Daniela Gabor Profile picture
Mar 5, 2020 4 tweets 2 min read Read on X
if you're wondering why #EuropeanGreenDeal needs green macro, look no further than Eastern Europe, where centre-right parties are framing it as choice between 'investments in health and infrastructure' vs. 'greening the economy'.
confirms my @guardian take that #EuropeanGreenDeal remains trapped in #schwarzenull logic of austerity.
What 'Just Transition' do we get if nudging markets towards low-carbon means privatisation of health (hello coronavirus) & other public services? theguardian.com/commentisfree/…
in parallel, most popular video on Romanian Facebook (8 million views in two weeks) is about green nationalism that threatens to easily morph into anti-EU rhetoric if #EuropeanGreenDeal doesnt get its macro right
video shows journalist asking environmentalist NGO (CEE Bankwatch):
1. Your NGO is financed by Germany.
2. Your NGO won legal battle to shut hydropower station where RO invested EUR 155 million.
3. Germany is building new coal plants.
4. This is green colonialism.

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More from @DanielaGabor

Sep 29
this is what financial capitalism looks like -

when Big Finance occupies the state and takes over the social contract, nurses struggle, grandparents struggle, parents struggle, renters struggle, private equity flourishes.
Institutionally owned nursing homes:

Read 6 tweets
Sep 9
what Draghi's report on Europe's competitiveness tells us about political economy of post-neoliberalism

1. The good:
kills neoliberal industrial policy = innovation policy while 'infant industries' is back, baby!
Image
no punches pulled on the Commission's Net Zero Industrial Act, the 2022 attempt to respond to Biden's Inflation Reduction Act with a lot of derisking talk but no money (ahem, European Sovereignty Fund) Image
Climate policy is industrial policy, and the other way around.

An important reminder that EU's climate policy was once ambitious, state-driven decarbonisation. Image
Read 10 tweets
Aug 23
Brian Deese w new #WallStreetConsensus proposal: Climate Marshall Plan & its derisking arm, Clean Energy Finance Authority.

Not old Marshall Plan 90% financed with US grants, but a derisking project, counterpoint to China's BRI & cleantech dominance

foreignaffairs.com/united-states/…
the Clean Energy Finance Authority would subsidize foreign demand for US cleantech - or derisk BlackRock renewable assets in say, Kenya with subsidies/guarantees. Image
nothing in this proposal from a top Kamala Harris advisor suggests US should enable technology transfers to countries wishing to pursue their own domestic cleantech capabilities.

in #WallStreetConsensus, Global South are consumers of American cleantech, with American dollars.
Read 7 tweets
Apr 16
Two amazing Global South progressives and a Nobel prize winner walk into an Oxfam panel on post-neoliberalism Image
Stiglitz: w neoliberalism, the growth of financial markets changed the political game tremendously
Lula 's special advisor @AAbdenur - clear mismatch - Global North openly exposing industrial policy but pushing IMF/World Bank to continue with austerity and partnerships for hyper-financialisation
Read 12 tweets
Mar 25
missing from this @FT account of the rapid rise of infrastructure as an asset class is the sustained effort that G20 governments have put into derisking infrastructure assets for institutional capital - this is the derisking state in action #WallStreetConsensus Image
@FT with @BJMbraun we've termed this a weak derisking macrofinancial regime - a set of policies (as in the G20 Infrastructure as an Asset Class agenda, or World Bank Maximising Finance for Development) that seeks to mobilise private capital into infrastructure
osf.io/preprints/soca…
Image
BlackRock 's recent acquisition of GIP is a bet that governments - under ideological or real constraints on fiscal space - will not pursue public infrastrucuture projects but instead continue to derisk private capital

Read 6 tweets
Mar 19
I did not expect this, but Rachel Reeves' Mais lecture is a lot more interesting - and dare I say, promising - than either the commentariat focused on fiscal rules or the past weeks of 'maxxed credit cards' would have us believe

labour.org.uk/updates/press-…
some parts are taking a direct swipe at us advocates of Big (Green) State, but it's a careful articulation of the alternative rather than the empty austerity ideology of 'maxxed out credit cards' Image
1. We're getting climate politics back at the Bank of England.

Remember, under Carney, it became a world leader in climate policy making, not the greenwashed US Fed version of 'disclosure'/single materiality that Bailey prefers. Image
Read 5 tweets

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