EU economy

Target2 liabilities skyrocket as cash shifts to the Eurosystem.

In this guest post, Marcello Minenna discusses Italian markets and risk segregation in the eurozone.

Alberto Gallo will manage the new vehicle, as tail risk insurance makes a comeback

Cognitive dissonance trading special.

After a slow Q1, all is well in the German world again.

The following guest post on trends in public investment spending is from Marcello Minenna, the head of Quantitative Analysis and Financial Innovation at Consob, the Italian securities regulator. The views expressed here are his personal opinions and do not necessarily reflect the views of Consob.

It’s way too tight. Federalism is the answer.

The currency bloc has been relying on the largesse of foreigners to compensate for stinginess at home.

Because there is an arbitrage opportunity.

They may have been investment-grade, but Steinhoff’s bonds have been a bad deal for the ECB.

In this guest post, Marcello Minenna, the head of Quantitative Analysis and Financial Innovation at Consob, the Italian securities regulator, argues that reforms to the European Stability Mechanism can pave the way for Eurobonds. The views expressed here are his personal opinions and do not necessarily reflect the views of Consob.

Turns out that mishandling a banking crisis and then systematically annihilating the supply of local currency safe assets leads to sustained capital outflows.

A bare majority want to remain on the single currency — and most of those do so out of fear rather than love.

No pats on any backs.

Petra’s debt takes sparkle off record production. FT Opening Quote, with commentary by Matthew Vincent, is your early Square Mile briefing. You can sign up for the full newsletter here.

Think of it within the context of the balance of payments as foreign exchange reserves that can never be depleted.

The following guest post on Target2 imbalances and capital flows is from Marcello Minenna, the head of Quantitative Analysis and Financial Innovation at Consob, the Italian securities regulator.

Ashmore’s environmental gains. FT Opening Quote, with commentary by Matthew Vincent, is your early Square Mile briefing. You can sign up for the full newsletter here.

Redrow keeps the flag flying. FT Opening Quote, with commentary by Matthew Vincent, is your early Square Mile briefing. You can sign up for the full newsletter here.

Petrofac – forget the watchdog, look at our backlog. FT Opening Quote, with commentary by Matthew Vincent, is your early Square Mile briefing. You can sign up for the full newsletter here.

But would a domestic Italian parallel currency further de-stablise or unwittingly empower the wider Eurozone?

A capital markets rehabilitation

Europe has a slew of unicorns, but only when you include old, publicly-traded companies.

More jobs, but they’re bad.