Jordi Schröder Bosch

Europe’s imperative to de-dollarise in a world of erratic US ‘leadership’ Shifting power from big banks to people. We collaborate with policymakers, the public and economists around the world so we can redesign our economic system for a better world and a healthy planet.

🔍 New blog!

International & European monetary systems depend heavily on the US dollar.

But when US leadership becomes unpredictable, this creates serious risks for financial stability.

It’s time for Europe to urgently de-dollarise our economy.
positivemoney.org/eu/update/eu...

Denmark and Finland reject more common EU debt The two countries back joint borrowing to boost defence spending, but oppose it for other purposes

DK & FI: We would only like to have solidarity where *we* need it

www.ft.com/content/4559...

In India’s deportation drive, Muslim men recount being tossed into the sea India’s recent deportation drive targeting its Muslim minority was marked by home demolitions, arbitrary detentions, allegations of torture and a lack of due process.

Tremendous, meticulous, disturbing reporting here on India’s Hindu nationalist government deporting Muslim citizens by literally forcing them to walk the plank into the sea. www.washingtonpost.com/world/2025/0...

Trump defends US dollar as world's dominant currency, says 'the dollar is king' President Donald Trump says he's prepared to tariff and punish countries that challenge the U.S. dollar as the global reserve currency. He says the dollar losing its status "would be like losing a war...

"President Donald Trump says he's prepared to tariff and punish countries that challenge the U.S. dollar as the global reserve currency."

That's precisely what someone who wants to challenge the global role of the $ would say.

ca.news.yahoo.com/trump-defend...

Pure politics of resentment. "If we are not the center of the world, we won't lift a finger".

Sous les pavés, la plage

sous les égouts, le baignade

Or: Never stop dreaming of a better world!

Sí, aunque el despliegue de baterías es clave para evitar los picos de precios actuales (€517/MW en Bélgica) una vez cae el sol. Ya que la producción eólica es inexistente y tanto nuclear como gas tienen dificultades durante las olas de calor. A parte de esto, la red eléctrica también puede sufrir.

A common feature across most studies on the economic impacts of climate change is the finding of non-linearity, meaning that economic damages increase disproportionately as climate change intensifies. What we know from the past gives us little guidance for understanding the world we are heading into

France and Switzerland shut down nuclear power plants due to heatwave To cool down, nuclear power plants pump water from local rivers or the sea, which they then release back into water bodies at a higher temperature. However, this process can threaten local biodiversity if water is released which is too hot.

Power plants can be negatively impacted by too hot weather.

Nuclear plants have reduced electricity generation due to a lack of cooling water. Even gas plants struggle.

That drives up electricity prices across Europe. 💡📈
www.euronews.com/2025/07/02/f...

Lecciones de este curso político De los gobiernos del cambio al programa contra las oligarquías

Algunas reflexiones sobre lo que hemos vivido estos últimos meses, con mirada larga. Punto de partida: la izquierda transformadora ya no gestiona una salida progresista de crisis, sino que debe preparar a la sociedad para enfrentar una nueva configuración del poder. Y eso implica cambio de enfoque.

Poland’s clean energy usage overtakes coal for first time Latest data indicates progress for EU country most dependent on the fossil fuel

www.ft.com/content/ae92...

Huge: renewable energy overtakes coal for the first time in Poland.

"The country now boasts 23 gigawatts of installed solar capacity — more than three times the 2030 target set in 2021 — largely thanks to a solar energy push from the former PiS government."

How the updated ECB’s monetary policy strategy falls short Shifting power from big banks to people. We collaborate with policymakers, the public and economists around the world so we can redesign our economic system for a better world and a healthy planet.

The @ecb.europa.eu updated its strategy, but it reads more like self-praise than serious review.

🌍No concrete tools to address climate shocks & impact on price stability
⚠️No serious look at how rate hikes worsen inequality

Our @jordischroeder.bsky.social explains:
positivemoney.org/eu/update/ho...

The electrification imperative | Ember How a switch from burning fossil fuels to using electricity can unlock the full value of the energy transition

From: ember-energy.org/latest-insig...

Race, what race?

What are the lessons of all this for macroeconomics? The pandemic was extraordinarily disruptive, making forecasting and policymaking difficult. Nevertheless, we don’t think that the recent experience justifies throwing out existing models of wage-price dynamics. We were able to simulate the pandemic-era inflation using a simple and rather traditional model of the interactions of wages, prices, and inflation expectations.

Using a model that didn't include supply shocks, we found that the inflation was not caused by supply shocks.

The ECB present the results of its strategy assessment. Whereas the 2021 strategy review focused on flexibility when responding to shocks, the ECB now argues that a more forceful response is needed. This can have important distributive consequences going forward.

www.ecb.europa.eu/press/pr/dat...

Doge employee ‘Big Balls’ has resigned, says White House official One of Doge’s best-known workers Edward Coristine, 19, quits a month after his former boss Elon Musk’s departure

Try explaining this headline to someone who isn't a masochist and doesn't follow US politics.

www.theguardian.com/us-news/2025...

"- If there was one policy that would be best for your business, what would it be?
+ We just need the same policies for more than 5 minutes (...) The policies do not need to be that great, they just need to be policies. We just have to have laws in the US and we'll be fine."

RIP Renault 5 (?)

Tired: Capital Markets Union
Wired: Railways Union

Germany puts rail first in €500bn investment spree State-owned Deutsche Bahn expected to receive €10.5bn this year from newly established infrastructure fund

Let's fucking go

www.ft.com/content/6f71...

Aaaand new paper is out!
“Stablecoins and safe asset prices” with the awesome @rashad-ahmed.bsky.social
Quantifying the effects pf stablecoin flows on Tsy yields with instrumented linear projections, documenting asymmetric effects of inflows vs outflows
www.bis.org/publ/work127...

Thanks for the answer! But from this viewpoint, the steepness of the Phillips Curve seems rather irrelevant, no? Facing a cost shock, there will always be a justification to act forcefully to prevent the deanchoring of inflation expectations, no matter the shape of the PC.

🚨 Publication Alert 🚨

Out now in @jei-publication.bsky.social with @steffenmurau.bsky.social @agutersandu.bsky.social and Armin Haas:

Issuing EU debt despite fiscal rules, what we can learn from the limitations of the EU covid recovery fund, and what it all has to do with a famous cat ⬇️
🧵

Teòricament, en el marc operatiu revisat del BCE hi hauria espai, a partir del 2026, per a la implementació d’un gTLTRO, però estaríem parlant de volums molt baixos

Perquè va pujar la inflació i la coalició entre verds-progressistes i verds-conservadors dins del BCE es va acabar

🚨 New open access article 🚨

Out now in Journal of Financial Regulation with Alex Goghie and Matteo Giordano

'Encumbered Security? Vertical and Horizontal Repos in the Euro Area and Their Inherent Ambiguity'

academic.oup.com/jfr/advance-...

Monetary policy and the Great Volatility The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purch...

2022 speech: www.ecb.europa.eu/press/key/da...

Last Saturday's speech: www.ecb.europa.eu/press/key/da...