Monetary Architecture

Steffen Murau, a Post-Doctoral Fellow of Global Economic Governance Initiative, is investigating the transformation of the Eurozone architecture in a series of studies funded by Deutsche Forschungsgemeinschaft entitled, “Hierarchical and Hybrid Money on a Fractured Continent: Europe’s Monetary Architecture after the Eurocrisis.”
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Study 1: A Macro-financial Model of the Eurozone Architecture Embedded in the Global Offshore US-Dollar System

Published in July 2020, the first study adopts an institutionalist view on the Eurozone and uses the conceptual framework of interlocking balance sheets on the global Offshore US-Dollar System. The analytical interest of the project is to understand the Eurozone architecture as a genuine credit money system, in addition to developing a methodology that provides the necessary “grammar” to carry out future research which will address at the creation of international hierarchy and transformation dynamics.
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Read Study #1

Study 2: The Hierarchy of the Offshore US-Dollar System

The second installment of this series, published in February 2021, builds upon the framework and grammar of the first study in order to investigate how central bank swap lines, the Foreign and International Monetary Authorities (FIMA) repo facility and the Special Drawing Rights (SDR) system create a hierarchy among different monetary jurisdictions in the global financial architecture.
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Read the Executive Summary & Introduction:

Figure 1: The Hierarchy Download the Study

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