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Steffen Murau

@steffenmurau.bsky.social
343 followers 190 following 68 posts

Research group leader OBFA-TRANSFORM project (obfa-transform.eu) | Global Climate Forum, Berlin. Freie Universität Berlin. Boston University.

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Reposted by Steffen Murau
Friederike Reimer @rikereimer.bsky.social · 23/04/2026
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.
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Steffen Murau @steffenmurau.bsky.social · 27/03/2026
📣 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
Call for Papers: "Monetary Architecture. Mapping the Web of Interlocking Balance Sheets in Times of Change"Call for Papers: "Monetary Architecture. Mapping the Web of Interlocking Balance Sheets in Times of Change"
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Olan McEvoy @olanmcevoy.bsky.social · 06/03/2026
The Trump administration's plans to use the Development Finance Corporation to insure oil tankers in the Gulf to the tune of 350bn dollars has again drawn attention to how states try to respond to emergencies when they are subject to fiscal constraints. A 🧵 www.ft.com/content/6dde...
ft.com
Industry doubts Trump plan to insure Gulf oil tankers as Iran war halts transit
US lacks firepower to provide $350bn in coverage needed to revive Strait of Hormuz transits, JPMorgan says
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herman mark schwartz @thunen.bsky.social · 19/02/2026
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!
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Friederike Reimer @rikereimer.bsky.social · 13/02/2026
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...
youtube.com
The Recovery and Resilience Facility: Schrödinger's Off-Balance Sheet Fiscal Agency?
YouTube video by OBFA-TRANSFORM
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Steffen Murau @steffenmurau.bsky.social · 10/12/2025
📝 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...
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Steffen Murau @steffenmurau.bsky.social · 04/12/2025
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 👇
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Steffen Murau @steffenmurau.bsky.social · 02/12/2025
🚀 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
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Steffen Murau @steffenmurau.bsky.social · 26/11/2025
📝 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....
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Steffen Murau @steffenmurau.bsky.social · 24/11/2025
📣 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
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moritz @moritzkapff.bsky.social · 14/11/2025
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/...
swp-berlin.org
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...
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Surplus | Das Wirtschaftsmagazin @surplusmagazin.de · 31/10/2025
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.
surplusmagazin.de
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«.
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Aaron Sahr @aaronsahr.bsky.social · 24/10/2025
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!
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Sebastian Huhnholz @huhnholz.bsky.social · 25/06/2025
'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…
nomos-shop.de
Politische Theorien öffentlicher Finanzen
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Steffen Murau @steffenmurau.bsky.social · 17/06/2025
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...
surplusmagazin.de
Das fiskalische Ökosystem
Schattenhaushalte sind keine Ausnahme, sondern seit Jahrzehnten fester Bestandteil der Staatsfinanzen. Sie spiegeln die deutsche Geschichte.
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Surplus | Das Wirtschaftsmagazin @surplusmagazin.de · 16/06/2025
🚨 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...
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Jens van 't Klooster 💸💸💸 @jvtk.bsky.social · 24/05/2025
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...
ft.com
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
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Steffen Murau @steffenmurau.bsky.social · 20/05/2025
🐈‍⬛🐈‍⬛🐈‍⬛
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herman mark schwartz @thunen.bsky.social · 19/05/2025
#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....
papers.ssrn.com
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
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Steffen Murau @steffenmurau.bsky.social · 14/05/2025
🚨 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-...
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Jens van 't Klooster 💸💸💸 @jvtk.bsky.social · 12/05/2025
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 🧵
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JEPP Journal @jeppjournal.bsky.social · 12/05/2025
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 👇
tandfonline.com
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...
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Kai Ryssdal @kairyssdal.bsky.social · 12/04/2025
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.”
ft.com
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
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Paul @paulstichler.bsky.social · 01/04/2025
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/
https://globalclimateforum.org/2025/04/01/money-and-payments/
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Jens van 't Klooster 💸💸💸 @jvtk.bsky.social · 01/04/2025
"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
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Paul @paulstichler.bsky.social · 01/04/2025
🚨 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
youtu.be
Steffen Murau & Gerhardt Kalterherberg | The Political Economy of Private Credit Money Accommodation
YouTube video by The OBFA Transform project
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Wester van Gaal @westervangaal.bsky.social · 01/04/2025
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"
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Milan Babic @mbabic.bsky.social · 13/03/2025
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....
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Milan Babic @mbabic.bsky.social · 13/03/2025
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/...
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Steffen Murau @steffenmurau.bsky.social · 26/02/2025
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 👇
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Steffen Murau @steffenmurau.bsky.social · 13/02/2025
🚨 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...
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Jens van 't Klooster 💸💸💸 @jvtk.bsky.social · 11/02/2025
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 🧵
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Jens van 't Klooster 💸💸💸 @jvtk.bsky.social · 10/02/2025
EU has six months to sort out the role of the euro as world currency...
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Friederike Reimer @rikereimer.bsky.social · 11/12/2024
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)
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Gregor Laudage @gregorlaudage.bsky.social · 02/12/2024
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.
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Gregor Laudage @gregorlaudage.bsky.social · 02/12/2024
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.
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