1. Monetary policy is no panacea for Europe’s ills (Financial Times)

Jens Weidmann, president of the German federal bank, indicates that German monetary policy will continue being just as hawkish as it always has been.

2. Flash-Crash Story Looks More Like a Fairy Tale (Bloomberg View)

Mark Buchanan looks at the evidence around the Dow Jones' flash-crash two years on.

3. Are there any alternatives to austerity? Six ideas for fixing Europe (Washington Post | Wonkblog)

Brad Plumer looks at six possibilities for fixing Europe beyond austerity.

4. Expectations: a weak lever (Stumbling and Mumbling)

Chris Dillow argues that manipulating "expectations" is not the reason for raising inflation targets.

5. The Scary Greek Revolt Against Austerity (Slate | Moneybox)

Matt Yglesias compares and contrasts Greece to Spain and Italy.