📝 Our report on the transformation of South Africa’s monetary architecture (1983-2024) co-authored with Mark Swilling for the National Planning Commission of South Africa has been launched last week! 📝 Find the full report here: www.nationalplanningcommission.org.za/assets/Docum...

We recently published a study on the transformation of the Eurozone architecture (🔗 papers.ssrn.com/sol3/papers...., with Alex Goghie, Matteo Giordano & @rikereimer.bsky.social) and launched an accompanying interactive online tool (🔗 monetary-architecture.com). This is how it came to be 👇

🚀 To accompany our recent study on the transformation of the Eurozone architecture, we are also launching an interactive online tool. Check out monetary-architecture.com

📝 New publication 📝 We have now published our study on the Transformation of the Eurozone Architecture, co-authored with Alex Goghie, Matteo Giordano, and @rikereimer.bsky.social papers.ssrn.com/sol3/papers....

📣 News from the OBFA-TRANSFORM project 📣 Our Emmy Noether research group is fast approaching its halfway point and we’ve recently received confirmation of funding from @dfg.de for the second project period from 2026 to 2029 🎊 That's why we are launching our new website at obfa-transform.eu

Gemeinsam mit Armin Haas und @steffenmurau.bsky.social argumentieren wir in einer neuen Studie bei der @swp-berlin.org, dass solche Einrichtungen auch heute wieder eine Rolle spielen könnten: 👉 Link: www.swp-berlin.org/publikation/...

Nimmt der Staat zu viele Schulden auf? Ob das tragfähig ist, ist eine Frage des Finanzsystems. Das entscheidende Stichwort lautet »Fundierung«, schreiben @steffenmurau.bsky.social und Moritz Kapff.

Mit Beiträgen von @andreabinder.bsky.social @steffenmurau.bsky.social @martynalinartas.bsky.social @carolinmueller.bsky.social @larsdoepking.bsky.social @c-westermeier.bsky.social Patrick Samtlebe, Philip Manow, Janosch Prinz, Jenny Stupka, Jürgen Unger-Sirsch, Christian Neuhäuser und mehr!

'Sondervermögen' eigener Art vormerken: Leviathan-Sonderband 2025 POLITISCHE THEORIEN ÖFFENTLICHER FINANZEN. ZUR (DE-)POLITISIERUNG VON GELD, EIGENTUM UND STEUERN, hrsg. mit Aaron Sahr & Eva Weiler und mit vielen tollen Beiträgen u.a. von…

Very happy to see that the article @moritzecon.bsky.social and I have written on Germany's "fiscal ecosystem" has just been published online and in print in Surplus Magazine www.surplusmagazin.de/staat-schatt...

🚨 Out now: Die dritte Surplus-Ausgabe »Wir kümmern uns« ist da. Neoliberale schaffen einen Staat, der die Menschen allein lässt. Doch es braucht gemeinsame Fürsorge. In den nächsten Tagen im Briefkasten, am Kiosk oder sofort online auf: 👉 www.surplusmagazin.de/surplus-3-wi...

Really great piece by @katie0martin.ft.com on our recent euro internationalisation paper, rightly concluding that fear of "industrial amounts of arguing" remains the EU's biggest obstacle www.ft.com/content/16e7...

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#empiresuicidewatch A bit late to this but if you want to understand how the moody’s downgrade might affect US dollar global dominance you could see what @steffenmurau.bsky.social and i have to say here about the structural bases for US dollar dominance papers.ssrn.com/sol3/papers....

🚨 New open access article 🚨 Out now in Journal of Financial Regulation with Alex Goghie and Matteo Giordano 'Encumbered Security? Vertical and Horizontal Repos in the Euro Area and Their Inherent Ambiguity' academic.oup.com/jfr/advance-...

Finally out #openaccess! Why does the largest trading bloc on the planet have a miniature-sized currency? With Trump, the EU will again much regret this. 🎈We set out to theorise failure and develop a new IPE perspective that foregrounds offshore money. Quick thread 🧵

Markets won’t do it alone ❌ @jvtk.bsky.social and @steffenmurau.bsky.social argue that euro internationalisation keeps falling flat without active offshore monetary governance 👇

You gotta pay attention, but this is really good. h/t @neilirwin.bsky.social “Any country other than the US precipitously raising and lowering tariffs, gutting its Internal Revenue Service and nonchalantly considering territorial grabs would have seen smoking-hot capital flight months ago.”

Research seminar on Money and Payments: Evolution or Revolution? with Jörg Bibow next week at @hertieschool.bsky.social in cooperation with Global Climate Forum. Organized by @steffenmurau.bsky.social and Monica DiLeo. Registration (optional): globalclimateforum.org/2025/04/01/money-and-payments/

"Getting rid of the dollar: A users guide for Europeans"! 🔥🔥🔥 My 5 cents for @euobserver.com with the amazing @westervangaal.bsky.social on recent paper with @steffenmurau.bsky.social

🚨 Not an April Fools' joke! 🚨 OBFA-TRANSFORM is now on YouTube! Our first video? A deep dive into Steffen Murau’s PhD thesis on private money with Gerhardt Kaltenherberg—serious content, no pranks. As DoP & Editor, I made sure it looks as good as the theory sounds. 🎥 youtu.be/YaMGfMB2FMc

Trump’s trade war & default threats have rattled dollar markets. Here I draw on @jvtk.bsky.social @steffenmurau.bsky.social to explore what it would take for the euro to dethrone the dollar as global reserve currency. "The infrastructure is there, what’s missing is political will"

6. @agutersandu.bsky.social, Armin Haas and @steffenmurau.bsky.social applied their monetary architecture framework to the European green transition and show us the way of how to actually finance such a large-scale transformation journals.sagepub.com/doi/full/10....

a few years in the making: our special issue on the IPE of Green Finance is complete! 🧵on its content: 1. Sarah Sharma and I wrote a (long) editorial introducing the idea of a green finance ecosystem and calling for a 'deep engagement' of IPE w. gr. finance 👇 journals.sagepub.com/doi/10.1177/...

The registration for the EAEPE conference in Athens remains open until Saturday this week. If you're interested in joining our special session on the political economy of the Eurocrisis, please upload an abstract! Details below 👇

🚨 Call for Papers We are organizing a special session at this year's #EAEPE conference in Athens (24-26 September 2025) on the Political Economy of the Eurozone Crisis Details to be found here: tinyurl.com/2ffbeyj2 Apply until 1 March with a 300-750 word abstract at eaepe.org/abstract-sub...

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 🧵

EU has six months to sort out the role of the euro as world currency...

wondering about EU fiscal ?✨ With the Recovery and Resilience Facility (RRF), the EU is now a big player in the bonds market. In a new working paper with @agutersandu.bsky.social, Armin Haas & @steffenmurau.bsky.social we conceptualise the RRF as Schrödinger's off-balance-sheet fiscal agency (OBFA)

2/Bringing together law&political economy, we map Germany's fiscal ecosystem. We place each entity on a coordinate system and depict its proximity or distance to the core budget based on its legal status and revenue model, as well as the characteristics of the debt it has issued.

1/What do the KTF, the autobahn and the chimney sweepers' pension fund have in common? They are all part of the wide landscape of off-balance-sheet fiscal agencies (OBFA) in Germany and therefore part of our new working paper with @agutersandu.bsky.social @steffenmurau.bsky.social and Armin Haas.