Previously on
MoreLiver’s:
EUROPE
BANKING UNION
Europe tries to cut
deal to close failing banks – Reuters
Europe is seeking to agree by year-end on how to close failing banks,
part of an ambitious plan to create a single banking framework and fix broken
lenders whose problems have festered since the financial crisis. The main
issues are: Who decides and who pays?
Euro
zone bailout fund should be allowed to help close failing banks – document – Reuters
The euro zone's bailout fund should be
allowed to lend to help finance the closure of banks in the bloc, a proposal
prepared for euro zone finance ministers showed on Monday.
Euro zone countries edged closer on Tuesday to agreeing a plan to close
ailing banks and sharing the costs, a move that would pave the way for a
fundamental reform to underpin the currency and its banks.
EU banking union:
leaked “terms of reference” – Brussels
blog / FT
EU Finance Chiefs Lay
Down Red Line on Creditor-Writedown Rules – BB
EU finance ministers said they won’t accept any weakening of planned
rules for creditor writedowns at failing banks, potentially hampering
compromise talks with the European Parliament.
EU executive cautious
on shadow banking controls – Reuters
Patrick Pearson, a senior official at the bloc's European Commission,
signaled the latest softening in tone among regulators, fearful of unintended
consequences of new rules for the flow of credit to companies.
EUROPEAN CENTRAL BANK
The ECB’s reserve
currency dilemma – The
A-list / FT
The eurozone is in a unique situation. It is the issuer of the
second-most important currency, whose demand by the rest of the world is on the
rise. At the same time its trade surplus with the rest of the world increases.
This requires innovative solutions.
The ECB’s Bridge Too
Far
– Project
Syndicate
Is Europe’s economic crisis mutating once again? If debt fears
are now being superseded by the danger of deflation, as recent data suggest,
the European Central Bank has its work cut out for it – and there is nothing to
suggest that it is up to the task.
Coeure sees no reason
for 'spectacular' ECB action – Reuters
Euro zone inflation is not undershooting the European Central Bank's
target of just below 2 percent so much that it should use its heaviest
artillery to try to boost prices, ECB Executive Board member Benoit Coeure
said.
Coeure Says ECB Would
Offer More LTROs Only When Banks Can Lend – BB
Money and monetary
institutions after the crisis – ECB
Speech by Mario Draghi, President of the ECB, at the conference organised
by Banca d’Italia in memory of Curzio Giannini, Rome, 10 December 2013
PIIGS
OTHER
FX evolution – alphaville /
FT
The BIS’s overview of the ongoing decentralisation of the FX market
Everything must have a reason, even banks – alphaville
/ FT
Banks are losing their raison d’etre due to the erosion of their funding
advantages versus non-banks. Which means they’re increasingly resembling
listless entities devoid of purpose in a capital shadowland that’s not willing
to let them move onto another more deathly plane.
The rise of BlackRock – The
Economist
In 25 years, BlackRock has become the world’s biggest investor. Is its
dominance a problem?
FINNISH
Suuri valiokunta erimielinen pankkien
kriisinratkaisumekanismista – Verkkouutiset
EU-asioita käsittelevä eduskunnan suuri
valiokunta hyväksyi kokouksessaan tiistaina hallituspuolueiden äänin lausuman
koskien yhteistä pankkien kriisinratkaisumekanismia. Valiokunnan enemmistön
mielestä esitetty ratkaisu vastaa olennaisilta osiltaan Suomen
neuvottelutavoitteita.