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EUROPE
Defining
‘responsible’ fiscal policy for Europe – vox
Recommend Eurozone
fiscal neutrality, moderate consolidation in France and Spain, lower
consolidation in Italy, and moderate stimulus in Germany.
A ‘big
bang’ to expand Europe’s economy – FT
A capital
markets union is needed, writes Michael Sherwood and Richard Gnodde
A Greek
deal cannot fix the flaws in the euro – FT
Gideon
Rachman: There has rarely been a period when it is more urgent for Europeans to
work together
Germany’s
Budget Surplus Strengthens Hand in Dealing With Vulnerable EZ Countries – WSJ
Why
Switzerland is such a great country (all’s well that ends well) – Scott Sumner
Denmark:
What’s going on? – Nordea
Theories
abound on what exactly is going on with EURDKK and Danish rates right now. Both
are up, markedly. After 70bps in cuts and total intervention of 275bn DKK over
just over a month, a seeming reversal has been underway since Friday. In our
view, the situation is not yet solved.
GREECE
Eurogroup
conference call raises hopes for Greek bailout extension – FT
Greece
sends comprehensive reform plan to lenders: EU source – Reuters
Greek Plan
to Tackle Economy Goes Before Finance Chiefs – BB
Morgan
Stanley: Odds of Greece Staying in Euro Haven't Gotten Any Better – BB
Greece and
primary surpluses – Simon
Wren-Lewis
Commission:
reform list “sufficiently comprehensive” as a starting point – Open
Europe
Troika
"Happy" With Reform Promises: Full Varoufakis Letter – ZH
Brussels
signs off on Greek reform plan – FT
Does the
reform list change the judgement on Greek capitulation? – Open
Europe
5 Things to
Know About Greece’s Proposed Reforms – WSJ
The Greek
Deal – A game changer or a mere name changer? – Sony
Kapoor
Greece Must Stop Grandstanding and Start
Governing – PIIE
The
Economic Opportunity of Greece’s Exit – Project
Syndicate
The House
View: The Greek Conundrum – Deutsche
Bank
EUROPEAN CENTRAL BANK
Why is
Monetary Policy Underrated? – Project
Syndicate
Koichi
Hamada: Despite the European Central Bank's decision to launch quantitative
easing, many economists, policymakers, and central bankers continue to
underestimate unconventional monetary policy. But, to understand QE's transformative
potential, they need only look to its recent success in Japan.
Hans-Werner
Sinn: Why the taxpayer is on the hook – vox
It has been
debated whether taxpayers would have to foot the bill from different ECB
government bonds purchase programmes. This column argues that for the
participants of such programmes that involve the mutualisation of interest
revenues, there is no free lunch.
Annual
inflation down to -0.6% in the euro area – Eurostat
UNITED STATES
FED TESTIMONY
5 Things to
Watch for in Janet Yellen’s Testimony – WSJ
Parlez Vous
QE? The Fed’s Foreign Language Lessons – WSJ
Yellen
faces Senate grilling on Fed rate policy, transparency – Reuters
How
‘patient’ is Yellen? – FT
The Context
for Yellen – Marc to
Market
The Street
Reacts to Yellen: Fed ‘Appears Fearful’ of Raising Rates – WSJ
Yellen: Semiannual
Monetary Policy Report to the Congress – Calculated
Risk
Fed lays
the ground for end of zero rates – FT
Yellen
Opposes Changes to Fed Structure – WSJ
Yellen ‘Strongly
Opposed’ to ‘Audit the Fed’ Bill – WSJ
Yellen Not
Seeking to Alter Dodd-Frank – WSJ
5 Quotes
From Fed Chairwoman Janet Yellen’s Report to Congress – WSJ
ASIA
Is Japan
in danger of a “fiscal crisis”? – FT
The
Japanese economy seems much less in danger of suffering from an acute “fiscal
crisis” than a gradual decline in the living standards of workers forced to
support a rapidly-growing elderly population.
Martin Wolf:
Huge increases in private sector credit preceded many financial crises
OTHER
The
great growth destruction? – FT
Barclay’s
Michael Gapen: output is being destroyed on a permanent basis and potential
growth is slowing as a result. This is happening as growth outside the
developed world is also slowing.
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Yellen’s Testimony Might be More Meaningful Than a Year Ago * Five Things
to Watch For In Yellen’s Testimony * Community Bankers Support Curbing New York
Fed’s Powers * BOE’s Forbes: Rate Rise May be Needed to Ensure Financial
Stability * Israeli Central Bank Cuts Policy Rate to Record Low
Daily
Macro – WSJ
Once again,
Greece is being shifted onto the back burner, which
means eyes can now turn to the U.S., where Federal Reserve Chairwoman Janet Yellen is
scheduled to make a much anticipated presentation before Congress later
Tuesday.
Danske
Daily – Danske
Bank
Eye-Opener – Nordea
More Greek
delays * European markets cheer * Yellen presents testimony * US Treasuries to
find support from Yellen’s testimony * NOK hurt again by the falling oil price
Dollar
Bid Ahead of Yellen
– Marc
to Market
US Open – ZH
With Greece Swept Under The Rug, Focus Turns To
Janet Yellen's Congressional Testimony
FX
Update – TF
Any
appearance by a Fed chair before Congress is a huge two-way event risk for
markets, but given the mix of data and more dovish policy expectations by the
market, it may be easy for Yellen to surprise on the hawkish side merely by
insisting that she would like to keep all options on the table.
Daily
Newsletter – TF
Today sees
two major data developments: EU inflation and the beginning of Federal Reserve
chair Janet Yellen's statement to Congress. The results of both could prove
significant over the coming weeks.
Martin
Sandbu’s Free Lunch: Robot takeover cancelled for now – FT
We don't
need no (more) education, rather an attack on rent
FINNISH
Aamukatsaus – Nordea
Politiikasta tulossa punnan painolasti | Fedin Yellen pitää
kongressille puheen rahapolitiikasta | Eurooppalaiset osakemarkkinat nousivat
eilen uusiin ennätyslukemiin
Näin syvällä nyt kynnetään ysärilamaan verrattuna – YLE
Tässä talouskurimuksessa työttömyys ei ole kertaakaan
hätyytellyt kymmentä prosenttia, toisin kuin 90-luvulla. Kuvaajat työpaikkojen
tuhoutumisesta ja syntymisestä sen sijaan näyttävät rujoilta.
HS-gallup: Keskusta vakiinnutti asemansa, Sdp kiilasi
kokoomuksen ohi – HS
Vaalitutkija: Vain skandaali voisi kääntää keskustan
kannatuksen
Kreikka-pokerissa kaivataan avoimia kortteja – Elina
Lepomäki
Soini kehuu ja moittii Zyskowiczin säästölistaa – YLE
Vasemmisto, ilmaisunvapaus ja muuttuva maailma – Hannu
Visti
Tammikuun työttömyysaste 8,8 prosenttia – Tilastokeskus
Teollisuuden tuottajahinnat tammikuussa -2,7% YoY – Tilastokeskus