Spent some time in the Uckermark this week, working with a different scenery than usual, preparing also for our course "The Political Economy of the Global Dollar System" with @steffenmurau.bsky.social at the JFK Institute of FU Berlin.
Steffen Murau
@steffenmurau.bsky.social
Research group leader OBFA-TRANSFORM project (https://obfa-transform.eu) | Global Climate Forum, Berlin. Freie Universität Berlin. Boston University.
📣 Call for Papers 📣 The OBFA-TRANSFORM research group is hosting a workshop on 12-13 June at the Freie Universität Berlin! The title is "Monetary Architecture. Mapping the Web of Interlocking Balance Sheets in Times of Change". See the CfP here: tinyurl.com/5n7aab2r ▶️ Apply by 10 April
Pleased to announce publication of the fifth edition of states versus markets www.bloomsbury.com/us/states-ve... The book is now old enough to drink in the USA but of course I have significantly updated it with each new edition. Buy a copy for Mother's Day or the holiday of your choice!
At the OBFA-TRANSFORM group, we sometimes do videos on our publications - now it was my turn, with @olanmcevoy.bsky.social interviewing me on our paper on the Recovery and Resilience Facility and the limits to incremental fiscal integration in Europe! www.youtube.com/watch?v=qT7P...
The Recovery and Resilience Facility: Schrödinger's Off-Balance Sheet Fiscal Agency?
YouTube video by OBFA-TRANSFORM
youtube.com
📝 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/...
Mehr Macht, weniger Markt – Denken und Handeln in der geoökonomischen Zeitenwende
Die Rückkehr von Macht auf den Markt ist das Wesensmerkmal einer geoökonomischen Zeitenwende, wie sie die internationale Politik derzeit...
swp-berlin.org
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.
Hyperinflation durch neue Schulden? 4 Sichtweisen auf nachhaltige Staatsfinanzen
Nimmt der Staat zu viele Schulden auf? Ob das tragfähig ist, ist eine Frage des Finanzsystems. Das entscheidende Stichwort lautet »Fundierung«.
surplusmagazin.de
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…
Politische Theorien öffentlicher Finanzen
nomos-shop.de
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...
Das fiskalische Ökosystem
Schattenhaushalte sind keine Ausnahme, sondern seit Jahrzehnten fester Bestandteil der Staatsfinanzen. Sie spiegeln die deutsche Geschichte.
surplusmagazin.de
🚨 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...
The EU needs to step up its challenge to the dollar
The euro should be developed more as a haven asset for times of market stress
ft.com
🐈⬛🐈⬛🐈⬛
Friederike Reimer@rikereimer.bsky.social · last yr.🚨 Publication Alert 🚨 Out now in @jei-publication.bsky.social with @steffenmurau.bsky.social @agutersandu.bsky.social and Armin Haas: Issuing EU debt despite fiscal rules, what we can learn from the limitations of the EU covid recovery fund, and what it all has to do with a famous cat ⬇️ 🧵
#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....
Decoding Dollar Dominance. The Global Credit View on the Monetary System in International Political Economy
Sovereign Currency View (SCV) and the Global Credit View (GCV) on the international monetary system regarding four crucial assumptions: credit theory of money i
papers.ssrn.com
🚨 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 🧵
JEPP Journal@jeppjournal.bsky.social · last yr.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 👇
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 👇
Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance
Internationalisation of the euro has for decades eluded EU policymakers. In this article, we develop a novel explanation of the subordinate position of the single currency. To this end, we build on...
tandfonline.com
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.”
The dollar system has always been vulnerable to presidential whim
But only now are asset managers beginning to reconsider the story of America as an inexhaustible well of safe bets
ft.com
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
Wester van Gaal@westervangaal.bsky.social · last yr.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"
🚨 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
Steffen Murau & Gerhardt Kalterherberg | The Political Economy of Private Credit Money Accommodation
YouTube video by The OBFA Transform project
youtu.be
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"
euobserver — EU news that matters@euobserver.com · last yr.As Trump ramps up his trade war, two economists outline how Europe could finally turn the euro into a global currency.
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 👇
Steffen Murau@steffenmurau.bsky.social · last yr.🚨 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...
