The Italian Job

(1) The same Old Normal for Italian politics. (2) Eurosceptics ascending in Italy. (3) How much more can Draghi do to save the euro? (4) ECB likely to postpone monetary normalization till next year. (5) ECB has failed to revive inflation and to stimulate much lending…and now this! (6) TARGET2 payments system shows mounting imbalance between Germany’s surplus and PIIGS deficit. (7) Italian crisis flattens US yield curve in a way that might pause the Fed’s gradual normalization. (8) Another summertime crisis in Eurozone.