Dr. Steffen Murau| steffenmurau.com

Work in Progress

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

The Eurocrisis dispelled the “neoliberal” Eurozone governance approach that the “efficient” crowd intelligence of private financial institutions would “discipline” the balance sheets of national sovereigns. Instead, during the Eurocrisis, the private balance sheets of Eurozone […]

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2020 | ‘The Hierarchy of the Offshore US-Dollar System. On Swap Lines, Foreign Repo Facilities and Special Drawing Rights’ (with Fabian Pape and Tobias Pforr)

The international monetary system is a US-centered global payments system, organized around the US-Dollar (USD) as ‘key currency’. One of the system’s essential features is that private institutions autonomously create USD-denominated private credit money offshore. […]

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‘Quantitative Easing, Central Bank Independence and the Seeming Fundamental Difference between Monetary and Fiscal Policy’ (with Tobias Pforr)

Quantitative Easing (QE) has become the main new central banking activity after the 2007-9 Financial Crisis. Conventionally referred to as an ‘unconventional monetary policy’, the Federal Reserve has recently called it the ‘new normal’ of […]

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‘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 […]

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