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EUROPE
Right-wing
citizens in right-wing countries dislike the EU, but right-wing citizens in
left-wing countries support European integration – Europp
/ LSE
Pain
From Putin’s Sanctions Deepens as Ruble to Auction Suffer – BB
Russian
President Vladimir Putin’s policy makers are in damage-control mode to confront
mounting economic pain from U.S. and European sanctions over Ukraine.
France's Pierre Moscovici, the EU
commissioner-designate who will take charge of policing budget discipline in
the euro zone, said he was ready to step up disciplinary action against Paris for not respecting its obligations
under EU budget rules.
ITALY
The
European Commission is unlikely to accept Italy's multi-year budget plan because of
Rome's intention to delay achieving a
balanced budget in structural terms until 2017, a Commission source told
Reuters on Wednesday.
Matteo
Renzi became Italian PM on a wave of support for reform. Now, eight months
later, questions are being asked as to what has he achieved. Spending is still
growing and growth forecasts have been cut.
Italian
Prime Minister Matteo Renzi faces a confidence vote today on his labor-market
proposal that includes rules making it easier to fire workers and more
difficult to challenge dismissals in court.
Mario Monti:
More flexibility for countries is required to promote growth
Seventeen
years after their first jobs summit European Union leaders are divided on how
to create employment and a fifth of young people are still out of work.
GERMANY
“There’s
no Reason to Panic” about German Miracle Economy – Wolf
Street
That these
comparisons to January 2009 are suddenly cropping up is unnerving. Stocks are
rolling over.
Merkel
Eyes Measures to Ward Off Looming German Recession – BB
Merkel’s
government is flirting with measures to stimulate growth, reviewing its options
amid evidence that Europe’s largest economy risks plunging into recession.
EUROPEAN CENTRAL BANK
Forging
strategic plans without a crystal ball - the importance of target-based
management within the German authorities, with the Bundesbank as a case study – BIS
Speech by
Dr Jens Weidmann, President of the Deutsche Bundesbank, at the top-level
meeting on "target-based management within the German authorities", Berlin, 29 September
2014.
Defining
price stability – mainly
macro
http://mainlymacro.blogspot.com/2014/10/defining-price-stability.html
Sep 2014
Credit terms and conditions in euro-denominated securities financing and OTC
derivatives markets (SESFOD) – ECB
Constancio
Sees $1.3 Trillion Limit for ECB Asset Program – BB
European
Central Bank Vice President Vitor Constancio said 1 trillion euros ($1.26 trillion)
of asset-backed securities and covered bonds are eligible for the institution’s
purchase program.
UNITED STATES
CBO
Estimate: Budget Deficit declines to 2.8% of GDP – Calculated
Risk
Fed’s
“Doomsday Book” Has Day In Court – WSJ
The “Doomsday
Book” is essentially a private compilation of emergency measures that the
Federal Reserve could take in the event of a financial crisis or other market-destabilizing
event. The book has never been made public.
What to
Watch for in the Feds September Meeting Minutes – WSJ
ASIA
China’s
periphery is in revolt, from Hong Kong in the east to Xinjiang and Tibet in the
west and south. Although this is not a co-ordinated revolutionary movement, it
is the greatest challenge the Chinese Communist party has faced since the
Cultural Revolution of the 1960s.
China is now struggling with a dilemma
common to all advanced credit booms: the longer the boom runs, the greater the
danger of wasted investment, huge bad debts, and a major financial crisis. And,
though China enjoys more room for maneuver than other countries
facing similar credit booms, the risks remain serious.
A
compelling case for Chinese monetary easing – Bruegel
A
successful Chinese economy needs both structural reforms on the supply side,
and a nimble monetary policy on the demand side
OTHER
Central
Banks Daily – WSJ
Hilsenrath’s
Take: Dudley Elevates the Strong Dollar in the
Fed’s Policy Outlook * Fed’s Dudley Says Economy Appears on Track for Mid-2015
Rate Hike * Bundesbank’s Weidmann Criticizes ECB’s Stimulus Measures * ECB Vice
President Outlines Possible Asset Purchase Volumes * Dovish Swedish Central
Bank Board Member to Leave
Macro
Daily – WSJ
The focus
is on a weakening global economy. German industry data out earlier in the week
suggest that its famous export engine is starting to sputter. The signals from China so far have been that Beijing is managing a controlled landing,
though there’s plenty still that could go wrong. Meanwhile, the IMF issued some
gloomy global forecasts yesterday, giving the eurozone a 40% chance of slipping
into recession over the coming year. This bearish view is reinforced by Europe’s sovereign debt markets, with yields
sliding to record lows. To make matters worse, the Federal Reserve’s latest
asset purchase program is ending this month and investors are starting to
wonder how soon rate hikes will start.
Will the
FOMC Minutes End Dollar's Correction? – Marc
to Market
IMF
The IMF
Fesses Up To Big Growth-Prediction Misses. Biggest of All: Brazil, India – WSJ
Global
Financial Stability Report – IMF
A Report by
the Monetary and Capital Markets Department on Market Developments and Issues
[video] Fall
2014 Global Financial Stability Report – IMF
IMF Survey: Policymakers Should
Encourage Economic Risk Taking, Keep Financial Excess Under Control – IMF
The New
Global Imbalance – iMFdirect
Too Much
Financial Risk-Taking, Not Enough Economic-Risk Taking
IMF: Shadow
Banks ‘Could Compromise Global Financial Stability’ – WSJ
The IMF’s
Global Financial Stability Report released Wednesday said so-called shadow
banks that operate outside the tightly regulated banking system are providing
credit at a time when many banks aren’t strong enough to do so.
IMF
questions fitness of eurozone banks – FT
Fund warns
that lenders are still too weak to support a recovery
IMF
policies in the next crisis – unsuitable with a high probability – FT
It’s that
time of year again for the IMF-World Bank annual meetings in Washington – which means time for reflection
on the fund’s attitude to changes in sovereign debt restructuring. Gabriel
Sterne, Head of Global Macro Investor Relations at Oxford Economics, argues why
it might be time for less procrastination, and more ‘forward guidance’…
FINNISH
Tavaroiden ulkomaankaupan ennakkotilasto elokuussa 2014
– Tulli
Vienti väheni kuusi prosenttia elokuussa, tuonnissa laskua
seitsemän prosenttia
Maksuhäiriöisten henkilöiden määrä jatkaa kasvamista
– Suomen
Luottotieto
Kolmekymppisistä miehistä joka kuudennella maksuhäiriö