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Causes of the Eurozone Crisis: A nuanced view – vox
Hindsight is a wonderful
thing. In the midst of a crisis, it is of course very hard to understand
causality. This column uses the benefit of hindsight to present a nuanced view
of the causes of the Eurozone Crisis as seen by members of the German Council
of Economic Experts. To prevent the same crisis happening again, the Maastricht
Treaty needs to be revitalised to enhance the future stability of the Eurozone
and relieve the ECB of its role as crisis manager.
No love for the EU or immigration, but what are
the alternatives? – Open
Europe
Brexit Risks Rising – Marc Chandler
Portugal rolls back austerity, how far can it
go? – Reuters
EUROPEAN
CENTRAL BANK
BofA Explains Why The ECB Will Be Forced To Buy
Junk Bonds – ZH
Further ECB easing – ABN
AMRO
We think further ECB
monetary easing is on the cards given weak growth and the prospect for
inflation undershooting the goal. Further ECB stimulus will likely take the
shape of more QE. Meanwhile, eurozone consumer confidence fell further in March
Oil prices and euro area consumer energy prices – ECB
MARCH SURVEYS
France Composite PMI – Markit
Germany Composite PMI – Markit
Eurozone Composite PMI –
Markit
Euro area flash PMIs
surprised upwards – Nordea
Euro zone businesses end
first quarter on a higher note – Reuters
March Ifo Business
Climate Index Rises – CESifo
German Ifo surprises in
March – Carsten
Brzeski
OTHER
Milton Friedman's 'Helicopter Money' Is Looking
Less Crazy – View
/ BB
REGULARS
Danske Daily – Danske
Bank
Euro rates update – Nordea
Eye-Opener – Nordea
Fed hawks on parade, BOJ Nakaso
cooing, weaker JPY * Euro-area PMIs and German Ifo to improve * BOJ Nakaso said
further rate cuts are a possibility * Fed officials talk up probability of
April hike(!)
Morning Markets – TF
The UK chancellor is fighting for
his political life today and a poor performance will leave his leadership hopes
in shreds. Ostensibly it's about last week's budget, but Brexit is the real
battleground here, and sterling bulls should beware.
Daily Market Comment –
Marc
Chandler
Terrorist Strike in Brussels Causes
Market Angst
Daily Market Comment
– Macro
Man
Change that tune!
Daily Press Summary – Open
Europe
Brussels explosions
leave at least 13 dead say Belgian media * Oxford Economics: Benign Brexit
would require accepting high levels of immigration and deep trade agreement
with EU * New delays in implementing EU-Turkey deal * Ed Miliband to urge
Labour voters to turn out and back ‘Remain’ * Deputy speaker of Italian
parliament: UK has shown a country can increase its political weight without
being in the euro * AfD on 13% nationwide while Germany experiences record-high
net migration in 2015 * German Finance Minister suggests scope for flexibility
on pension reforms in Greece * Bundesbank President warns helicopter money
“would tear gaping holes in central bank balance sheets” * EU Commission to
propose forcing big companies to disclose more tax details * Corruption in
member states costs EU £800bn a year, according to latest study
Brussels Playbook – Politico
Franco-Belgian feelings
— Erdoğan slams EU — Timmermans talks
US Open – ZH
Global Markets, S&P500 Futures
Fall After Brussels Bombings
Frontrunning – ZH
Some evidence overnight
suggesting that conspiracy theories centered on coordinated intervention to
weaken the US dollar has been oversold. Still waiting for the post-FOMC follow
through in USD selling that may just not arrive.
Today's European session
occurs in the immediate aftermath of several explosions in the Belgian capital.
Media are confirming multiple casualties and injuries. Risk sentiment has
plunged lower in the wake of the attacks.
FINLAND & FINNISH
Turhia
toiveita * Euroalueen luottamus viittaa kohtuulliseen kasvuun * Öljyn hinnan
kipuaminen ja Fedin jäsenten puheet vetivät USA:n korot nousuun * Fedin
Lockhart painotti huhtikuun koronnoston olevan pöydällä
Pankkien tila ja
ongelmaluotot – Roger
Wessman
Mamu sisään, mummo ulos –
todellinen sairaus on talous eikä rasismi – Tyhmyri