‘Decoding Dollar Dominance: The Global Credit View on the Monetary System in International Political Economy’ (with Herman Mark Schwartz)
This article contrasts the Sovereign Currency View (SCV) and the Global Credit View (GCV) on the monetary system in International Political Economy (IPE) regarding four crucial assumptions: endogenous credit creation versus transaction costs and loanable […]
‘A Feature, Not a Bug. The US Dollar in the European Monetary Union’ (with Torsten Ehlers)
The European Monetary Union (EMU) is often seen as an attempt to shield Europe from USD dominance. However, as BIS data shows, the USD’s volume and share in EMU cross-border payments has been constantly rising […]
‘The Transformation of South Africa’s Monetary Architecture, 1983–2024. A Report for South Africa’s National Planning Commission’ (with Mark Swilling)
This report studies the transformation of South Africa’s monetary architecture—understood as a complex web of balance sheets that interlock via different credit instruments—from 1983 to 2024. The purpose of this investigation is to provide a […]
2025 | ‘Rethinking Currency Internationalisation. Offshore Money Creation and the EU’s Monetary Governance’ (with Jens van ‘t Klooster), Journal of European Public Policy
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 the state of […]
2023 | ‘Rethinking Monetary Sovereignty. The Global Credit Money System and the State’ (with Jens van ‘t Klooster), Perspectives on Politics
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 […]