Eurowrap 13/07/12

Clarifying the unremarkable shift in ECB deposits

Why money is disappearing from the European Central Bank’s deposit facility, and why it doesn’t mean it's being put to good use.

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Marshall Auerback: the pain in Spain

Capital outflows are accelerating, and the VAT rise is good for more-or-less nothing.

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The euro disaster is about more than just current account imbalances

Unsurprisingly, there isn’t a simple explanation.

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Negative interest rates and the currency war

Has a new front opened up?

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