EUROPE
Ashoka Mody: The myth of Franco-German
friendship – voxeu
Since Emmanuel Macron’s
election as French president in May 2017, hope has lingered that a mythical
friendship between France and Germany will help complete the gaps in the euro
area architecture. As this column discusses, however, history provides no basis
for such an expectation. National interests, always central to the decision
calculus, have diverged even further. French leaders have a pressing task at
hand: they need to rejuvenate their own economy and build domestic social
cohesion. This may take a generation or more.
Deepening EMU requires a coherent and
well-sequenced package
– voxeu
The debate on deepening
EMU is entering a critical stage. This column, contributing to VoxEU's Euro
Area Reform debate argues that while the proposals in a recent CEPR Policy
Insight are both timely and attractive, the mix seems unbalanced and carries
significant risks. The focus of the proposals on reducing fiscal risks could
lead to financial distress, ultimately requiring more, not fewer, rescues.
EUROPEAN CENTRAL BANK
ECB Keeps QE Pledge,
Rates Unchanged – ZH
Introductory statement
to the press conference – ECB
ECB Maintains Course,
Check Back in June – Marc
Chandler
Euro Rebounds, Reclaims
1.22 As Draghi Downplays Soft Econ Data – ZH
The ECB’s steady hand – Pictet
Weaker data a concern
for the ECB – ABN
AMRO
ECB Seeks Clarity on
Economy Before Next Move – WSJ
Draghi Insists Outlook
Is Solid as ECB Skirts QE Debate Again – BB
Draghi Faced Nowotny
Plea to Discuss ECB Policy – BB
MARKETS / OTHER
Dean Curnutt: Markets
Today Have Much in Common With 2007 – BB
In their benign, pre-crisis economic assessment, policy makers failed to
appreciate the fragility imposed by asset prices.
Noah Smith: The Myth
That Markets Get Prices Right Won’t Die – BB
All that irrational human behavior gets in the way.
Deutsche Bank: Disastrous
Results, Retreats From US Investment Banking – ZH
Macron and Trump Can
Team Up on Trade – BB
Unusually, the leaders of the two countries have more common ground than
it appears.
REGULARS
FirstFT Daily Briefing – FT
Facebook’s good day, Macron’s bold speech, Ireland’s abortion battle
WSJ City – WSJ
Deutsche Bank Announces Major Overhaul, Barclays Posts Loss, Investors
Eye ECB,
WSJ Economics – WSJ
Check-In On the U.S. Economy | U.S.-China Chilling Effect | Prepare to
Pay More for Your Next TV
“Best of the web” daily
charts – Lukas
Daalder
Danske Daily – Danske
Bank
Daily Market Comment – Marc
Chandler
Euro Remains Soft Ahead of Draghi
Brussels Playbook – Politico
Battles and wars — Siding with the Irish — Loose lipsticks sink ship
Five Things You Need to
Know to Start Your Day – BB
FINNISH
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