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2017-12-07

Martin Schulz calls for ‘United States of Europe’

German SPD leader says EU member states must sign up to a federal union or leave the bloc

Martin Schulz told a party conference in Berlin on Thursday that he wanted EU member states to agree a new “constitutional treaty” to establish a federal union and that countries that did not sign up would have to leave the bloc.


FT 7 december 2017

Det tidigare försöket, som väljarna i Frankrike och Nederländerna sade nej till, konventets förslag, som senare ersattes av Lissabonfördraget.

Problemets kärna är att det inte går att ha EMU om man inte vill ha ett Federalt Europa, styrt från Bryssel och Frankfurt, eller om det blir Berlin. 
Rolf Englund, Nya Wermlands-Tidningen, 11 juni 2001

End of an era for irrational complacency in markets

The signs are widespread. 

Yields on European junk bonds have fallen below US Treasuries.

Emerging market countries with a history of default, such as Argentina, have issued 100-year bonds....

2017-12-06

Europe’s banks are stronger than they were, but not strong enough

The European Commission is urging governments and the European Parliament to complete the EU’s banking union by 2019 and thus cut the “doom loop”, in which weak banks and sovereigns drag each other down

One big missing piece is a common European deposit-insurance scheme.



Fallande bopriser ett hot mot hela börsen

Anders Elgemyr analytiker på Jarl Securities har sammanställt en lista över de mest riskfyllda aktierna kopplade till bostäder.
– Men så länge inget systemkritiskt bolag havererar som Nyckeln som drog med sig Gota Bank i början av 90-talet så lär marknaden kunna rida ut stormen. 

I bästa fall återhämtar sig marknaden inom loppet av två år eftersom det finns en stor underliggande efterfrågan i Sverige.

2017-12-05

Stocks and bonds

The cyclically adjusted price-to-earnings ratio of the S&P 500 is at its 97th percentile relative to the last 130 years.

In the bond market, a 1 percentage point increase in interest rates would lead to a decline of almost $1.2 trillion in the securities underlying the index.

Carl Hammer, chefsstrateg på SEB, tror att kronan kommer att stärkas

eftersom det mest sannolika scenariot är att svenska bostadspriser inte kommer att falla mer än tio procent.

SvD 5 december 2017

Juncker Seeks Greater Commission Control over Eurozone

Turning the ESM into an EU institution should in theory necessitate treaty change, 
but the Commission has come up with a way around that requirement. 


Article 352 of the EU Treaty, a kind of emergency clause, allows the Commission to grant itself competencies it might need.

Spiegel Online 5 December 2017

Republican tax package will definitively put an end to 36-year upswing for Treasuries

With hindsight, we can identify the inflection point as July 5 this year when 10-year Treasuries closed at a rock bottom yield of 1.37 per cent.


John Plender 5 December 2017

More by John Plender at IntCom


Best books of 2017: Economics, Wolf

Martin Wolf selects his must-read titles

FT 1 December 2017