Antoine de Cabanes

Interesting move from the #ECB, especially in light of the calls to strenghen the international role of the #euro : most of them consider the expansion of the swap lines as a mandatory first step to internationaliste the euro

cc @shahinvallee.bsky.social @jvtk.bsky.social @steffenmurau.bsky.social

🚨 The political economy of finance summer school is back, 3rd year running! Better still: We're bringing it to London via @lse-ei.bsky.social.

𝐓𝐨𝐩𝐢𝐜: Finance & democracy
𝙳̲̲𝚊̲̲𝚝̲̲𝚎̲: 4-5 June 2026
𝘈𝘱𝘱𝘭𝘪𝘤𝘢𝘵𝘪𝘰𝘯 𝘥𝘦𝘢𝘥𝘭𝘪𝘯𝘦: March 1. Link below.

We've got brilliant instructors as usual. Please spread the word!

Donald Trump is preparing to nominate the former Federal Reserve governor to replace Jay Powell as the chair of the world’s most important central bank, according to three people familiar with the matter. ft.trib.al/X3NHXsg

Trump Expected to Announce Kevin Warsh as Fed Chair

Trump is expected to announce Kevin Warsh as Fed chair tomorrow, ending an extensive, highly publicized audition process for one of the president's most consequential appointments.
www.nytimes.com/2026/01/29/b... @tylerpager.bsky.social @nytimes.com

If Powell stays on the board as governor, Trump has no other choice than to appoint the next #Fed chair for a 14y term as governor, thus insulating him from any WH pressure linked to reappointment. This configuration would give more leeway to the next chair to deviate from Trump monetary preferences

Another reason for #Powell to stay would be to prevent #Trump from having leverage on the next chair : if Powell leaves the board, Trump could appoint the next chair for the remainder of Powell's governor term (which ends in Jan 2028) thus giving Trump leverage over the next chair with reappointment

Strategic repoliticisation: inflation, blame, and the fracturing of democratic accountability in the United States When inflation returned to the United States during the COVID-19 pandemic after decades of price stability, it created a critical test for the accountability mechanisms underpinning the system of d...

Did Congress forget the Fed controls inflation, or was forgetting the point?

My paper in New Political Economy shows Congress engaged in strategic repoliticisation, where political conflict serves electoral interests and preserves the Fed's technocratic autonomy www.tandfonline.com/doi/full/10....

« Les pressions de Donald Trump contre la Fed s’inscrivent dans un effort sans précédent d’extension des pouvoirs de l’exécutif » TRIBUNE. Ce qui se joue dans cette lutte entre l’exécutif et la banque centrale, c’est le sort de la séparation des pouvoirs aux Etats-Unis, affirme, dans une tribune au « Monde », le politiste Antoin...

Pourquoi #Trump s'en prend-il à la Réserve Fédérale ? Quels sont les enjeux de ces attaques du président étasunien contre la banque centrale et ses dirigeants ?

Dans cette tribune pour @lemonde.fr, j'apporte quelques éléments de réponse, issus de mes recherches

www.lemonde.fr/economie/art...

« Les pressions de Donald Trump contre la Fed s’inscrivent dans un effort sans précédent d’extension des pouvoirs de l’exécutif » TRIBUNE. Ce qui se joue dans cette lutte entre l’exécutif et la banque centrale, c’est le sort de la séparation des pouvoirs aux Etats-Unis, affirme, dans une tribune au « Monde », le politiste Antoin...

Pourquoi #Trump s'en prend-il à la Réserve Fédérale ? Quels sont les enjeux de ces attaques du président étasunien contre la banque centrale et ses dirigeants ?

Dans cette tribune pour @lemonde.fr, j'apporte quelques éléments de réponse, issus de mes recherches

www.lemonde.fr/economie/art...

💥 My article '𝐓𝐡𝐞 𝐥𝐞𝐭𝐭𝐞𝐫 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐛𝐨𝐧𝐝: 𝐜𝐨𝐚𝐥𝐢𝐭𝐢𝐨𝐧𝐬, 𝐚𝐧𝐭𝐢-𝐜𝐨𝐚𝐥𝐢𝐭𝐢𝐨𝐧𝐬, 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐚𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐞 𝐜𝐨𝐫𝐨𝐧𝐚𝐛𝐨𝐧𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐄𝐮𝐫𝐨𝐩𝐞𝐚𝐧 𝐔𝐧𝐢𝐨𝐧' is now available (open access) in the 𝐄𝐮𝐫𝐨𝐩𝐞𝐚𝐧 𝐏𝐨𝐥𝐢𝐭𝐢𝐜𝐚𝐥 𝐒𝐜𝐢𝐞𝐧𝐜𝐞 𝐑𝐞𝐯𝐢𝐞𝐰!

📄 Find it here: doi.org/10.1017/S175...

📣 @epsrjournal.bsky.social @sciencepoulb.bsky.social

Croatia’s Vujcic Gets Nod to Become Next ECB Vice President Croatia’s central-bank chief, Boris Vujcic, won the nomination of euro-area finance ministers to become the next European Central Bank vice president, according to people familiar with the matter.

Croatia central bank governor Boris Vujčić will succeed Luis De Guindos as #ECB Vice President.

His nomination does not really clarify the field of the race for the Presidency of the ECB : he's both a Hawk and from a Mediterranean country (so South of Europe)

www.bloomberg.com/news/article...

AP Source: Fed Chair Powell to attend Supreme Court argument on Cook case Federal Reserve Chair Jerome Powell will attend the Supreme Court’s oral arguments Wednesday in a case involving the attempted firing of Fed governor Lisa Cook, an unusual show of support by the central bank chair.

BREAKING: Federal Reserve Chair Jerome Powell will attend the Supreme Court's hearing on Trump's attempted firing of Fed governor Lisa Cook, an unusual show of support by the central bank chair.

I also think it is very unlikely. Same with a German. Imho it'll be Knot or Hernández de Cos, depending on who gets the vice-presidency. Thus it seems logical to hypothesize that France will push for Rehn or a Baltic central banker as VP, in order to pave the way for Spain to get the #ECB presidency

« Ouvrir une discussion avec la BCE » sur la dette française : les dessous de l’incertain projet de Jordan Bardella | Antoine de Cabanes Cette nouvelle position du RN concernant la politique monétaire de la Banque Centrale Européenne (#BCE) va probablement avoir un impact, mais sans doute pas celui escompté par Bardella, Tanguy and co....

Hence my bet that France will gun for the chief economist position with Agnès Bénassy-Quéré or Laurence Boone or Hélène Rey. It would also 'Le Pen-proof' the French ExBoard seat, as the chief economist position will be filled before the 2027 presidential election.

www.linkedin.com/posts/antoin...

They apparently see no problem with using the term 'banana republic' and consider it as synonymous with emerging markets ... 🤦
Given that Yellen & Furman both are Democrats, I don't want to imagine what racist slurr the Republican signatories of this statement would use

www.bbc.com/news/article...

Je suis très heureuse d'annoncer que mon nouveau livre La finance aux extrêmes. Enquête sur le capitalisme autoritaire en France, sort le 22 janvier prochain aux éditions la Découverte. On y parle gestion d'actifs, transformations des manières d'accumuler et nouveaux modes de gouvernement.

Wow... Writing this paper was a bit like watching a soap opera unfold. But it's out now in @bjpir.bsky.social

The big story is still: The ECB marched forward, with clear democratic authorisation, but not the Fed. Green central banking is much more democratic than people think.

Repo is even bigger than we thought A taxonomy of the engorged and utterly systemic US repurchase market

still my heart - REPO IS VERY SYSTEMIC piece @alphaville.ft.com

1. We still have no granular data, a full 17 years since run on repo blew up Lehman into a global financial crisis. The OFR now has data on US repo, but European repo is also USD 12 trillion (roughly)

www.ft.com/content/220d...

WU (Vienna University of Economics and Business)

Je me désiste et propose Colleen Schneider comme arbitre : une ancienne championne de MMA, qui finit actuellement une thèse sur les apports de la MMT pour penser la transformation sociale et écologique :)

www.wu.ac.at/en/ecolecon/...

Sage Journals: Discover world-class research Subscription and open access journals from Sage, the world's leading independent academic publisher.

📣 New #openaccess #BJPIR article out now!

'Why the Fed and ECB parted ways on climate change: The politics of divergence in the global central banking community' by @monicadileo.bsky.social, @glennrudebusch.bsky.social &
@jvtk.bsky.social

🔗 buff.ly/hF3lr0B

@polstudiesassoc.bsky.social

Bill Pulte: Agent of Chaos A closer look at the Trump administration’s energetic Mini-Me

Grotesque semble être le registre dans lequel Bill Pulte excelle, il nous réserve peut-être de nouvelles surprises dans les prochaines semaines et mois ... 🤯

www.ft.com/content/d3b1...

www.wsj.com/politics/pol...

www.bloomberg.com/news/article...

Senator Murkowski just announced that she will also block the senatorial confirmations of any #Fed nominees until the administration backtracks on its latest attack against the Federal Reserve's independence.

Just two more GOP Senators to go !

Well, McCormick (just like Kevin Cramer, who back in 2019 contributed in tanking Herman Cain's Fed nomination) isn't up for re-election until 2030. So, in theory, he could oppose Trump's attempts to take control of the Fed without suffering immediate electoral reprisals ...

bsky.app/profile/adec...

I'd love to know what Senator Dave McCormick (who served under Paulson as Under Secretary of the Treasury for International Affairs during the GFC) thinks of his former colleagues' stance on the independence of the Federal Reserve. Especially as he is a sitting member of the Senate Banking Committee

DOJ opens probe into Fed's Powell, drawing backlash from lawmakers The move is a sharp escalation of Trump’s clash with the Fed chief, who he has pushed to lower interest rates.

Imho the Trump administration latest attack on the Fed might backfire & prevent the MAGA executive from imposing its views at the helm of the central bank.

Why?

Because presidential nominations to the Fed board of governors have to be confirmed by the Senate. A 🧶

www.politico.com/news/2026/01...

In a nutshell, Trump's war on the Fed might generate enough opposition within the Republican Senate conference (among the Members attached to the Fed independence) to ultimately hinder his efforts to stack the central bank leadership with MAGA-aligned loyalists.
end/

The key players to watch are the moderate Senators who already crossed Trump on Fed nominations during his first term (Collins, Cramer, Ernst, Murkowski) as well as McConnell and even Rand Paul.
11/

My take is that Trump first term shows how a handful of Republican Senators can block the executive branch attempts to remodel the Fed leadership.
It could happen again if enough GOP Senators join Tillis in opposing confirmations until the administration ends its attacks on the Fed independence.
10/

Fed Chair Powell to become 'pro tempore' as he awaits Senate action Jerome Powell will become interim Federal Reserve chair on Saturday, ensuring continuity in leadership at the U.S. central bank while his renomination by U.S. President Joe Biden awaits Senate action.

Let's not forget here that, if no Fed chair is confirmed by the Senate when Powell's term as chair is up (15 May), Powell would continue to serve as Fed chair pro tempore (just like he did from January until May 2022).
9/
www.reuters.com/business/fed...

Every nomination to the Fed board has to be confirmed, first by the Senate Banking Committee, then by a majority vote in plenary session. The current balance of forces in the Senate Banking Committee is 13 GOP v 11 Dems. With Thillis siding with the Democrats, the Committee would be deadlocked.
8/