Dr. Steffen Murau| steffenmurau.com

Author: Steffen Murau

‘Re-assessing Fragmentation of the Euro Area Banking System. Offshore Channels for Cross-Border Banking Activities’ (with Iñaki Aldasoro and Torsten Ehlers)

It is an established assessment that since the Eurocrisis, the Euro area banking system has been fragmented. Representing the Eurozone’s monetary architecture as a web of interlocking balance sheets, we carve out four different types […]

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‘Covid-19 and Macrofinancial Debt Crises. What Role for the Special Drawing Rights System?’ (with Fabian Pape and Tobias Pforr)

The Covid-19 pandemic has led to dramatic increases in government borrowing. The Institute of International Finance (IIF) has gone so far as to speak of an “attack of a debt tsunami”, as global debt increased […]

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‘Monetary Architecture and the Green Transition’ (with Andrei Guter-Sandu and Armin Haas)

There are several roadmaps for financing the Green Transition, but most scholars agree that debates have not yet yielded convincing results. The literature typically sketches out a ‘triad’: taxation, treasury borrowing, and central bank money […]

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‘Primary Dealers in the Offshore US-Dollar System. Intermediating Treasury and Central Bank Balance Sheets’ (with Will Bateman)

This study analyzes the Primary Dealer model for the issuance and distribution of sovereign debt as a distinctive feature of today’s international monetary system, the Offshore US-Dollar System. Primary dealers are a group of private […]

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2021 | ‘The Hierarchy of the Offshore US-Dollar System. On Swap Lines, the FIMA Repo Facilities and Special Drawing Rights’ (with Fabian Pape and Tobias Pforr), GEGI Study February 2021

While it has become common to regard the international monetary system as hierarchical, the nature, shape and origin of this hierarchy remain often vague. Taking on board insights of critical macro-finance, this GEGI Study conceptualizes […]

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‘Transformation of the Eurozone Architecture. On Crises and Institutional Change in the Offshore US-Dollar System’

This study adopts a dynamic perspective on the transformation of the Eurozone architecture, using the macro-financial model developed in Murau (2020) as conceptual framework. It analyzes changes in the web of hierarchical interlocking balance sheets […]

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‘The Transformation of Eurozone Fiscal Governance. Mitigating Fiscal Discipline through a Proliferation of Off-Balance-Sheet Fiscal Agencies’ (with Andrei Guter-Sandu)

The original Maastricht regime designed the Eurozone’s fiscal segment in a way that sought to keep member states’ treasury budgets balanced by disciplining them through market forces, reducing the overall volume of public indebtedness, prohibiting […]

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Essay on democratizing the Eurozone architecture wins prize of Hertie Foundation

24 Nov 2020 | LSE Blog ‘EUROPP: European Politics and Policy’ publishes a co-authored piece by Andrei Guter-Sandu and Steffen Murau that has previously won a prize in the Hertie Foundation’s essay competition on capitalism […]

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New IFAIR Impact Group on the future of the international monetary system

17 Aug 2020 | IFAIR’s Impact Group ‘Future of the International Monetary System’ is looking for new team members to work on interactive online tool representing the Offshore US-Dollar System. The structures of the international […]

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2020 | ‘A Macro-Financial Model of the Eurozone Architecture Embedded in the Global Offshore US-Dollar System’, GEGI Study July 2020

It is a convention to say that the Eurozone architecture is ill-constructed and deficient. However, monetary architecture is not a well-defined term in monetary theory, and there is no consensus what the Eurozone architecture is beyond being […]

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