Here are the various
scenarios over the timing of the next BOJ move:
OTHER
The new market-risk
regulations – voxeu.org
Basel III is coming into focus. The fundamental logic of the regulatory
changes seems sensible, but the devil is in the detail – empirical
implementation. This column discusses a detailed quantitative study,
incorporating analytical calculations, Monte Carlo simulations and results from
observed data. It concludes that the Basel Committee has taken three and a half
steps backwards and half a step forward. If implemented, the framework is
likely to lead to less robust risk forecasts than current methodologies.
Erkki Liikanen: The
economic crisis and the evolving role of central banks – BIS
Speech by Mr Erkki Liikanen, Governor of the Bank of Finland and
Chairman of the Highlevel Expert Group on the structure of the EU banking
sector, to the Paasikivi Society, Helsinki, 25 November 2013.
EMEA Weekly – Danske
Bank
FINNISH
OECD:n pääsihteeri: "Sanon tämän isoilla
kirjaimilla: Kreikan velkaa on leikattava" – TE
Maahanmuuttokeskustelu alkaa Euroopassa – Henri
Myllyniemi / US
Syyskokouksen seminaari: Menestys edellyttää
uusiutumista – EK
EK:n
syyskokouksen seminaarissa Helsingissä katsottiin suomalaisen elinkeinoelämän
tulevaisuuteen. Puhujien painokkaissa sanoissa puhalteli muutosten ja
uusiutumisen tuuli.
Rikoskumppani? Valtiolle nöyryytys
kartellijutussa – TalSa
Helsingin käräjäoikeuden tämänpäiväinen päätös
asfalttikartelliasiassa asettaa valtion (Liikenneviraston) toiminnan outoon
valoon.
Skinnari Ylelle: Keskustelua Urpilaisen
asemasta käydään – Verkkouutiset
Hallitus pui rakenneuudistuksia – YLE
Pääministeri
Jyrki Kataisen (kok.) mukaan moni asia on vielä auki ja kokonaisuudesta
sopiminen jää perjantaille.
Tämä on kiistanalaisen rakenneuudistuksen
tilanne – IL
Hallitukselta
odotetaan perjantaina päätöksiä, joilla on pitkäkestoisia vaikutuksia
palkansaajien tulevaisuuteen.
Korkman ei painaisi paniikkinappulaa – Nykypäivä
Aalto-yliopiston
professorin Sixten Korkmanin mielestä Suomen ei pidä ryhtyä leikkaamaan
julkista velkaa äkkijyrkästi.
Eero Lehti Journalistissa: Vääristynyt
kilpailu on yleisradiosaatiota – Verkkouutiset
Suomen
Lehtiyhtymän myynyt kansanedustaja sanoo, että "en voi olla niin hullu,
että jäisin Yleisradion tapettavaksi".
EK ehdotetusta eläkeuudistuksesta: "Tämä
haiskahtaa sosialisoinnilta" – YLE
Työmarkkinajärjestö
SAK ja Elinkeinoelämän Keskusliitto (EK) vastustavat poliitikkojen ehdotuksia
eläkejärjestelmän muuttamisesta. Kansanedustajat Tuija Brax ja Sampsa Kataja
ovat ehdottaneet, että eläkeyhtiöiden määrää vähennettäisiin, jopa yhteen.