Previously
on MoreLiver’s:
W/E: Weekly Support (updated)
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EUROPE
Free-Trade Pitfalls – Project
Syndicate
Hans Werner Sinn: Iit
is not acceptable for the EU to offer foreign investors protection from a
European country’s inability to meet its obligations, in particular to service
its debt. Such a move, as Handelsblatt’s Norbert Häring recently pointed out,
would transform the TTIP into a mechanism for mutualizing liability within the
EU.
Assessing the EU Council Record: Cameron and
Juncker May Work Well Together
– PIIE
The election of
Jean-Claude Juncker as the next president of the European Commission was not
the only accomplishment of EU leaders in late June.
As the Eurozone
cautiously implements stabilising reforms, Germany is forced to go further with concessions than
it would prefer. This column suggests that it would be beneficial for
discontented members to consider the formation of a second monetary union. The
second euro can be constructed better than the first, bringing the discontented
members exchange-rate adjustments relative to Germany, and avoiding competitive devaluations.
Is the EU presided by a closet protectionist? – Craig
Willy
Van Rompuy, who chairs
the meetings of national presidents and prime ministers, has again criticized
the EU’s excessive focus on abolishing economic/financial borders and that
instead it should “balance” this with “protection.” The EU has been too much of
a open “space” than a rooted “place.”
EUROPEAN
CENTRAL BANK
ECB preview: Targeted LTRO clarification but no
more action – TradingFloor
The policy actions
following the June ECB meeting require more clarification, particularly
regarding the new rounds of so-called targeted LTROs.
5 Questions Ahead of the ECB’s July Meeting – WSJ
UNITED STATES
FEDERAL
RESERVE
Goldman's Yellen Spech
Post Mortem: "Nothing To See Here " – ZH
Fed Chair Yellen:
"Pockets of increased risk-taking" – Calculated
Risk
Fed’s Yellen Says
Regulating Shadow Banks a ‘Huge Challenge’ – WSJ
Yellen Says Fed Will
Strive to Limit Spillover Effect of Policy – WSJ
Yellen: Monetary
policy not the right tool to curb financial excesses – WaPo
EMPLOYMENT
What to Watch for in
Thursday’s Jobs Report – WSJ
Preview: Employment
Report for June – Calculated
Risk
Tomorrow’s jobs report
is all about discouraged workers – WaPo
GDP is Down, But What
Do Payrolls Say About A New Recession Risk? – WSJ
What the Strong ADP
Data Mean for Jobs Report – WSJ
BLS Jobs Cut the
Mustard, ADP Plays Catch-Up – Marc
to Market
ADP: Private
Employment increased 281,000 in June – Calculated
Risk
Surge In Government
Jobs Offset By Private Jobs Decline Adds To ADP Confusion – ZH
ADP Joins List of
Better Job Reports – WSJ
ASIA
Piketty with Chinese Characteristics – Project
Syndicate
In Capital in the
Twenty-First Century, Thomas Piketty argues that capitalism aggravates
inequality through several mechanisms, all of which are based on the notion
that the return on capital falls less quickly than growth in income. This
framework fits China’s recent experience well, and thus merits closer examination.
OTHER
Daily Macro – WSJ
Wall Street’s
overnight rally gave an early lift to Asian and European markets. Housing booms
are in the news–the U.K.’s keeps inflating, while the air seems to be
coming out of China’s. Trade, however, is likely to remain subdued ahead of U.S. payrolls numbers brought forward to Thursday
Daily Central Banks – WSJ
Hilsenrath’s Take:
Yellen and Lagarde Take Stock of Lessons from Crises Past * Global Central
Banking in 2014, A Second Quarter Update for 24 Economies * Lew to Press China on Yuan Appreciation * Rise in Partisan
Conflict is a Drag on U.S. Economy * French PM Calls On ECB To Launch QE
FINNISH
Miksi
AAA-luokitus ei ole niin tärkeä – Roger
Wessman
NAIRU
ei ole tasapainopiste – Raha
ja Talous
Miljardi
halpatyöläistä ja Euroopan ongelmat – Roger
Wessman