Out of office until Jan2026 🐣☀️

Please check out our new review in BioScience! We describe how spatial climate analogs can be used in climate change research, impact assessment, decision-making, and communication. #MacroEcology #ClimateChange #GlobalChange 1/4

📢 Hot off the press: our new study in Nature, led by Luke Grant and @wimthiery.bsky.social, shows how climate change is redefining what it means to live an "unprecedented life"—facing climate extremes that would have been nearly impossible without human influence. www.nature.com/articles/s41...

I had an honour to be featured in @joannasullivan.bsky.social 's series on women trailblazers ☀️ When one's feed seem to feature mostly doom&gloom these days, I hope my messages will add some hope and lighten your day 🌺

R bar vs. R star, the natural rate is fundamentally different from the neutral rate - Maurice Obstfeld + reforms a la Draghi, time has come? #ecbwatchers

Balance sheet would be close to 4 trillion, rather than 1 trln. Real need to discuss the design of Operational framework with ongoing @ecb.europa.eu strategy review #ECBwatchers @positivemoneyeu.bsky.social wrote a paper on this @jordischroeder.bsky.social www.datocms-assets.com/132494/17212...

5 lessons on QE: 1.QE can be complement&substitute for IR policy 2.QE macro effect more uncertain than IR, but duration extraction effect significant. 3.Few channels-signaling, liquidity provision.. Good 2have more tools, don't ditch them Refreshing points by Lucrezia Reichlin #ecbwatchers

Next week, the new European Commission will put forward its clean industrial policy plans. In a new paper, @ph-jaeg.bsky.social and I dig into what this strategy needs to deliver— backed by lots of brand-new *sectoral* data on the distribution of national subsidies. Here are our main takeaways:

Climate-induced economic damages can lead to private-debt tipping points Sounds interesting? Join us for our upcoming #Freitagsseminar w. Gaël Giraud. 📅 28th of February 2025 📍 #OeNB or online via Webex Registration here: bit.ly/411oDRw #Event

🚨 We’re hiring! 🚨 Come and join us as a Senior Researcher. Your skills & voice are needed now more than ever in the civil society space to drive change and progressive new economics! 🌍💡 #JobAlert #Economics #CivilSociety positivemoney.org/vacancy/seni...

📢 Now Published in Issue! 📢 Our article on what politicians think about the ECB is now out in @jcms-eu.bsky.social We surveyed Members of the European Parliament to uncover their views on the ECB 👉 Available at onlinelibrary.wiley.com/doi/10.1111/... And a short thread here -->

Ireland collects much of the corporate tax revenue a more coherent US tax code would channel back across the Atlantic. Ireland could also be in the firing line as a major & growing contributor to the US trade deficit—now 4th in the world. By @phonohan.bsky.social: www.irishtimes.com/opinion/2025...

We highlight three own goals of failed internationalization: 1. Non-existent euro value chains locked the EU into disastrous dollar denominated fossil fuel imports 2. Wavering and weak ECB swap line policies (limited, conditional, unattractive) 3. That rare beast “a euro denominated safe asset”

Why does the largest trading bloc on the planet have a miniature-sized currency? With Trump, the EU will again much regret this. 🎈In a new working paper, @steffenmurau.bsky.social and I set out to theorise failure and develop a new IPE perspective that foregrounds offshore money. A thread 🧵

On how we are giving up on climate one step at a time, review of Overshoot by @brettchristophers.bsky.social for @londonreview.bsky.social worth a read 👇🏻

👉25 bp cut today as expected, though it could have been more seeing negative growth in FR, DE and stagnation in IT. Also, can we take the moment to appreciate that no political figure is threatening the @ecb.europa.eu to cut rates 👐 This independence could be put to good use towards the 🌎 🌱

🚨New paper by the Uni Witten SuFi Project in @finandsoc.bsky.social Channels of influence in sustainable finance: A framework for conceptualizing how private actors shape the green transition www.cambridge.org/core/journal... A 🧵 on our main arguments:

📢 We urge the #ECB to rethink its #climate and nature approach and support the green transition. Read our open letter for more information.

This new roadmap should: ☑️ Introduce green lending facilities, ☑️ Implement climate criteria in its collateral framework, ☑️ Tilt the stock of securities in the remaining asset purchase portfolios. 4/5

Maintaining our #FossilFuel dependency leaves us vulnerable to future price shocks, as seen with the high inflation in recent years. ➡️ With 40 civil society organizations, we urge the ECB Governing Council to deliver an improved Climate Roadmap when concluding this year’s strategy assessment. 3/5

As the #ECB has repeated, a faster and orderly transition is essential for price and financial stability. Indeed, as #climate change and nature degradation intensify, so will their impact on monetary policy and the whole financial system. 2/5

🔵 The 2025 review of the @ecb.europa.eu ’s monetary strategy policy is the perfect opportunity for the #ECB to take ambitious measures that integrate learnings and challenges four years after its first “Climate Roadmap”. Why? ⤵️ 1/5

Manifesto time ⌛️ @positivemoneyeu.bsky.social and 40 organisations provide a clear, detailed roadmap for the @ecb.europa.eu to green its monetary policy as we approach the critical mid-2025 milestone when the ECB will review its monetary policy strategy 👇 (positivemoney.org/update/no-st...)

Lots of the good work done by the @ec.europa.eu on EU Sustainable finance package in the last few years will now be weakened and watered down due to finance&corporate pressure #Omnibus

NEW PIECE: Another entry in the #MonetaryPolicy201 series, this time focusing on the question, does limiting purchases to the "open market" actually matter? The answer comes from a never before seen 1942 memo from the Fed's head of research at the time www.crisesnotes.com/does-restric...

Our "Discrimination in the Formation of Academic Networks: A Field Experiment on #EconTwitter" with Pedro Sant'Anna and @brunoferman.bsky.social is now forthcoming in the 😀😀 American Economic Review Insights (@AEAjournals ) 😀😀 papers.ssrn.com/sol3/papers....

A week ago the ECON committee voted on the @ecb.europa.eu annual report. While it should be that the ECB is independent from politicization, it is not independent from democracy and the EP report matters 👇🏻

Banks are raking in superprofits each year, 2024>2023, these profits are going to dividend payments&share buybacks creating deeper rift between finance & the real economy, rich & poor. Must be great celebrations in Davos #WEF2025 while paying lip service to catchphrases, via @financialtimes.com

I’m very excited to have this open access article out in @ripejournal.bsky.social ! www.tandfonline.com/doi/full/10....

They quit NGFS on the eve of a Trump administration and argue that climate is politicizing central banking 😒

While California burns & Florida drowns @federalreserve.bsky.social is exiting NGFS. While it did not have much enthusiasm to start with, it is a sign that US is not willing to work with rest of the world on climate ⛔️ grim start to 4-year misery to begin today www.federalreserve.gov/newsevents/p...

On Feb 10, the full @EuropeanParl will vote on this report. MEPs must demand an ECB that is climate-responsible and ready to support a sustainable future. We need monetary policy for people and the planet - not polluters. 📖 Read our full statement: positivemoney.org/update/eu-pa...

This report could represent a step backward on #climateaction. With 2024 already breaking records as the warmest year and the first above 1.5°C, the ECB cannot afford to delay the transition while the planet burns. 🔥

I have new article on the latest revision of the ECB's inflation target in Politics & Governance (@cogitatiopag.bsky.social), part of a special issue on the evolving role on the ECB since the Maastricht Treaty (1/n) www.cogitatiopress.com/politicsandg...

⏳Time is running out! Tomorrow, the European Parliament votes on its @ecb.europa.eu resolution - but the current text ignores key issues like climate & economic competitiveness. Will you help demand an #ECB that serves people & the planet? Tweet to your MEP! 👇 twittercampaign.positivemoney.eu/en

⏳Time is running out! Tomorrow, the European Parliament votes on its @ecb.europa.eu resolution - but the current text ignores key issues like climate & economic competitiveness. Will you help demand an #ECB that serves people & the planet? Write to your MEP! 👇 twittercampaign.positivemoney.eu/en

🎙️🎧 I sat down with Economics for Rebels to envision sustainable, fair& democratic central banking, incl.👇🏻 👉🏻How's 💸 created? 👉🏻How to green @ecb.europa.eu and wider finance? 👉🏻What inequality have to do with MonPol? 👉🏻What's people's #DigitalEuro? #CBDC &more... open.spotify.com/episode/0iYp...

Our study with @wwfswitzerland.bsky.social looks for the very first time- how to integrate climate, nature&biodiversity into central bank collateral frameworks "Nature's Nudge: The Role of Collateral Frameworks in the Transition Towards a Sustainable Economy" ♨️ 🧵👇 positivemoney.org/update/new-r...

@MESandbu of the @FT rightly says that dual rates should be a rightful approach for the @ecb in a rapidly changing world, secondary mandate is not an option, it is a legal responsibility, @PositiveMoneyEU has been advocating for dual rates for years now 👇

Түдэв гуайн агуу зохиолд хүн эрдмийн оргилд гараад улам их асуулттай тулгардаг талаар бичжээ ☸️📖❓

If you have to watch one webinar per week, let this be the one 👇On global mitigation and adaptation efforts and financing those @AvinashPersau15 summarises it well from 34:20 🎧 @phenomenalworld https://www.youtube.com/watch?v=sQ94Q3a8Tg0

US housing market continues to be shaped by climate change, insurance premiums are increasing, one needs insurance 4 mortgage. Catastrophe insurance protection gap in Europe is 25%, less than 5% in Italy, Hungary...Quo...

The first (to my recollection) bank lending survey the @ECB with a section on climate risks. Banks generally seem to taking into effect firms' climate risks in credit conditions, transition&physical risks (maybe even the latter) is expected to shape firms' access to credit 👇

🎙️🎧 I sat down with Economics for Rebels to envision sustainable, fair& democratic central banking, incl.👇🏻 👉🏻How's 💸 created? 👉🏻How to green @ecb and wider finance? 👉🏻What inequality have to do with MonPol? 👉🏻What's people's #DigitalEuro?...

How does one call someone who doesn't believe in climate change?...some word that starts with "s" https://www.brusselstimes.com/business/1280568/halting-investment-in-fossil-fuels-is-stupid-national-bank-governor-says

Осакад гэрийн банштай цай идэх сайхаан 🥟🍲🇯🇵🇲🇳

Our study in @greenCB 🙌 for more information, refer to, https://positivemoney.org/publications/the-role-of-collateral-frameworks-in-the-transition/

[NEW PUBLICATION] Today our study with @WWF "Nature's Nudge: The Role of Collateral Frameworks in the Transition Towards a Sustainable Economy" comes hot off the press ♨️...

Pres. Lagarde on @TheDailyShow. Nice exchange, but when John presses on labour losing against capital, she concedes&says discussions are crucial. @ecb isn't separate from it. If wages are such a problem, time to have formal dialogues with EU Trade Unions?...

Very interesting research from @ETUI_org On whose backs the green transition will occur? - On workers ✊ They need same&more level of protection that workers in the "non-green" sectors. Unfortunately that is not the case at the moment 👇