Here are the ”best” from my
posts of the ending week. Last week’s edition here.
EUROPE
Crisis of the
Eurocrats – Krugman
/ NYT
The bitter irony here is that
Europe’s elite isn’t actually technocratic. The creation of
the euro was about politics and ideology, not a response to careful economic
analysis…the European elite’s habit of disguising ideology as expertise, of
pretending that what it wants to do is what must be done, has created a deficit
of legitimacy.
European Green Lanterns – Krugman
/ NYT
Sitting in a room listening
to EU officials reacting to the European Parliament elections — and it seems to
me that they’re deep in denial.
ELECTIONS
We Ought To Be
EU-Skeptic – Spiegel
In the run-up to the European election, we ought to be more
skeptical of the EU. The union's fundamental design flaws could lead to its
disintegration. An essay by former German President Roman Herzog
EU leaders cannot simply ignore the populist howl
– FT
Gideon Rachman: The
argument that the protest vote is too weak and incoherent to merit a response
is flawed. If the politicians do not return powers to nation states, they will
deserve everything they get at the next elections.
It’s not the end of the world… - Place
du Luxembourg
CRISIS
COUNTRIES
Should Spain Leave The
Eurozone? - Econmatters
The Pain In Spain Is
Mainly Europe’s Bane – WSJ
Spain’s
economy will struggle to hit escape velocity. Indeed, there are worrying signs
the first quarter represented a high point–however underwhelming in the first
place–for the euro zone more generally.
Drop in Italian,
Spanish inflation feeds euro zone deflation worries – Reuters
Annual consumer inflation slowed in Italy
and Spain in
May, heightening concerns about deflation risk in the euro zone as the bloc's
central bank gears up for an expected growth-boosting shift in monetary policy
next week.
EUROPEAN
CENTRAL BANK
Draghi’s Drive for Asset-Backed Action Rouses
Academic Skeptics – BB
ECB 3: Expectations of easing but ECB will surprise
the markets – Danske
Bank
ECB 5: The end of ECB’s easing cycle? – Danske
Bank
Implications of negative rates - the Danish experiences
– Danske
Bank
Complete the sentence: Mario Draghi is...? – Saxo
TV
ECB obsessed with the EUR strength, missing everything else.
At ECB Conference,
Krugman Attacks Inflation Target – WSJ
Krugman gives Draghi some advice – FT
It only took a few hours for Mario Draghi to join the list
of names at Sintra saying no to Prof Krugman’s calls for a higher inflation
target.
ECB’s three-pronged strategy: a trident or triage?
– TradingFloor
The consensus overwhelmingly expects the European Central
Bank to introduce drastic monetary easing on June 6. This requires a mix of
policy tools, as single isolated measures would not work. Getting the mix right
and satisfying expectations could prove difficult.
European Bonds Front
Running ECB Setup for Disappointment – Econmatters
ECB and BoE plan to
revive EU securitization, boost investment – Reuters
The ECB and the BoE set out proposals on Friday to resurrect
the European Union's market for asset-backed securities and help the flow of
credit to smaller businesses.
UNITED STATES
Staging the QE exit
– Sober Look
Fed officials are hinting that the rate hike could take
place before the Fed ends the policy of reinvesting securities that pay down or
mature… Fed officials are afraid that if the balance sheet begins to naturally
decline, the markets will interpret this as additional tightening.
ASIA
Chinese QE turns
American? – FT
China
are already the kings of QE. The nature of their QE may be changing.
OTHER
ECB, BOJ Fighting a
Zero Sum Battle
– WSJ
Maybe now that the Bank of Japan’s chiefs have decided it
will hold off pressing the policy levers during the rest of this year, it could
be the ECB’s turn to play win the zero sum game for a change.
Here Come The Bilderbergs – ZH
The Complete 2014 Cast And Host Nation Breakdown
FINNISH
Tutkimus: Suomi on Pohjoismaiden rupusakkia – TalSa
Pohjoismaat
jakautuvat yhä selvemmin kolmeen kastiin, ja Suomi on näistä kasteista
kehnoimmassa, Elinkeinoelämän tutkimuslaitoksen (Etla) toimitusjohtaja Vesa
Vihriälä summaa pohjoismaista hyvinvointimallia koskevan tutkimuksen viestejä.
Suuren euromaan poliitikoille ei Bryssel ole
kiinnostava – Tyhmyri
– suuren ja
pienen maan eroista
Eurokraattien kriisi – Juhani
Huopainen / US
"Hitler kuulee" eli mitä EKP voi tehdä – Juhani
Huopainen / US
myös Youtube
Euron aiheuttama hyvinvointitappio – Roger
Wessman
Kovaa kritiikkiä: Suomen talous
on markka-ajalta – TalSa
Suomen talouden
rakenteet ovat vanhanaikaisia ja Suomi sopii heikosti eurojärjestelmään. Näin
suomii sijoituspalveluyhtiön päästrategi.
EUROVAALIT
Näkökulma: Olisiko Euroopan syytä herätä? – YLE
Eurovaalitulos
Ranskassa ja Britanniassa on merkki rajuista muutoksista eurooppalaisessa
poliittisessa elämässä. Kahden keskeisen eurooppalaisen maan poliittisen kartan
muuttuminen täydellisesti on oire syvistä ongelmista demokratiassa. Niin
kutsutun poliittisen eliitin on nyt syytä aloittaa itsetutkiskelu
Eurooppaan muutosta vaikka väkisin – Tyhmyri
Persut palaavat
todellisuuteen mutta Ranskan tulos ilahduttava
EU-eliitti pyyhkii kriitikillä – Risto
Pennanen / TalSa
Edes
historiallisen suuri protesti ei saa euroeliittiä pohtimaan, miksi kansa on vihainen.
Suomen Sosialidemokraattinen Puolue ja
vaalimenestys – Tyhmyri
Paluu
perusasioihin voisi auttaa