Key macro events

Key macro events: The outlook for the euro zone looks a lot less ominous now that the ECB has waded into the crisis with its plan to snap up unlimited amounts of debt issued by the bloc's more fiscally strained member states such as Spain but tensions continue to bubble beneath the surface, which a combination of Dutch voters and German judges could yet expose. The Netherlands goes to the polls Wednesday on the same day Germany rules on the European fiscal pact and EU's permanent bailout fund, the European Stability Mechanism (ESM), both of which are central to the euro zone's anti-crisis strategy. It also remains to be seen whether Spain will swallow the conditions attached to any ECB bond buying by making a formal request for assistance while critical decisions are pending for cash-strapped Greece, which is currently trying to agree another EUR 11.5b of spending cuts that might pave the way that month for its next EUR 31b installment of bailout money. --Monday: French July industrial production. --Tuesday: European Commission to present proposal on single European banking supervisor by this date. --Wednesday: German constitutional ruling on ESM injunction. Dutch parliamentary elections. Italian T-bill auction. German bond auction. --Thursday: Italian bond auction. --Friday: Informal Eurogroup/Ecofin meeting in Cyprus. --Saturday, Sep 15: Second day of informal ecofin meeting. --Saturday, Sep 15 (approximate): Auditors due to release report with detailed capital needs of Spanish banks. --Saturday, Sep 15-Sep 30: French 2013 budget due. --Tuesday, Sept. 18: Spanish and Greek T-bill auctions. German ZEW September economic sentiment indicator.