SECRETARIA DE ESTADO DE ECONOMÍA, MINISTERIO SECRETARÍA GENERAL DE POLÍTICA ECONÓMICA DE ECONOMÍA Y ECONOMÍA INTERNACIONAL Y HACIENDA SUBDIRECCIÓN GENERAL DE ECONOMÍA INTERNACIONAL CUADERNO DE DOCUMENTACION Número 91º ANEXO X Alvaro Espina Vocal Asesor 6 de Septiembre de 2010 BACKGROUND PAPERS 1. 80 Th Annual Report by Chapter, BIS Annual Report 2009/10 … 7 2. The Crisis of Confidence has yet to be Overcome, Spiegel On Line…10 3. Merkel’s Government agrees to Mini-health care reform…12 4. The Coming British Revolution, Open Democracy de Gerry Hassan…14 5. Financial Crisis and its representations, Open Democracy by Anthony Faramelli…17 6. The unemployment emergency, The Washington Post by Eugene Robinson…19 7. A new generation, an elusive American dream, The New York Times by Louis Uchitelle…21 8. Unions outspending corporations on campaign ads despite court ruling, The Washington Post by TW Farnam…27 9. Tough Case, Newsweek by Michael Hirsh …29 10. European interest rates are about to go up, Eurointelligence …31 11. Banks should be somewhat more like Turkey says UBS, Financial Times by Tracy Alloway…33 12. Losing ECB liquidity = two small rate hikes, says Citi Financial Times by Tracy Alloway…36 13. Investors fear rising risk of US regional defaults, FT.com by Nicole Bullock…38 14. Europe’s toothless bank test making matters worse, http://www.telegraph.co.ul/finance by Ambrose Evans-Pritchard…40 15. Recapitalise, or resisting the lure of liquidity, Financial Times by Tracy Alloway…42 16. Una reforma laboral insuficiente (y II), http://www.fedeablogs.net/economia by Samuel Bentolila…44 17. Una reforma laboral insuficiente (I), http.//www.fedeablogs.net/economía by Samuel Bentolila…48 18. Sindicatos para el siglo XXI, http.//www.fedeablogs.et/economía by Samuel Bentolila…53 19. Stress testing the stress tests, Eurointelligence by Wolfgang Munchau…57 20. Gains from long-term Treasurys won’t go on forever, The Washington Post by Allan Sloan…59 21. At SEC enforcement unit, storied chief’s son makes a name for himself, The Washington Post by Zachary A Goldfarb…61 22. In ambitious India, workplace etiquette rounds out the coursework, The Washington Post by Emily Wax…64 23. Are profits hurtins capitalism?, The New York Times by Ives Smith and Rob Parenteau…67 24. Democratic campaign committees losing big Wall Street donors, The Washington Post by TW Farnam and Paul Kane…69 25. Letter from Shanghai: Class and capitalism mix with comedy, The Washington Post, by Andrew Higgins…72 26. Supreme court press, The New York Times by Paul Gewirtz …74 27. A judicial change to believe in, The Washington Post by EJ Dionne Jr…76 28. Bank balance sheets could torpedo recovery, Spiegel OnLine by Beat Balzli, Markus Dettner, Armin Mahler and Christian Reiermann…78 1 29. Stress tests to include 80 banks, Eurointelligence…83 30. Von Hagen on Flexible payroll teax, The Wall Street Journal, by Jurgen Von Hagen…87 31. La deuda externa bate records, El País de Lucía Abellán…88 32. Brussels (EU) to press for higher retirement ages, The Financial Times by Stanley Pignal…89 33. Aix 2010: dix measures pour une croissance européenne, La Tribune …91 34. More evidence that Eurobank stress tests are a Garbage-In, Garbage-Out exercise, Naked Capitalism…100 35. Eurozone rescue fund aims for top rating, FT.com by Gerrit Wiesmann and David Oakley…103 36. 27 days later, Financial Times, Financial Times by Izabella Kamiska…104 37. Spanish savings banks may be concealing mortgage losses, creditsights says, Bloomberg by John Glover…105 38. Punishing the jobless, The New York Times by Paul Krugman…106 39. Japanese interest payments, The Conscience of a Liberal …107 40. A political clash over deficits stalls legislation to address jobs, The New York Times by Ewell Chan…110 41. The Pressimism Bubble, The New York Times by Ross Douthat…114 42. China Fears warning effects of consumer wants, The New York Times by Keith Bradsher…116 43. La banca alerta de un corte del crédito, El País de Iñigo de Barrón…119 44. El BCE y la liquidez, El País de Angel Berges y Santiago Fernández de Lis…121 45. Otra vez el miedo y la falta de liquidez, El País de I de B…123 46. Juego peligroso, El País de José Luis Leal…124 47. Síndrome del alcohólico reahabilitado, El País de Antón Costas… 126 48. Pensar lo impensable, El País de Peter Thall Larsen…128 49. España inventa otra crisis, El País de Rafael Vidal…129 50. Alemania, O; China, 1 de El País de Moisés Naím…130 51. Europa sin esperanza, El País de Ignacio Sotelo…131 52. Catherine Rampell they did their homework, The New York Times by Catherine Rampell…133 53. Spend or scrimp? Two sides in white house debate, The New York Tims by Jackie Calmes…139 54. Results matters most in politics, http://yglesias.thinkprogress.org/…141 55. Zapatero se reúne hoy con el economist jefe del FMI, El País …142 56. La AEB ratifica la solvencia del Popular frente a un artículo de Financial Times, El País…142 57. La eurozona supera la prueba de liquidez, El País de Rafael Vidal…143 58. The G20’s China Bet, The Baselina Scenario by Simon Johnson…144 59. Myths of austerity, The New York Times by Paul Krugman…146 60. The Icelandic post-crisis miracle, The Conscience of a Liberal…147 61. China’s grand strategy in a post-western world, Open Democracy by William A Callahan…148 2 62. US housing market remains fragile despite low mortgage rates, The Washington Post by Dina ElBoghdady…152 63. Will stress tests lead to recapitalization, Eurointelligence…155 64. What comes after inflation targets, FT.com by Samuel Brittan…158 65. The real reason we are in Afghanistan, Spiegel On Line by Rory Stewart…160 66. How the East was lost, Spiegel On Line by Alexander Neubacher…163 67. Europe moves to regulate bankers’ bonuses, Spiegel On Line …174 68. Exposed, The limits of Merkl’s Leadership, Spiegel On Line by Christoph Schwennicke…176 69. Resultado subasta de bonos deuda pública española y Moody’s pone el rating bajo revisión, La Vanguardia.es by Gurus Hucky…178 70. So much for the stress test: Axel Weber wants to impose conditions that render them a farce, Eurointelligence…179 71. Bruselas no dará ayudas a los países que se salten los límites del déficit, El País de Andreu Missé…182 72. Relief at low uptake of ECB Money, FT.com by Ralph Atkins, David Oakley…184 73. Banks borrow less than feared from ECB, http://www.ft.com by Ralph Atkins…185 74. European Central Bank, http://www.ft.com…186 75. German banks expected to call on rescue fund by Gerrit Wiesmann and Patrick Jenkins and David Oakley …187 76. The cost of normalization, Financial Times by Izabella Kaminska…188 77. G20 should worry about global imbalances not exit strategies, Eurointelligence by Marco Annunziata…189 78. Conservatives use Pelosi as face of liberalism in campaign ads, The Washington Post by Karen Tumulty…192 79. Economies in Latin America surge forward, The New York Times by Simon Romero…194 80. Germany’s export boom has trade partners stewing, Spiegel On Line by Armin Mahler, Christian Reiermann, Wolfgang Reuter and Janko Tietz…197 81. Debacle for Merkel as vote goes to third round, Spiegel On Line by Sebastian Fischer, Florian Gathmann, Veit Medick and Severin Weiland…202 82. ¿Son acertados los planes de austeridad de Europa?, Política y Gobierno …204 83. Crisis is back with a vengeance as ECB’s sterilisation auction flops, Eurointelligence…209 84. The double-edged sword of low mortgage rates, Reuters, Felix Salmon…212 85. German presidential election degraded by party politics, Spiegel On Line by Spiegel Staff…214 86. 2. 97 Boy, the bond vigilantes are really on the warpath, The Conscience of a Liberal…218 87. Recession cut into employment for half of working adults, study says, The Washington Post by Michael A Fletcher…223 88. World markets stumble on worries over US., Europe and China, The Washington Post by Frank Ahrens and Howard Schneider…225 89. World stock markets news summary (US, UK, Europe, Asia) SMR by Paddy Power Trader…227 3 90. ECB Weber: EMU debt crisis up to now not affecting recovery, Market news.com …228 91. German banks have foul credits of over €200 bn –highest level in the EU, Eurointelligence…229 92. The end of muddling through is nigh, Financial Times by Wolfgang Munchau…232 93. Guest post: El erian on a disappointing G20 compromise, Financial Times by Guest writer…233 94. Spanish banks rage at end of ECB offer, FT.com by Patrick Jenkins and Victor Mallet and Ralph Atkins …235 95. Spain hopes ECB knows banks’s needs as loan matures, Bloomberg Businessweek …237 96. Greece, Spain lead rise in sovereign debt risk near record high, Bloomberg Businessweek…238 97. Funding jitters push Europe shares to near 3-wk low, Reuters…240 98. Fresh fears over European bank sector, Financial Times by David Oakley…241 99. ECB walks a fine line siphoning off its liquidity, The Wall Street Journal by Brian Blackstone and Nina Koeppen…242 100. BIS’s Caruana certainly raises fear levels for bankers, The Wall Street Journal by Patience Wheatcroft…244 101. El BCE inquieta a bancos españoles al retirar liquidez del Mercado, La Vanguardia.es …247 102. Numbers for LTRO – watchers, Financial Times by Tracy Alloway…248 103. Spains’s long, hot, refinancing summer, Financial Times by Joseph Cotterill…249 104. What is Goldman Sachs thinking?, The Baseline Scenario by Simon Johnson…251 105.