FURTHER FURTHER READING
- Three big chances for trade liberalisation next year.
- Here's what sequestration will look like in 2014.
- If we're lucky, the Volcker Rule will make banks less transparent.
- The best longreads of 2013.
- Wage subsidies vs the minimum wage.
FT EVENING ROUND-UP
Jump in mortgage borrowing a good for US consumption: "The US has reached an important milestone in its recovery from the financial crisis after the first rise in outstanding mortgage debt since the beginning of 2008. After reducing debt for 21 consecutive quarters, US households increased their net mortgage liabilities at an annualised rate of 0.9 per cent in the third quarter of 2013, according to new data from the US Federal Reserve." (Financial Times)
Frank says Wall St attempts to derail Volcker will fail: "Wall Street's efforts to overturn the Volcker rule, which regulators are due to ratify on Tuesday, will fail in the courts, according to Barney Frank, who spearheaded the US post-crisis overhaul of financial regulations. Even before Tuesday's vote, banks and their critics were preparing for fresh skirmishes over the Volcker rule, one of the most significant attempts to restrict banks' activity by prohibiting proprietary trading." (Financial Times)
Germany and France close on banking union deal: "Europe is on the brink of a banking union deal that will bring a "real revolution" to its financial system, France's finance minister predicted, as he signalled differences with Germany on a system to fund failed banks were narrowing." (Financial Times)
Shale gas boom helps US chemicals exports: "The US chemicals industry is planning a sharp increase in its exports as a result of the cost advantage created by the shale gas boom, putting pressure on competitors in Europe and Asia. The American Chemistry Council, the industry association, predicts in forecasts published this week that US chemicals exports will rise 45 per cent over the next five years, as a result of a wave of investment in new capacity aimed at overseas markets." (Financial Times)
