While it has become a widespread understanding that the architecture of the Eurozone is ill-constructed and deficient, it is not always clear what exactly is meant by this term. To develop an answer to the simple descriptive question of “What is the Eurozone architecture”, the paper presents a macro-financial model of the Eurozone architecture. Macro-finance seeks to represent the international financial system as a series of interlocking balance sheets that take into account key features of the monetary system known from the Money View framework such as endogenous money creation, hierarchy and hybridity. The goal of the paper is to apply those ideas on the Eurozone context and present the Eurozone architecture as set of interlocking balance sheets.
2019 | ‘Rethinking Monetary Sovereignty. The Global Credit Money System and the State’ (with Jens van ‘t Klooster)
This article proposes a conception of monetary sovereignty that recognizes the reality of today’s global credit money system. Monetary sovereignty is typically used in a ‘Westphalian’ sense that simply denotes the ability of states to […]
2019 | ‘Private Debt as Shadow Money? Conceptual Criteria and Empirical Evaluation’ (with Tobias Pforr)
Following the 2007-9 Financial Crisis, some scholars have come to perceive the financial structures that faced a run at the time as ‘shadow banking system’ and connect it to the emergence of new monetary instruments. […]
2019 | ‘States, Markets – and Technocrats. Revisiting the Origins of Financial Globalization’ (with Benjamin Braun and Arie Krampf)
International political economy (IPE) has explained financial globalization as the result not merely of market pressure but of states deciding to open up and liberalize their financial systems. Challenging this ‘negative integration’ view as incomplete, […]