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Stanislas Jourdan

@stanjourdan.bsky.social
545 followers 481 following 317 posts

EU Macro-finance policy entrepreneur. Associate fellow @neweconomics.bsky.social & Sustainable Finance Lab. Former Director @ Positive Money EU stanislasjourdan.eu

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Stanislas Jourdan @stanjourdan.bsky.social · 01/10/2026
Good move
ft.com
Spain seeks to ban ‘vulture funds’ from housing market
Pedro Sánchez’s government responds to public outrage after 87-year-old was evicted by corporate landlord
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Stanislas Jourdan @stanjourdan.bsky.social · 24/09/2026
4/ The debate on this idea is no only distracting the debate from difficult budget trade-offs to be made, but it is also over-shadowing other proposals that could better help align the ECB monetary policy with a progressive agenda Full article that I wrote in 2020: positivemoney.org/eu/archive/e...
positivemoney.org
Why debt cancellation by the ECB is not a first-best strategy
Cancellation of public debt owned by the European Central Bank is technically feasible, but legally and politically too difficult to achieve.
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Stanislas Jourdan @stanjourdan.bsky.social · 24/09/2026
3. Most importantly, If by any miracle we could mobilise such colossal political capital to reform the Treaty, or its interpretation, then we might as well push much more ambitious long-term reforms to the ECB mandate, than just having a small one-off debt relief.
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Stanislas Jourdan @stanjourdan.bsky.social · 24/09/2026
2/ Proponents lazily argue that because art. 123 TFEU doesn't explicitly forbid debt write-offs, it could be legal. This obviously disregard the principle of law: given the ECB is fordiden to make loans to governments, a fortiriori it cannot legally give money. They also ignore the jurisprudence.
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Stanislas Jourdan @stanjourdan.bsky.social · 24/09/2026
The QE debt cancellation debate is once again gaining traction in France. Back in 2020, as director of ECB watchdog Positive money EU, I used to think it was a useful intellectual debate though not really worth the fight. I now think it's a distraction 🧵 www.ft.com/content/1b41...
ft.com
French far left sparks backlash with debt ‘fire’ plan
Proposal to cancel bonds accumulated during years of ECB quantitative easing is enraging economists but tempting voters
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Stanislas Jourdan @stanjourdan.bsky.social · 18/09/2026
And finally, a good reframing of what "banking competitiveness" is really about and no bullshit debunking about the banking lobby narrative. 👍
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Stanislas Jourdan @stanjourdan.bsky.social · 18/09/2026
A good push to increase reserve requirements, which would lower banks undeserved profits from higher rates while supporting further the tigthenning stance.
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Stanislas Jourdan @stanjourdan.bsky.social · 18/09/2026
On energy, this sounds a bit too optimistic, but I like that Vujcic formally takes th argument that greener energy means lower inflation risks. If only the ECB had policy instruments to speed up energy efficiency & renewables... #GreenTLTROs 👀
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Stanislas Jourdan @stanjourdan.bsky.social · 18/09/2026
Interesting interview with new ECB Vice President Boris Vujcic. 3 points drew my attention: - energy policy - reserve requirements - banking competititveness www.ecb.europa.eu/press/inter/...
ecb.europa.eu
Interview with Reuters
The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purch...
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Stanislas Jourdan @stanjourdan.bsky.social · 10/09/2026
European economist widely agree that the heated European Summer 2026 will lead to substantial upward revisions of physical risks from climate change. #ClimateRisks
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Stanislas Jourdan @stanjourdan.bsky.social · 03/09/2026
"The more voters seek freedom from the market’s discipline, the more forcefully that discipline reasserts itself, at a real and rising fiscal cost." www.ft.com/content/12f7...
ft.com
How political fragility affects markets
Moves in the risk premiums on sovereign bonds depend on how power is organised
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Stanislas Jourdan @stanjourdan.bsky.social · 02/09/2026
"AI offers the promise of transcending price information altogether by predicting who wants, needs or can produce what at what cost, better than market prices could ever summarise." www.ft.com/content/cd3f...
ft.com
Could AI revive the socialist dream?
Artificial intelligence has the potential to both reignite and overturn the century-old debate over central economic planning
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Stanislas Jourdan @stanjourdan.bsky.social · 16/07/2026
"Si les électeurs s’abstiennent ou se tournent vers les extrêmes, c’est qu’ils ne parviennent plus à former leur volonté politique dans le système délibératif actuel. Personne ne considère plus ce théâtre d’ombres comme un véritable débat démocratique. " www.telos-eu.com/fr/politique...
telos-eu.com
L’autodestruction de la démocratie du public
Par Gérard Grunberg et Jean-Louis Missika
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Stanislas Jourdan @stanjourdan.bsky.social · 29/06/2026
"If the EU is serious about addressing the housing crisis, it must commit to a sustained, structured dialogue with the research community. Not as an afterthought, not as a box-ticking exercise, but as a core component of policymaking."
euobserver.com
Brussels asked for housing advice — then ignored its own EU‑funded research
The EU affordable housing plan was conceived in crisis mode, mirroring the reactive logic of many national 'housing crisis' strategies: rushed, politically-driven, and shaped more by the need to be se...
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Stanislas Jourdan @stanjourdan.bsky.social · 26/06/2026
Good move. Policymakers cannot both claim that energy-efficient homes are less risky and at the same time tolerating that bank loans for energy efficiency remain punitively expensive. Will be interesting to see how they make it work in practice.
ft.com
UK government to subsidise bank loans for green home improvements
Scheme aims to boost take-up by backing up to 20 per cent of loans for installation
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Stanislas Jourdan @stanjourdan.bsky.social · 23/06/2026
FINALLY!
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Stanislas Jourdan @stanjourdan.bsky.social · 17/06/2026
PBOC takes another step to promote the international role of the RMB. www.pbc.gov.cn/en/3688110/3...
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Stanislas Jourdan @stanjourdan.bsky.social · 08/06/2026
"If industrial policy in the west had delivered this kind of bang for its buck, we would be patting ourselves on the back." www.ft.com/content/b6ca...
ft.com
Wasting China’s solar panel surplus is madness
Clean power is within our reach — yet factories sit idle
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Stanislas Jourdan @stanjourdan.bsky.social · 08/06/2026
Not sure I agree!! 🙃
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Stanislas Jourdan @stanjourdan.bsky.social · 03/06/2026
Great move! The EU Commission wants to encourage members states to invest into green energy resilience, by exempting 0.3% of green public spending. The ECB should apply the same logic by applying lower rates (green TLTROs) for green bank lending for electrification, renovations etc.💸
euractiv.com
EU relaxes budget rules amid Iran war ‘turbulence’ | Euractiv
Italy has repeatedly urged Brussels to permit additional energy-related expenditures
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Stanislas Jourdan @stanjourdan.bsky.social · 03/06/2026
Surprisingly good speech by Yannis Stournaras on housing affordability and the role of monetary & prudential policy. This makes plenty of sense to me! #housing #MacroprudentialPolicy www.bankofgreece.gr/en/news-and-...
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Stanislas Jourdan @stanjourdan.bsky.social · 20/05/2026
While Villeroy de Galhau was ideologically opposed to dual rates, Moulin's reluctance seems more grounded in technical design issues. In essence, Moulin said exactly the same as Frank Elderson a few months ago: To be continued...
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Stanislas Jourdan @stanjourdan.bsky.social · 20/05/2026
Moulin pledged to continue the pioneering climate work of his predecessor. On dual rates, he pointed out technical difficulties in making direct green/brown asset discrimination, but emphasized that if TLTROs are warranted in the future, they could favor green assets. #GreenTLTROs
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Stanislas Jourdan @stanjourdan.bsky.social · 20/05/2026
During the two hearings, senators and MPs from a broad political spectrum pressed him to commit to support the digital euro and to deepen the BDF's green monetary & supervisory agenda.
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Stanislas Jourdan @stanjourdan.bsky.social · 20/05/2026
🏦🇫🇷The French Parliament has officially cleared Emmanuel Moulin as the next Governor of the Banque de France! Despite 58 votes against and 52 for, the opposition failed to reach the 3/5 majority needed to block the President's nomination. #BanqueDeFrance #GreenFinance #ECB
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Stanislas Jourdan @stanjourdan.bsky.social · 05/05/2026
Lagarde: "the status quo is clearly unsustainable. Europe imports roughly 60% of its energy. (...) Alternative sources of energy offer the clearest path to minimising the trade-offs between Europe’s energy policy goals of security, sustainability and affordability. www.ecb.europa.eu/press/key/da...
ecb.europa.eu
Climate, nature and monetary policy
The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purch...
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Reposted by Stanislas Jourdan
POLITICO Europe @politico.eu · 05/05/2026
EXCLUSIVE: The European Commission will tomorrow urge EU countries to eradicate poverty, arguing that governments can fund action by using existing resources more effectively.
politico.eu
EU to tell countries to fight poverty — without offering fresh cash
Commission strategy lands as far-right parties turn cost-of-living anger into electoral gains.
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Stanislas Jourdan @stanjourdan.bsky.social · 30/04/2026
⚖️ Pour agir avec légitimité, le "mandat secondaire" de la BCE doit devenir une vraie boussole stratégique, et non un outil de funambulisme juridique. 👉 Notre tribune complète : www.lemonde.fr/idees/articl...
lemonde.fr
Banque de France : « Il serait temps de réfléchir à la mise en place d’une différenciation entre le coût du capital pour le vert et pour le brun »
TRIBUNE. Emmanuel Macron a les moyens de renforcer l’autonomie stratégique française et européenne, en nommant un gouverneur de la banque centrale qui défende la stabilité des prix et la transition én...
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Stanislas Jourdan @stanjourdan.bsky.social · 30/04/2026
Notre dépendance aux fossiles menace la stabilité des prix. Face à cela, la BCE doit être proactive. 💡 Il est temps de débattre d'un coût du capital différencié pour le « vert » et le « brun ». Les refinancements de la BCE doivent devenir un levier de la transition. 2/3
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Stanislas Jourdan @stanjourdan.bsky.social · 30/04/2026
Alors que le Président s’apprête à nommer Emmanuel Moulin à la tête de la Banque de France, je co-signe une tribune dans Le Monde avec @alaingrandjean.bsky.social en forme de lettre de mission au futur Gouverneur. Le leadership climatique de la BDF est un acquis, mais il faut aller plus loin.🧵 1/3
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Stanislas Jourdan @stanjourdan.bsky.social · 28/04/2026
2. "achieve two objectives at once" => helpful pivot in framing: it departs from climate risk-based approach and moves beyond the orthodox assumption that green TLTRO would necessarily pose a trade-off vis à vis price stability mandate.
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Stanislas Jourdan @stanjourdan.bsky.social · 28/04/2026
This is mildly encouraging: 1. Confirms discussion on dual rates could take place within upcoming operational framework work.
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Stanislas Jourdan @stanjourdan.bsky.social · 28/04/2026
ECB Frank Elderson on green dual rates: "As part of an evaluation of our operational framework, we will look at whether similar instruments can be applied on a more structural basis so that they achieve two objectives at once." www.ecb.europa.eu//press/inter... #ECB #GreenTLTRO
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Stanislas Jourdan @stanjourdan.bsky.social · 28/04/2026
cc @sumarbel.bsky.social
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Reposted by Stanislas Jourdan
WaterBluSky 🇺🇸 🌻 🇺🇦 @waterblusky.bsky.social · 26/04/2026
Orban coming to the US, children already here. Under Trump the US has become a haven for global fascists on the run. Netanyahu’s and Bolsonaro’s sons here as well.
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Stanislas Jourdan @stanjourdan.bsky.social · 22/04/2026
💡🇪🇺 🚗Social leasing is the key to onboarding millions of households in the green transition. It brings clean tech benefits upfront while smoothing out costs over time. Now is the time to scale it up. Our op-ed in Euractiv with @sebmang.bsky.social: www.euractiv.com/opinion/euro...
euractiv.com
Europe needs green tech more than ever; France shows social leasing is the way forward | Euractiv
Low-income households are the most exposed to energy price shocks and the least able to access technologies that would protect them. A social lease turns the financing equation around
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Reposted by Stanislas Jourdan
Positive Money Europe @positivemoneyeu.bsky.social · 21/04/2026
Our new analysis by @jordischroeder.bsky.social shows: Wind & solar cut EU electricity prices by 24.2% (2023-2025). As fossil fuel tensions rise again, this matters more than ever. 🧵👇
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Stanislas Jourdan @stanjourdan.bsky.social · 14/04/2026
"in an unequal and stagnant economy, capitalism starts to look less like a gradually increasing pie and more like a zero-sum game where, in order for you to win, someone else has to lose." www.theguardian.com/commentisfre...
theguardian.com
Want to know capitalism’s endgame? Just look at private equity – it has captured our everyday lives | Hettie O'Brien
These companies now own everything from nurseries to care homes, squeezing vital services for profit while we foot the bill, says Hettie O’Brien, author of The Asset Class: How Private Equity Turned C...
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Stanislas Jourdan @stanjourdan.bsky.social · 08/04/2026
Absolutely emblematic of the failed EU macroeconomic technocracy. While you hear Commission's @teresaribera.ec.europa.eu rightly championing the energy transition, the Commission's economic staff quietly penalizes members states spending public money for it. You can't make this stuff up! 🤦‍♂️
euobserver.com
EU fiscal models degrade strong case for clean energy
Every euro spent by national governments is treated by commission as generating just €0.60 of economic activity no matter where it goes. Grid investment, education, tax cuts for the wealthy: all are l...
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Stanislas Jourdan @stanjourdan.bsky.social · 07/04/2026
Feeling quite emotional after doing my first ever github commit tonight 🫠
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Stanislas Jourdan @stanjourdan.bsky.social · 30/03/2026
I've been thinking a lot about this kind of issues lately as well, but hadn't yet heard of battery-equipped induction stoves 🤯 Makes total sense from grid flexibility perspective! In 2022-23 many countries managed to reduced energy demand by around 15%. We could certainly do even better today.
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Stanislas Jourdan @stanjourdan.bsky.social · 26/03/2026
🏠 🇪🇺 Two weeks ago the European Parliament adopted a report on the housing affordability crisis. In this article, I demonstrate how ignoring the financialisation dynamics will result in a failure to address the root cause of of the problem. thegoodlobby.eu/the-eus-hous...
thegoodlobby.eu
The EU's Housing Problem Isn't Supply. It's Finance | The Good Lobby
The EU’s emerging strategy for housing affordability centres on boosting new supply, attracting private capital, and cutting red tape.
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Stanislas Jourdan @stanjourdan.bsky.social · 25/03/2026
"The green transition is not a luxury. It is Europe’s only credible long-term energy strategy. Energy security, competitiveness and climate policy now point in the same direction: clean energy, electrification, and energy efficiency."
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Stanislas Jourdan @stanjourdan.bsky.social · 25/03/2026
"When we discuss the transmission channels of geopolitical shocks, we must also recognise a structural vulnerability in Europe: our continued reliance on imported fossil fuels. This affects both our resilience to shocks & our competitiveness" Good speech by @ollirehn.suomenpankki.fi #ECBwatchers
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Stanislas Jourdan @stanjourdan.bsky.social · 24/03/2026
Nice to be back in Frankfurt for the ECB watchers conference tomorrow. #ECBoftheday
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Stanislas Jourdan @stanjourdan.bsky.social · 24/03/2026
Exactly as expected... The most infuriating thing is that all lobby groups and crony politicians who undermined the Green deal / energy transition will never be held accountable for the loss of geopolitical and economic power which they are largely responsible for. www.ft.com/content/6bf1...
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Reposted by Stanislas Jourdan
Jordi Schröder Bosch @jordischroeder.bsky.social · 21/03/2026
Yes, it does. Next question.
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Stanislas Jourdan @stanjourdan.bsky.social · 19/03/2026
And by the way, this was part of the first recommendation in the 2023's euro area recommendations, adopted by the EU Council under proposal of the Commission:
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Stanislas Jourdan @stanjourdan.bsky.social · 19/03/2026
An excellent piece by Martin Sandbu on how to respond to higher energy prices: 🔹Adopt very targeted transfers for households, or even better tiered-pricing policies 🔹Link subsidies to incentives for shifting consumption away from (gas-powered) peak hours 🔹Don't raise interest rates 🔹Windfall taxes
ft.com
How (not) to help with high energy prices
Heed the lessons from 2022
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Stanislas Jourdan @stanjourdan.bsky.social · 19/03/2026
This exactly supports @martinsandbu.ft.com's latest point on energy subsidies:
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