Hello world!

This week marks the kick-off for the #OBFA_TRANSFORM project, a new @dfg_public Emmy Noether research group to investigate the political economy of financing politically desired large-scale transformations

obfa-transform.eu

1/ In the next six years, we will use the monetary architecture framework to investigate the role of off-balance-sheet fiscal agencies (OBFAs) in war finance, reconstruction finance, and the Green Transition

bit.ly/30acOdw

2/

New open access article w/ @agutersandu in @NPEjournal

How does the EU's new €672.5bn Recovery & Resilience Facility (RRF) change Eurozone fiscal governance?

👉 Next step in EU's mode of governing through off-balance-sheet fiscal agencies (OBFAs)

tandfonline.com/doi/full/10.10…

1/ We argue that OBFAs like the RRF have emerged since the Eurocrisis to mitigate 4 rules of "neoliberal" fiscal governance in the Eurozone:
– keeping treasury budgets balanced
– reducing public indebtedness
– prohibiting monetary financing
- avoiding mutual treasury bailouts

2/

New @GDP_Center study out, co-authored with @fpape_ and Tobias Pforr

How to conceptualize international monetary hierarchy in today's global financial architecture?

Ties in w/ recent insights on offshore USDs & transformations due to COVID crisis

bit.ly/3cQDwyt

1/ We built a macro-financial model of interlocking balance sheets

It shows the global financial architecture with the US monetary jurisdiction at apex & 3-layered periphery

International hierarchy results from mechanism to access emergency USD liquidity from @federalreserve

2/

First milestone in my @dfg_public project on Eurozone as credit money system

How to conceptualize monetary architecture? What is Eurozone architecture today?

Ties in w/ recent insights on offshore money, shadow banking & EU’s new fiscal design

bit.ly/30acOdw

1/ Core of GEGI Study (@GDPC_BU) is a macro-financial model of interlocking balance sheets. It depicts the interconnections of the US and the Eurozone 'monetary jurisdictions'

The study is organized around explaining the theory of the model & its content

2/

What future for international monetary system & financial globalization post #COVID19?

@ArminHaas3 @JoeRini6 & I developed 4 scenarios. Out now in JOIE

Factors: Will @federalreserve swap lines hold in crisis? Will G-20 states cooperate or compete?

cambridge.org/core/journals/…

1/n Today’s IMS is “Offshore US-Dollar System”, composed of “monetary areas”. It is global & hierarchical. The USD monetary area is in apex. Monetary areas with unlimited USD swap lines are 1st layer periphery. More layers to follow below, here BRICS

2/n