🚨New Discussion Paper🚨 about the macroeconomic consequences of US tariff hikes, based on quantitative simulations by the European Commission's multi-region New Keynesian DSGE model, QUEST. Thread 👇1/12 economy-finance.ec.europa.eu/document/dow...

Proportionally, the estimated 100-200k Pride marchers in Budapest today would correspond to something approaching 1m in London or New York. And this in a country that has now spent 15 years under illiberal, authoritarian rule. What a symbol of hope.

Trump's tariffs are designed for maximum damage—to America This is not a both sides have a point situation. Maury Obstfeld @piie.com speaking truth to power. www.piie.com/blogs/realti...

🧵(1/7) My new blog @piie.com is out, on “reciprocity”, a deeply flawed motive for tariffs. Why? For trade barriers, the rationale is wrong-headed. For tax policy differences, the rationale is nonsensical; the tax policies in question create no US disadvantage. www.piie.com/blogs/realti...

Watching the US slide into autocracy feels eerily familiar — like re-living the early years of Orbánism (only more intense, honestly). I wrote down some reflections from that period. It won’t make you feel better. But it might make the stakes clearer. medium.com/@palma.polya...

Yesterday, an EU member state banned Pride events 🏳️‍🌈, threatening to use facial recognition & 500€ fines to target attendees. We need more than deep concerns. We need EU leaders across the continent to book their tickets to Budapest & join us on June 28 www.theguardian.com/world/2025/m...

Re: today's news about the German fiscal bazooka Back in 2019, I argued that DE austerity & underinvestment would only change if their external enablers disappeared. These policies were always self-harming, but buoyant US & Chinese demand kept the costs hidden. Not anymore. doi.org/10.1080/1356...

Viktor Orbán says he’ll ban Budapest Pride. We won’t let that happen. This year, we’ll march in greater numbers than ever 🏳️‍🌈 My message to European leaders: stand with us. Announce that you’re coming to Budapest. #SeeYouAtBudapestPride Read the op-ed 🗞️ euobserver.com/eu-political...

My postmortem on the Ampel🚦goverment — toppled by the debt brake, the German economy’s suicide pact Have a read👇 tinyurl.com/mr4b7n9h @revdem2020.bsky.social

Nice recap of EUI event. It is not so much monetary integration that necessitates fiscal integration in Europe but it is rather the single market (integration of the real economy) that necessitates both: avoiding competitive devaluations as well as a subsidy race to preserve the level playing field.