Previously
on MoreLiver’s:
Follow ‘MoreLiver’ on Twitter
EUROPE
Reform
alone is no solution for the eurozone – FT
Martin Wolf:
A policy that may work for Germany alone cannot work for an economy more than
three times as big
EU to
warn France and Italy on budget plans – FT
The
European Commission will on Wednesday tell five eurozone countries, including
France and Italy, that their budget plans risk breaching EU rules, say three
officials briefed on the decision.
Hans-Werner
Sinn: French Prime Minister Manuel Valls and his Italian counterpart, Matteo
Renzi, refuse to comply with the eurozone's 2012 fiscal compact; instead, they
intend to run up fresh debts. Their stance highlights a fundamental flaw in the
European Monetary Union’s structure – one that Europe’s leaders must address before it is
too late.
Financial
fragility of euro area households – ECB
Albeit euro
area households are relatively resilient as a whole, there are large
discrepancies in the impact of macroeconomic shocks across countries…calibration
of country level loant-to-value ratio caps.
Are Non-Euro
Area EU Countries Importing Low Inflation from the Euro Area? – IMF
Weekly
Bond Update: Corporate bonds may not address Eurozone woes – TradingFloor
Reports of
the European Central Bank allegedly considering adding corporate bonds to its
bond purchase programme have sparked optimism in European credit markets.
EUROPEAN CENTRAL BANK
David
Marsh: Draghi has his back to the wall – MarketWatch
5 reasons
the ECB’s position isn’t as strong as it was in 2012
ECB Stress
Tests Could Shake Bank Ratings, S&P Says – WSJ
Preliminary
Thoughts about the ECB and Corporate Bonds – Marc
to Market
How an ECB
Corporate Bond Program Could Work – WSJ
UNITED STATES
Fed on
inequality, and the lawless border town between fiscal and monetary
responsibilities – FT
How Far
Do Stocks Need to Fall to Get the Fed to Intervene? – WSJ
Bank of
America Offers a Clue
QE
Timeline Update – Calculated
Risk
ASIA
Chinese
deposit growth, but not as we knew it – FT
This week,
Chinese Communist Party leaders are meeting in Beijing for a plenary session
centered on one topic: the rule of law. But the crackdown on freedom of speech,
assembly, association, and movement now unfolding in China casts doubt on the
credibility of the government's commitment to political modernization.
OTHER
Daily
Macro: Japanese Equities Swing Again – WSJ
Maybe the
country’s two possible outcomes – recovery and inflation or debt deflation –
are at such extremes that any small tilt from one risk to the other is
registered as a massive price swing…European equities, meanwhile, had a more
muted, mixed start after Tuesday’s sharp rally. German bonds continued to be in
heavy demand, with the government selling an issue of its 30-year debt at a
record low yield of 1.77% – making Germany look ever more Japanese by the day.
Daily
Central Banks – WSJ
Hilsenrath’s
Take: More About that Fed Culture Crackdown on Banks * New York Fed Failed To
Examine J.P. Morgan’s ‘London Whale’ Unit * European Stocks Jump as ECB Mulls
Buying Corporate Bonds * China’s Slowdown Raises Pressure on PBOC
to Spur Growth * BOE Officials Gloomier on Economy, Minutes Show
FINNISH
Kokoomus laskussa, keskusta nousussa – Jyrki
Virolainen
"Puhe naisen eurosta pitäisi lopettaa" – Verkkouutiset
Kokoomuksen ja vasemmistoliiton nuorisojohtajat kiistelevät
uutuuskirjassa kuumista asioista.
Rakentaminen hyytyy kohti 90- luvun laman lukemia – Piksu
Björn Wahlroos haluaa uudet vaalit – YLE
Talousvaikuttaja Björn Wahlroos kertoi keskiviikkona
haluavansa uudet eduskuntavaalit mahdollisimman pian, koska uudella
hallituksella on niin paljon tehtävää.
Raharuiskuista puhti pois – kuin köydellä työntäisi –
Jan
Hurri / TalSa
Analyysi Euroalueen keskuspankki EKP yrittää saada taloutta
kasvuun rahan voimalla, mutta yritys on kuin köydellä työntämistä – eivätkä
tuloksetkaan välttämättä sen kummempia. Se yrittää kasvattaa velkarahoituksen
tarjontaa, vaikka pulaa on ennemmin uusien luottojen kysynnästä. Rahaa on
enemmän kuin tarpeita.
Rakkaat asiantuntijat – Henri
Karjalainen / US
Taloustieteilijät tekemään Suomelle pelastussuunnitelma
– Kimmo
Saarikko / US