EUROPE
Dismantle the euro,
says Nobel-winning economist who once backed currency union – The
Telegraph, The
Daily Mail
A leading economist who once argued for the creation of the euro now
claims the single currency should be abandoned as it is fuelling unemployment
and dividing Europe.
Madrid Vows to Block Vote
2014 European
Elections: There will be no anti-EU wave – Presseurop
Anti-European parties are unlikely to achieve a major breakthrough in in
European elections next May. However, this will do little to mitigate Europeans’
disaffection with a parliament that they perceive as remote from their
concerns.
Is the Euro the New
Yen?
– WSJ
SLOVENIA
Fallen star Slovenia
to reveal cost of bank clean-up – Reuters
Slovenia’s bank
stress tests – in the clear? – FT
Slovenia this morning
released the results of its bank stress test, which showed a €4.8bn (13% of
GDP) hole in its banking sector – towards the top end of expectations. The
government has said it can cover this without external aid and will inject €3bn
into Slovenia’s top three banks.
BANKING UNION
EU set to fast-track
rules hitting bank creditors – Reuters
Bondholders and large
depositors in a failing European bank face losses from the start of 2016, EU
negotiators agreed on Wednesday, in a deal to spare taxpayers from further
bailouts.
ECB's Asmussen
concerned over complex bank resolution rules – Reuters
The planned rules for winding down failing banks in the euro zone seem
overly complex and could slow down the process.
Banking union – where
do we stand in the Single Supervisory Mechanism? – BOF
Deputy Governor Pentti Hakkarainen of Bank of Finland
EUROPEAN CENTRAL BANK
Draghi Builds
Stress-Test Credibility in ECB Bank Review – BB
More than 90 percent of economists surveyed by Bloomberg News said that
stress tests next year, in the final part of an ECB-led review of the euro
area’s most prominent banks, will be more credible than previous exercises
IMF Official Urges
ECB to Use Negative Rates – WSJ
The IMF wants the ECB
to get tough on (low) inflation, and the first thing it could do is to start
making European banks pay to store their excess cash with the central bank.
Fans of ECB
Quantitative Easing Gain a Strong Friend – WSJ
Deutsche Bank chief economist David Folkerts-Landau said that at some
point the ECB will likely have to revert to “genuine QE,” amid very weak
inflation and stagnant economic activity.
PREs, VSPs and the
ECB: a response to Paul Krugman – ECB
Watchers
Peter Praet Interview
with the Financial Times – ECB
ECB and the treatment
of sovereign debt – ECB
Watchers
FT: ‘ECB to get tough on sovereign bond risks’ – Presseurop
ECB
Admits Sovereign Bonds Are Not Riskless – ZH
Praet: the ECB is considering forcing banks to hold capital against
sovereign debt, meaning it would no longer be treated as risk-free. He added
that such an approach would make “it unlikely that the banks will use central
bank liquidity to excessively increase their exposure to sovereign debt.”
Mario Draghi Intro
statement, hearing before European Parliament – ECB
Benoît Cœuré
Interview with Die Zeit – ECB
Monthly Bulletin,
December 2013 – ECB
Statistics Pocket
Book, December 2013 – ECB
Volcker Rule Looks Reasonable, Bank Analysts
Say – WSJ
FEDERAL
RESERVE
Will Low Inflation Delay The Taper Decision? – The
Capital Spectator
It’s all been about
QE –
alphaville
/ FT
Krugman pointed out that whether a government finances itself through
bond purchases, which are later bought by the Fed, or whether it prints money
directly, makes no difference.
Fed Message Muddled If Jobless Aid Expires – BB
More than 2 million
unemployed Americans are at risk of losing their jobless benefits over the next
three months. That threatens to undermine the unemployment rate as an anchor
for future Federal Reserve action.
Why Do Measures of
Inflation Disagree? – FED
Inflation as measured
by the personal consumption expenditures price index is near historical low
levels, below the Federal Reserve’s 2% longer-run goal. Another common
inflation measure, the consumer price index, is also historically low, but
remains closer to 2%. The recent gap between these two measures is due largely
to the cost of shelter, which makes up a larger proportion of the CPI
consumption basket. Based on history, the gap between the two inflation
measures should close at a rate of 0.05 percentage point per month.
STANLEY
FISCHER
Central Station:
Yellen and Fischer Likely on Same Page – WSJ
Fischer Seen Bringing Crisis-Fighting Skills to No. 2 Fed Post – BB
Four reasons Stan Fischer makes sense for the Fed – WaPo
Fischer Poised to Be Picked as Fed's No. 2 – WSJ
Stanley Fischer to the Fed? –
The Money Illusion
MACRO NUMBERS
Retail Sales Beat Modest Expectations – ZH
Retail Sales increased
0.7% in November – Calculated
Risk
November Advance
Retail Sales Beat Expectations – dshort
OTHER
Nobel prize-winning
economists take disagreement to whole new level – The
Guardian
Robert Shiller says mismatch between Eugene Fama's findings and theories
must make him feel like a priest who has discovered God does not exist
The Downfall of John
Taylor
– AICIO
Generations of hedge
funds rose and fell; FX Concepts endured. Then, the unshakeable disintegrated.
So how did John Taylor’s steady reign end in ruin?
Investment Fads and
Themes, 1996-2013 – The
Reformed Broker
EMEA Weekly – Danske
Bank
World's largest hedge
fund uses social media for analysis – ZH
Bridgewater's end goal: to be "able to track the economy on a day-to-day
basis."
FINNISH
Teollisuusjohtaja:
Yritykset eivät investoi Suomeen suuren maariskin takia – Verkkouutiset
SUOMEN
PANKKI
Liikanen:
Julkisen talouden kestävyys edellyttää rakenneohjelman toimeenpanoa – Suomen
Pankki
Euroopan
keskuspankin kuukausikatsaus 12/2013 – Suomen
Pankki
Euro ja
talous 5/2013: Talouden näkymät – Suomen
Pankki
Talouden
rakenneuudistukset ja julkisen talouden kestävyys – Suomen
Pankki
Suomen
Pankki: Talous piristyy vasta 2015 – Verkkouutiset
Suomen
Pankki ennustaa työllisyyden paranevan vasta vuonna 2015 – HS
Suomen
Pankki: Toipuminen viivästyy – KL
Keskuspankkien
toimet ja epävarmuus elpymisestä pahimmat uhat – TE
TAPIOLAN
SUHDANNEKATSAUS
LähiTapiola
laskee Suomen vuoden 2014 BKT:n kasvuennustetta – Sijoitustalous
LähiTapiolan
suhdannekatsaus 2/2013 – Sijoitustalous
Jari
Järvinen: Suomen teollisuustuotanto on painunut vuoden 2003 tasolle – AP
Karu
ennuste: "Suomen vientisektori ei välttämättä toivu totutulla
tavalla" – TE
FORTUMIN
SÄHKÖVERKKO
Energiamarkkinavirasto:
Fortumin verkkojen uusi omistaja pelaa valtion valvonnassa – YLE
Vapaavuori:
Fortumin verkkojen myynti turvallinen ja taloudellinen ratkaisu – Verkkouutiset
Katainen:
yli 80% sähkönjakeluverkosta on jo nyt yksityisillä yrityksillä – Verkkouutiset
Kokoomusministerit:
Fortumin myynti hyvä ja turvallinen ratkaisu – IL
ASUNTOMARKKINAT
Asuntojen
”isojako”: ”Missä ovat hintoja ja vuokria alentavat tekijät?” – US
Asuntovelallinen,
nyt tarkkana – Suomen Pankilta vakava viesti – US
Välittäjät
auttavat nyt jopa lainan haussa – HS