Follow ‘MoreLiver’ on Twitter
EUROPE
Fiscal
stringency and loose money risk sparking currency conflict
Taped
transcripts of the former US Treasury Secretary expose a catalogue of errors
that will haunt Europe for years, made worse by misplaced righteousness
Europe’s economic struggles are taking
their toll, reflected in the hopelessness and extremism that increasingly
characterize European politics. A forthcoming reform proposal, produced by the
highly respected economists Jean Pisani-Ferry and Henrik Enderlein, could be
the first step toward turning the situation around.
The real
“beggar-thy-neighbor” policy – Money Illusion
Proponents
of fiscal stimulus often call on Germany to adopt a more expansionary fiscal
policy, in the hope that this will help rebalance and reflate the entire
eurozone. It’s possible it might work,
but it’s also possible it might end up being a “beggar-thy-neighbor” policy.
UKRAINE / RUSSIA
What’s an
oil power to do when the commodity it owes its power to is on the wane?
Analysts
say the IMF has repeated the errors made in Argentina and Greece: lending large sums of money to a
country charging headlong towards insolvency
CRISIS COUNTRIES
Italian
Debt, Mutual Insurance, Fiscal Federalism and Fiscal Rules – Place
du Luxembourg
Podemos
Now Leading Force In Spanish Politics – The
Spain Report
Popular
Party Slumps To Third Place, Says Poll
JUNCKER / LUX LEAKS
Mr.
Europe? The Ghosts of Juncker's Past Come Back to Haunt Him – Spiegel
He only
recently took office as European Commission president, but now, Jean-Claude
Juncker is under pressure due to potentially illegal tax deals forged in Luxembourg during his stint as the country's
prime minister. Some believe he may have to resign.
Democratic
Deficit: It's Time to Put Juncker on the Hot Seat – Spiegel
Can the
European Commission be led by a man who transformed his own country into a tax
oasis? The debate is long overdue and Jean-Claude Juncker can no longer afford
to shirk the question.
LuxLeaks
Has Revealed Another Clash between National vs EU – euinside
The
LuxLeaks scandal is a classical example of the growingly frequent clash between
the level of integration of the European economy (and the global for that
matter) and the national sovereignty.
EUROPEAN CENTRAL BANK
ECB
looks on the bright side - or is it the blind side? – TradingFloor
Max McKegg:
The EER-20 measure (the effective exchange rate) is the one to concentrate on
when estimating the effect on inflation of exchange rate movements. In that
regard, there can be little confidence that price rises are in the pipeline for
the Eurozone.
A Silver
Bullet for the European Crisis – Brookings
The ECB
intervention would be less distortive and more effective if it could leverage
on the existence of a liquid market for a public security representing the
eurozone as a whole, based on the securitization of the different underlying
national public securities. It would consist of an ABS of the existing eurozone
public securities composed according to the pre-defined key.
ASIA
Why
Shinzo Abe could nix tax hike two – FT
OTHER
The world
economy is in its worst shape in two years, with the euro area and emerging
markets deteriorating and the danger of deflation rising, according to a
Bloomberg Global Poll of international investors.
Shadow
banking - what kind of regulation for the (European) shadow banking system? – BIS
Notes by Mr
Pentti Hakkarainen, Deputy Governor of the Bank of Finland, for the panel
discussion at the SAFE Summer Academy 2014 "Shadow Banking: Evolution,
Background, Perspectives", Brussels, 3 September 2014.
A safe
asset for Eurozone QE: A proposal – VoxEU.org
The ECB
seems to be edging towards QE, but faces a quandary on what to buy. This
proposal suggests that the ECB buy ‘Safe Market Bonds’. These would be
synthetic bonds formed by the senior tranches of EZ national bonds combined in
GDP-weighted proportions. The ECB would merely announce the features of the
synthetic bonds it will purchase. The market would create the bonds in response
to this announcement, thus avoiding new EZ-level institutions or funds.
Panel
remarks at the International Symposium of the Bank of France – BIS
Remarks by
Mr William C Dudley, President and Chief Executive Officer of the Federal
Reserve Bank of New York, at the International Symposium of the Bank of France
"Central Banking: The Way Forward?" Paris, 7 November 2014.
Liquidity
Traps and Monetary Policy: Managing a Credit Crunch – FED
Chicago Fed
Working papers by Francisco (Paco) Buera and Juan Pablo Nicolini
Fiscal
Multipliers: Size, Determinants, and Use in Macroeconomic Projections – IMF
BASEL III
Reducing
excessive variability in banks' regulatory capital ratios – BIS
Basel capital framework national discretions – BIS
Information
on national discretions published by the Basel Committee – BIS
G-20 MEETING
The
twenty-first century needs a better G20 and a new G7+ - Bruegel
Growth,
Convergence and Income Distribution – Brookings
The road from the Brisbane G-20
summit (186 pages), interactive
version
The 21st
century needs a better G20 and a new G7+ - Bruegel
G20
Leaders’ Communiqué
– G20
G20
summit: Leaders must urge Juncker to steer Europe back on the road to recovery – FT
Final
communique lists 800 measures for economic growth – The
Guardian
G20 leaders
approve a package estimated to increase global growth by at least 2.1% by 2018
after two-day summit
Lagarde
Welcomes G20 Growth Strategies, Says Implementation Critical – IMF
G20
leaders pledge reforms to boost growth – FT
Leading
economies commit to liberalisation despite US-EU divisions on strategy
G-20
Plans $2 Trillion Growth Boost to Uneven Global Economy – BB
Citing
risks from financial markets and geopolitical tensions, the leaders said the
global economy is being held back by lackluster demand
OFF-TOPIC
Why has
financial fraud lost its shock factor? – TradingFloor
Adam
Courtenay: It appears we are becoming inured to reports of banking criminality.
First there was the one involving the Libor, then forex markets and now
precious metals. At what point do we say enough is enough when it comes to
market manipulations? Perhaps if we link the fraudulent behaviour to investor
losses, then some action might be taken to end this type of activity.
A
generation ago, a tool unleashed the power of business modeling — and created
the entrepreneurial boom that has transformed our economy
The
mathematician who proved why hipsters all look alike – WaPo
What brain
neurons tell us about the 'hipster effect' when all contrarians end up looking
the same.
The
Thrill of Flying the SR-71 Blackbird – Gizmodo
SR-71
Flight Manual – SR-71.org
Hi-Res
Cockpit – Virtual
Tour
FINNISH
Presidentti Niinistö ja euro ja taloudellinen huuhaa –
masentava haastattelu – Tyhmyri
Sauli Niinistö valehtelee – Juhani
Huopainen / US
Lehdet: Sauli Niinistö arvostelee rajusti viime
hallitusten talouspolitiikkaa – YLE
Presidentti Sauli Niinistön haastattelu julkaistiin
sanomalehti Keskisuomalaisessa, Savon Sanomissa, Etelä-Suomen Sanomissa ja
Karjalaisessa.
Entinen pääministeri Matti Vanhanen ei niele presidentin
arvostelua – YLE
Eduskuntavaaliehdokkuutta harkitseva entinen pääministeri
kehottaa presidenttiä analysoimaan myös oman ministerikautensa. Ratkaisuksi
nykyisiin ongelmiin Matti Vanhanen esittää "sisäistä devalvaatiota".
EK:n Häkämies haluaa palkat jäihin vuosiksi – HS
EK:n toimitusjohtajan mielestä yleisiä palkankorotuksia ei
pidä juuri tehdä tällä vuosikymmenellä
Näin palkka-ale vaikuttaisi suomalaisten elämään – HS
Muun muassa Elinkeinoelämän keskusliiton toimitusjohtaja
Jyri Häkämies on ehdottanut palkkojen jäädyttämistä kansantalouden pelastamiseksi.
Tällöin yritykset säästäisivät kuluissaan, mutta samalla myös tulevat eläkkeet
hupenisivat.
"Sisäinen devalvaatio" voisi tarkoittaa
tuloveroalea – HS
EU ja talouden kehitys – Brysselin
kone / YLE
Johtaja Leena Mörttinen Elinkeinoelämän keskusliitosta
keskustelee mm siitä mitä ongelmia oli Euroopan keskuspankin tekemät pankkien
stressitesteissä ja miltä EU:n ja Suomen talouden tilanne nyt vaikuttaa.
Professori: EU:n ja USA:n vapaakauppasopimus sisältää
"pommin" – MTV
Euroopan Unioni ja Yhdysvallat neuvottelevat parhaillaan
vapaakauppasopimuksesta (TTIP), jonka tarkoituksena on poistaa kaupan esteitä
ja luoda uusia työpaikkoja.
Odotukset Euroalueelle negatiivisia – parempaa on tuskin
luvassa poliittisista syistä – Tyhmyri