Dr. Steffen Murau| steffenmurau.com

Work in Progress

‘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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‘Covid-19 Debt and Macroeconomic Instabilities: What Role for the SDR System after the Pandemic?’ (with Fabian Pape and Tobias Pforr)

The COVID-19 pandemic has led to drastic 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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2020 | ‘Rethinking Monetary Sovereignty. The Global Credit Money System and the State’ (with Jens van ‘t Klooster), SocArxiV

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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