EUROPE
Such extraordinary
levels of persistent austerity can fray the political fabric. They can also be
economically disastrous.
'Sarkoleaks' leave
former French president 'furious' – The
Telegraph
Nicolas Sarkozy said to be "furious" over leaked conversations
with top Elysée adviser revealing Carla Bruni-Sarkozy joked he was a "kept
man"
EUROPEAN SEMESTER: MACROECONOMIC IMBALANCES
Press release: In-depth reviews – Europa
Memo: In-depth reviews – Europa
Communication to the European Parliament – Europa
Macroeconomic Imbalance Procedure – Europa
“Italy has to address the
very high level of public debt and weak external competitiveness. Both are
ultimately rooted in the protracted sluggish productivity growth and demand
urgent policy attention.”
The European Commission put Italy on Wednesday on its watch list because
of the country's very high public debt and weak competitiveness and warned
France that will miss agreed budget deficit reduction targets unless it takes
action.
EUROPEAN CENTRAL BANK
Deflation and the ECB – Coppola
Comment
I argued for unwinding of the Euro. That is still my position. But the
Euro is what we currently have, and deflation is what we currently risk. The
ECB must act, and politicians in the Eurozone must allow it to do so. Treaties be damned.
ECB preview: Action!
but not in the shape of a rate cut – TradingFloor
Mads Koefoed: Will the ECB cut or not? Tension is building ahead of the
March meeting of the governing council. I expect, however, that the council
will keep its rate ammo dry, and instead end sterilisation of the securities
markets programme.
ECB, BOE To Stick On
Policy. But Debate Heats Up – WSJ
http://blogs.wsj.com/moneybeat/2014/03/05/ecb-boe-to-stick-on-policy-but-debate-heats-up/?mod=WSJBlog
What is the ECB to
Do? –
Marc to
Market
http://www.marctomarket.com/2014/03/what-is-ecb-to-do.html
ECB set to act
against low inflation, hold fire on bolder steps – Reuters
The ECB is expected to hold off on cutting interest rates on Thursday,
opting instead to loosen lending conditions to fight off the danger of
debilitating low inflation.
The concern now for economists is that Draghi risks making the same
mistake as the Bank of Japan - publicly playing down a deflation threat -- and
ultimately may have to introduce quantitative easing.
Nationalbanken
preview ahead of the ECB meeting – Danske
Bank
MACRO NUMBERS
Euro zone Feb PMI business growth strongest in 2-1/2 years – Reuters
Volume of retail trade up by 1.6% in euro area – Eurostat
Euro area GDP up by 0.3%, EU28 up by 0.4% – Eurostat
UNITED STATES
Bernanke Urges Emerging Markets to Prepare
for End of Fed Stimulus – WSJ
Former Fed Chairman
Bernanke urged emerging-market countries to do more to protect themselves from
the impact of an eventual end to the Fed's economic stimulus efforts.
If You Thought
January's Payrolls Were Bad, February's Should Be A Disaster – ZH
Fed Saw Growth Even
as Harsh Weather Slowed Hiring, Sales – BB
Severe weather across much of the United States took a toll on
shopping and consumer spending in recent weeks, leading to slower economic
growth or outright contraction in some areas of the country, the Federal
Reserve said on Wednesday.
MACRO NUMBERS
ISM Non-Manufacturing:
Slowest Growth Since January 2010 – dshort
ISM Data for January and February Suggest Sharp Slowing in Q1 GDP – dshort
ISM Services Collapse To Lowest In 4 Years; Employment Worst Since
Lehman – ZH
ISM Non-Manufacturing Index decreases to 51.6 in February – Calculated
Risk
Weakest ISM Services Report Since February 2010 – Bespoke
OTHER
BOE’s Haldane Calls
for Bigger IMF Role in Safeguarding Financial System – WSJ
The
Trillion Dollar Question: Who Owns Emerging Market Government Debt – iMFdirect
Before the crisis, foreign investors showed moderate differentiation
among countries: some received inflows
while others faced outflows. As it usually happens, this differentiation became
much sharper during the crisis. However, during the third period (2010–12), we
found that foreign flows became almost always positive and much less
differentiated
The World in 2020 – Bruegel
FINNISH
Kasvun eväät levähtävät – TalSa
Suomen
hauraita kasvuodotuksia varjostavat jälleen monet yhtaikaiset huonot uutiset.
Elinkeinoelämän
EU-vaaliviestit visualisoituna – EK
Talouden kylmä sota kävisi kaikille kalliiksi – Jan
Hurri / TalSa
Venäjän painostaminen talouspakottein on
vaikeaa, ja yritys kääntyy herkästi pakottajia itseään vastaan. Länsi tarvitsee
Venäjän energiaa kipeämmin kuin Venäjä lännen rahoja. Talouden kylmä sota
kävisi kalliiksi kaikille, mutta raskaimmin kärsisivät Länsi-Euroopan
energiajuopot uhoajat.
Roman Schatzin Maamme-kirja: Sietämätön
suvaitsevaisuus – YLE
Suomessa
vallitsee sananvapaus. Silti täällä on paljon asioita, joista ei saa puhua tai
joista saa olla vain yhtä mieltä. On aiheita, joihin ei kannata koskea ja
virallisia mielipiteitä, joista ei saa poiketa. Estääkö poliittinen korrektius
meitä ajattelemasta? Mitkä ovat tämän päivän tabuteemat, miksi ne ovat tabuja
ja kuinka yhteiskuntamme niitä käsittelee? Vieraina ovat Vasemmistonuorten
puheenjohtaja Li Andersson ja Homma-foorumin perustajajäsen, perussuomalainen
Matias Turkkila.
Eurokriisi ja Irlannin ”ihme” – Sampo Terho
Suomen talousnäkymät yhä hauraammat Ukrainan
kriisin myötä – Elina
Lepomäki / US
Venäjän firmoilla isot kasat
"piilotettua velkaa" – TalSa
Dollari- ja
euromääräiset lainat aiheuttavat uskottua suuremman riskin kehittyville
talouksille, jos korot nousevat ja maiden omat valuutat jatkavat heikkenemistään.
Näin arvio japanilaispankki Nomura. Eniten tällaista velkaa on Venäjän ja
Ukrainan yrityksillä.
Juhani Suomi: Toisinajattelevan tasavalta
Suomi.
Juhani Suomi – Suomi2017
Suomi
synkistelee – TS
Yrmyyden
poetiikkaa – Antiaikalainen
Lehdistö saamassa tukea – demari
Ministeri puoltaa "henkistä
huoltovarmuutta"
– demari