Leestips - Zaterdagbijlage DDSFI, 20 juli 2013

U vindt hier de titel (wat direct ook de link is), en de eerste alinea's.

PROBABLY the most successful monetary-policy measure undertaken in recent times.” That is Mario Draghi’s self-effacing judgment on the outright monetary transactions (OMT) programme, the promise made by the European Central Bank (ECB) last summer to buy the bonds of struggling euro-area governments. The ECB’s president deserves credit for bringing calm to bond markets. But in reality the situation is still awful, and Europe’s banks are at the heart of the problem.

Is today’s financial crisis the same as previous financial crises? Is it the same as the 1930s depression, for example?

Judging by the widespread “austerity versus stimulus” debate among politicians and economic pundits in the media, there would seem to be the belief that, yes, today’s financial problems are simply another version of the 1930s cyclical depression

Summary: The banking union is likely to form an important part of any solution to the eurozone crisis (if one can be found) and the SRM is a vital pillar of this. However, the Commission’s proposal as it stands is likely too small, will not be implemented soon enough and suffers from significant political opposition. It does not therefore have a realistic chance of ending the financial fragmentation plaguing the eurozone. Furthermore, it also stretches the limits of the EU treaties, setting a worrying precedent for the UK and other non-eurozone countries as it poses the risk that single market treaty articles can be used for purely eurozone ends. Even Germany has insisted that such a far-reaching proposal which effectively alters the eurozone architecture requires treaty change, be it now or in the future. The eurozone is yet to face up to the fundamental problem of reconciling the economic realities within the existing legal and political limits – this proposal is another example of attempting to circumvent them in another ad-hoc way. As long as this approach continues uncertainty will plague the eurozone.

Das Vertrauen in den geldpolitischen Kurs der Europäischen Zentralbank ist intakt, die Furcht vor der Geldentwertung nimmt ab. Das zeigt eine exklusive Umfrage. Warum es die viel zitierte Inflationsangst nicht mehr gibt.

Die Eurokrise tritt in Südeuropa in eine neue Phase ein. Troika und Bundesregierung verlieren immer mehr die Kontrolle über die politischen, wirtschaftlichen und sozialen Entwicklungen in den Krisenländern.

It was the most spectacular bank data leak of recent years: In 2008, former HSBC employee Hervé Falciani disappeared with the information of some 130,000 customers. He tells SPIEGEL he wants to help Europe hunt down its tax dodgers and expose a broken system 

Whether the correction in risky assets is temporary or the start of a bear market will depend on several factors. One is whether the Fed will truly exit from QE as quickly as it signalled.

This is really good stuff from the FT’s Michael Steen, summing up the confusing welter of communications that has bubbled from ECB board and council members since Mario Draghi attempted some light forward guidance at the last ECB press conference:

Germany election "Far from Over", Merkel Coalition in Trouble as Spotlights Shines on Snowden's Revelations

Mit immer neuen Milliarden-Krediten versuchen Politiker, das Ende der Euro-Zone zu verhindern – für den ehemaligen BDI-Chef Hans-Olaf Henkel ein fataler Fehler. In seinem neuen Buch rechnet er mit der Rettungspolitik ab. FOCUS Online zeigt exklusiv Auszüge.

En omdat het vakantie tijd is en de redactie er tussen 25 juli en 7 augustus er twee weken tussenuit gaat, ontvangt u van ons een weekendbonus van vijf extra artikelen:

Op huizenmarkt-zeepbel worden al jaren inzichtvolle dingen gepost onder de topics. Zo nu en dan kom je alleen iets tegen dat niet thuishoort in een reactie nummer 150.947 151.022, maar een iets beter vindbare plek verdient. Zo ook onderstaande plaat van ‘snorkel’, over 400 jaar huizenprijzen in Nederland. De data was al bekend van Eichholz en de TU Delft, maar wmb wordt ‘het verhaal’ zo krachtig verteld:

Chairman Hensarling, Ranking Member Waters, and other members of the Committee, I am pleased to present the Federal Reserve's semiannual Monetary Policy Report to the Congress. I will discuss current economic conditions and the outlook and then turn to monetary policy. I'll finish with a short summary of our ongoing work on regulatory reform.

The Economic Outlook
The economic recovery has continued at a moderate pace in recent quarters despite the strong headwinds created by federal fiscal policy.

Lee Buchheit and Mitu Gulati have another great paper out on the subject of how on earth a sovereign is meant to restructure its contingent liabilities.

De troika heeft meer dan 35 miljard euro teveel betaald voor de herkapitalisatie van banken.

En voor wie echt tijd over heeft, hier de laatste: 230 pagina's aan een berg aan financiële informatie over de EMU:

Tot over twee weken!