Mattias Vermeiren
@mattvermeir.bsky.social
Associate Professor of International Political Economy at Ghent University
Pinned
Depoliticising monetary tightening: how the European Central Bank managed the 2021–2023 inflation shock
The 2021-2023 inflation shock fuelled a heated public debate about the role of the monetary tightening strategy as the key strategy to the return to price stability. Central banks' rate hikes were ...
www.tandfonline.com
📢 New paper out in New Political Economy: "Depoliticising monetary tightening: how the European Central Bank managed the 2021–2023 inflation shock" Thread here below 👇
www.tandfonline.com/doi/full/10....
www.tandfonline.com/doi/full/10....
Reposted by Mattias Vermeiren
In the past 20 yrs, China extended >$800 billion in loans to emerging market and developing country economies to finance infrastructure, energy etc. China’s loan portfolio surpassed those of the World Bank, the IMF, and all 22 Paris Club creditor governments combined.
November 8, 2025 at 6:57 AM
In the past 20 yrs, China extended >$800 billion in loans to emerging market and developing country economies to finance infrastructure, energy etc. China’s loan portfolio surpassed those of the World Bank, the IMF, and all 22 Paris Club creditor governments combined.
Reposted by Mattias Vermeiren
Impossible to repost or discuss this chart too many times. A tale of two crises & two policy responses. One of them we still inexplicably talk about as a success, & one we still inexplicably talk about as a failure. 1.5 years of modestly high inflation did a number on us.
November 7, 2025 at 3:15 PM
Impossible to repost or discuss this chart too many times. A tale of two crises & two policy responses. One of them we still inexplicably talk about as a success, & one we still inexplicably talk about as a failure. 1.5 years of modestly high inflation did a number on us.
Reposted by Mattias Vermeiren
Could there be a clearer sign that the RN believes France enjoys more effective monetary sovereignty inside the € than outside it (as I have long argued)? www.tumblr.com/rajakorman/6...
November 6, 2025 at 2:42 PM
Could there be a clearer sign that the RN believes France enjoys more effective monetary sovereignty inside the € than outside it (as I have long argued)? www.tumblr.com/rajakorman/6...
Reposted by Mattias Vermeiren
IMF: "only about half of fiscal consolidations achieve their fiscal targets, including debt reduction. A broad range of econometric methods, based on well-established methods in the empirical literature, confirm that fiscal consolidations do not reduce debt ratios, on average."
November 4, 2025 at 11:53 AM
IMF: "only about half of fiscal consolidations achieve their fiscal targets, including debt reduction. A broad range of econometric methods, based on well-established methods in the empirical literature, confirm that fiscal consolidations do not reduce debt ratios, on average."
Reposted by Mattias Vermeiren
🚨New publication with Kristijan Kotarski:
Enduring Structural Power? Assessing the Dominance of the Anglosphere in Global Finance Before the Trump Turn
Includes novel visualizations of global finance (banking, portfolio inv & FDI) showing persistent US centrality
hrcak.srce.hr/clanak/487488
Enduring Structural Power? Assessing the Dominance of the Anglosphere in Global Finance Before the Trump Turn
Includes novel visualizations of global finance (banking, portfolio inv & FDI) showing persistent US centrality
hrcak.srce.hr/clanak/487488
October 30, 2025 at 1:15 PM
🚨New publication with Kristijan Kotarski:
Enduring Structural Power? Assessing the Dominance of the Anglosphere in Global Finance Before the Trump Turn
Includes novel visualizations of global finance (banking, portfolio inv & FDI) showing persistent US centrality
hrcak.srce.hr/clanak/487488
Enduring Structural Power? Assessing the Dominance of the Anglosphere in Global Finance Before the Trump Turn
Includes novel visualizations of global finance (banking, portfolio inv & FDI) showing persistent US centrality
hrcak.srce.hr/clanak/487488
Reposted by Mattias Vermeiren
A reminder that the U.S. is defacto the most sovereign sovereign in the world. Which in turn means that any attempt to reduce the asymmetry U.S. enjoys in terms of “sovereign intrusions” will likely be construed as an intrusion on US sovereignty. open.substack.com/pub/sankaran...
October 26, 2025 at 4:54 PM
A reminder that the U.S. is defacto the most sovereign sovereign in the world. Which in turn means that any attempt to reduce the asymmetry U.S. enjoys in terms of “sovereign intrusions” will likely be construed as an intrusion on US sovereignty. open.substack.com/pub/sankaran...
Reposted by Mattias Vermeiren
Love this forensic analysis of the ECB's discourse around rate hikes during the 2021-23 inflation shock. A brief sellers inflation – aka Another-World-Is-Possible – moment (blue), before the empire (green) strikes back with overwhelming force.
After initially blaming "transitory" external factors, their narrative shifted to the risk of second-round effects and "tit-for-tat" inflation: they increasingly stressed the role of overly tight labour markets while also acknowledging the role of profits.
October 23, 2025 at 4:22 PM
Love this forensic analysis of the ECB's discourse around rate hikes during the 2021-23 inflation shock. A brief sellers inflation – aka Another-World-Is-Possible – moment (blue), before the empire (green) strikes back with overwhelming force.
Reposted by Mattias Vermeiren
+1,5 miljoen werkenden tussen 1996 & 2023
Maar werkgeversbijdragen aan sociale zekerheid: 50% → <40%
Gevolg: overheid vult het gat met hogere belastingen of schulden.
Geen economische wet, maar politieke keuze.
Tijd voor eerlijk debat: wie draagt bij, wie profiteert?
Maar werkgeversbijdragen aan sociale zekerheid: 50% → <40%
Gevolg: overheid vult het gat met hogere belastingen of schulden.
Geen economische wet, maar politieke keuze.
Tijd voor eerlijk debat: wie draagt bij, wie profiteert?
October 23, 2025 at 10:22 AM
+1,5 miljoen werkenden tussen 1996 & 2023
Maar werkgeversbijdragen aan sociale zekerheid: 50% → <40%
Gevolg: overheid vult het gat met hogere belastingen of schulden.
Geen economische wet, maar politieke keuze.
Tijd voor eerlijk debat: wie draagt bij, wie profiteert?
Maar werkgeversbijdragen aan sociale zekerheid: 50% → <40%
Gevolg: overheid vult het gat met hogere belastingen of schulden.
Geen economische wet, maar politieke keuze.
Tijd voor eerlijk debat: wie draagt bij, wie profiteert?
Reposted by Mattias Vermeiren
📢 New paper out in New Political Economy: "Depoliticising monetary tightening: how the European Central Bank managed the 2021–2023 inflation shock" Thread here below 👇
www.tandfonline.com/doi/full/10....
www.tandfonline.com/doi/full/10....
Depoliticising monetary tightening: how the European Central Bank managed the 2021–2023 inflation shock
The 2021-2023 inflation shock fuelled a heated public debate about the role of the monetary tightening strategy as the key strategy to the return to price stability. Central banks' rate hikes were ...
www.tandfonline.com
October 20, 2025 at 11:52 AM
📢 New paper out in New Political Economy: "Depoliticising monetary tightening: how the European Central Bank managed the 2021–2023 inflation shock" Thread here below 👇
www.tandfonline.com/doi/full/10....
www.tandfonline.com/doi/full/10....
📢 New paper out in New Political Economy: "Depoliticising monetary tightening: how the European Central Bank managed the 2021–2023 inflation shock" Thread here below 👇
www.tandfonline.com/doi/full/10....
www.tandfonline.com/doi/full/10....
Depoliticising monetary tightening: how the European Central Bank managed the 2021–2023 inflation shock
The 2021-2023 inflation shock fuelled a heated public debate about the role of the monetary tightening strategy as the key strategy to the return to price stability. Central banks' rate hikes were ...
www.tandfonline.com
October 20, 2025 at 11:52 AM
📢 New paper out in New Political Economy: "Depoliticising monetary tightening: how the European Central Bank managed the 2021–2023 inflation shock" Thread here below 👇
www.tandfonline.com/doi/full/10....
www.tandfonline.com/doi/full/10....
Reposted by Mattias Vermeiren
🚨NEW PAPER🚨
We all know the 2022 energy price shock fueled the cost of living crisis. It also caused a profit bonanza for the very rich. We show the US reaped the largest profits ($377bn) of any country. 50% went to the richest 1%, only 1% to the bottom 50%. A🧵 www.sciencedirect.com/science/arti...
We all know the 2022 energy price shock fueled the cost of living crisis. It also caused a profit bonanza for the very rich. We show the US reaped the largest profits ($377bn) of any country. 50% went to the richest 1%, only 1% to the bottom 50%. A🧵 www.sciencedirect.com/science/arti...
October 8, 2025 at 4:50 PM
🚨NEW PAPER🚨
We all know the 2022 energy price shock fueled the cost of living crisis. It also caused a profit bonanza for the very rich. We show the US reaped the largest profits ($377bn) of any country. 50% went to the richest 1%, only 1% to the bottom 50%. A🧵 www.sciencedirect.com/science/arti...
We all know the 2022 energy price shock fueled the cost of living crisis. It also caused a profit bonanza for the very rich. We show the US reaped the largest profits ($377bn) of any country. 50% went to the richest 1%, only 1% to the bottom 50%. A🧵 www.sciencedirect.com/science/arti...
Reposted by Mattias Vermeiren
How do political institutions shape today’s wave of economic interventionism? 🇺🇸 vs 🇪🇺
Find out in our new article just out in @govjournal.bsky.social
onlinelibrary.wiley.com/doi/full/10.... @donatodc.bsky.social
Find out in our new article just out in @govjournal.bsky.social
onlinelibrary.wiley.com/doi/full/10.... @donatodc.bsky.social
October 1, 2025 at 12:00 PM
How do political institutions shape today’s wave of economic interventionism? 🇺🇸 vs 🇪🇺
Find out in our new article just out in @govjournal.bsky.social
onlinelibrary.wiley.com/doi/full/10.... @donatodc.bsky.social
Find out in our new article just out in @govjournal.bsky.social
onlinelibrary.wiley.com/doi/full/10.... @donatodc.bsky.social
Reposted by Mattias Vermeiren
The "45% tariff" equivalent on intra-EU trade line is everywhere, even in von der Leyen’s #SOTEU last week.
That number is misleading, as Smaghi explains. Lower intra-EU trade isn’t just about barriers but also consumer preferences for domestic products like food.
iep.unibocconi.eu/europes-inte...
That number is misleading, as Smaghi explains. Lower intra-EU trade isn’t just about barriers but also consumer preferences for domestic products like food.
iep.unibocconi.eu/europes-inte...
Europe’s Internal Tariffs: Why the IMF’s 44% Estimate Doesn’t Hold Up | IEP@BU
iep.unibocconi.eu
September 17, 2025 at 8:44 AM
The "45% tariff" equivalent on intra-EU trade line is everywhere, even in von der Leyen’s #SOTEU last week.
That number is misleading, as Smaghi explains. Lower intra-EU trade isn’t just about barriers but also consumer preferences for domestic products like food.
iep.unibocconi.eu/europes-inte...
That number is misleading, as Smaghi explains. Lower intra-EU trade isn’t just about barriers but also consumer preferences for domestic products like food.
iep.unibocconi.eu/europes-inte...
“Pretty strong evidence” that the US current account is mostly driven by foreign dynamics is actually pretty weak evidence if you only focus on household balances and ignore the evolution of the sectoral balances of the US government and US corporations…
1/6
According to the WSJ, after a few years in which the earnings of the poor rose faster than the earnings of the rich, in 2025 the earnings of the rich have risen faster. In theory this should have resulted in a lower US trade deficit.
www.wsj.com/economy/us-e...
According to the WSJ, after a few years in which the earnings of the poor rose faster than the earnings of the rich, in 2025 the earnings of the rich have risen faster. In theory this should have resulted in a lower US trade deficit.
www.wsj.com/economy/us-e...
The Two-Speed Economy Is Back as Low-Income Americans Give Up Gains
High-earners and older Americans are faring better than ever, while fortunes are sliding again for low-wage and young workers.
www.wsj.com
September 17, 2025 at 7:51 AM
“Pretty strong evidence” that the US current account is mostly driven by foreign dynamics is actually pretty weak evidence if you only focus on household balances and ignore the evolution of the sectoral balances of the US government and US corporations…
Reposted by Mattias Vermeiren
💥 New article out @reggovjournal.bsky.social
Skill-Biased Policy Change: Governing the Transition to the Knowledge Economy in Germany, Sweden & Britain
@ndurazzi.bsky.social @federicofiletti.bsky.social @simonetonelli.bsky.social David Hope, Hanna Kleider
onlinelibrary.wiley.com/doi/10.1111/...
Skill-Biased Policy Change: Governing the Transition to the Knowledge Economy in Germany, Sweden & Britain
@ndurazzi.bsky.social @federicofiletti.bsky.social @simonetonelli.bsky.social David Hope, Hanna Kleider
onlinelibrary.wiley.com/doi/10.1111/...
Skill‐Biased Policy Change: Governing the Transition to the Knowledge Economy in Germany, Sweden and Britain
How have advanced capitalist democracies transitioned from a Fordist to a post-Fordist, knowledge-based economy? And why have they followed seemingly similar policy trajectories despite different eco...
onlinelibrary.wiley.com
September 15, 2025 at 6:50 AM
💥 New article out @reggovjournal.bsky.social
Skill-Biased Policy Change: Governing the Transition to the Knowledge Economy in Germany, Sweden & Britain
@ndurazzi.bsky.social @federicofiletti.bsky.social @simonetonelli.bsky.social David Hope, Hanna Kleider
onlinelibrary.wiley.com/doi/10.1111/...
Skill-Biased Policy Change: Governing the Transition to the Knowledge Economy in Germany, Sweden & Britain
@ndurazzi.bsky.social @federicofiletti.bsky.social @simonetonelli.bsky.social David Hope, Hanna Kleider
onlinelibrary.wiley.com/doi/10.1111/...
Reposted by Mattias Vermeiren
The U.S. has lost 78k manufacturing jobs this year
September 5, 2025 at 12:56 PM
The U.S. has lost 78k manufacturing jobs this year
Reposted by Mattias Vermeiren
The video on the FT.com front page right now is one for the ages - the collective heads of US big tech fawning over the 'leadership' of President Trump. Their participation tells you about their values. Their specific emphasis reveals what they are getting out of it.
September 5, 2025 at 11:15 AM
The video on the FT.com front page right now is one for the ages - the collective heads of US big tech fawning over the 'leadership' of President Trump. Their participation tells you about their values. Their specific emphasis reveals what they are getting out of it.
Reposted by Mattias Vermeiren
I’m in @financialtimes.com on Trump’s recent move to make the Pentagon the top shareholder in the US only rare earths mine. This is the “worst of all worlds” resource nationalism: a toxic mix of environmental harm, militarism, Big Tech, financial de-risking, and asset appreciation. Link below ⬇️
September 3, 2025 at 3:37 PM
I’m in @financialtimes.com on Trump’s recent move to make the Pentagon the top shareholder in the US only rare earths mine. This is the “worst of all worlds” resource nationalism: a toxic mix of environmental harm, militarism, Big Tech, financial de-risking, and asset appreciation. Link below ⬇️
Reposted by Mattias Vermeiren
If you are interested to know more about how EU industrial policy is being financed, in this SOMO long read, I am outlining key features of InvestEU, its redistributive effects and how it empowers financial capital - at the expense of democratic oversight and the urgently needed green transition.
Behind the grim reality of EU’s green transition → InvestEU ←
InvestEU uses public money and debt to guarantee profits for investors, claiming to unlock billions for the green transition.
But it is an illusion of climate action.
Read our full analysis ➡️ www.somo.nl/behind-investeus-trojan-logic/
InvestEU uses public money and debt to guarantee profits for investors, claiming to unlock billions for the green transition.
But it is an illusion of climate action.
Read our full analysis ➡️ www.somo.nl/behind-investeus-trojan-logic/
August 18, 2025 at 11:31 AM
If you are interested to know more about how EU industrial policy is being financed, in this SOMO long read, I am outlining key features of InvestEU, its redistributive effects and how it empowers financial capital - at the expense of democratic oversight and the urgently needed green transition.
Reposted by Mattias Vermeiren
De partijen die de afgelopen jaren aan de knoppen hebben gezeten, is er veel aan gelegen de voordelen voor huiseigenaren te beschermen. Ten koste van de volkshuisvesting.
Ik schreef voor NRC een essay over wonen als verkiezingsthema. Morgen in de krant, nu online:
www.nrc.nl/nieuws/2025/...
Ik schreef voor NRC een essay over wonen als verkiezingsthema. Morgen in de krant, nu online:
www.nrc.nl/nieuws/2025/...
Opinie | Kopen is niet superieur aan huren
Huren vs. kopen: Doordat het woonbeleid al decennialang de koper bevoordeelt boven de huurder, is de woningmarkt verworden tot een veroorzaker van ongelijkheid, ziet Cody Hochstenbach.
www.nrc.nl
August 29, 2025 at 2:34 PM
De partijen die de afgelopen jaren aan de knoppen hebben gezeten, is er veel aan gelegen de voordelen voor huiseigenaren te beschermen. Ten koste van de volkshuisvesting.
Ik schreef voor NRC een essay over wonen als verkiezingsthema. Morgen in de krant, nu online:
www.nrc.nl/nieuws/2025/...
Ik schreef voor NRC een essay over wonen als verkiezingsthema. Morgen in de krant, nu online:
www.nrc.nl/nieuws/2025/...
Reposted by Mattias Vermeiren
Re: Trump v Fed: Some (very hastily written and heavily edited) reflections on the nature of central bank–government interdependence in the era of crisis and how financial- not fiscal dominance is what should be keeping us up at night. Also Powell is Thomas Becket.
jacobin.com/2025/08/cent...
jacobin.com/2025/08/cent...
August 28, 2025 at 8:39 PM
Re: Trump v Fed: Some (very hastily written and heavily edited) reflections on the nature of central bank–government interdependence in the era of crisis and how financial- not fiscal dominance is what should be keeping us up at night. Also Powell is Thomas Becket.
jacobin.com/2025/08/cent...
jacobin.com/2025/08/cent...
Reposted by Mattias Vermeiren
Just out: How China builds strategic dominance in high-innovation niches fracturing the economic status quo in the world: Government Guidance Funds turn fiscal money + SOE assets into venture capital with planning discipline. A different game than Europe or Korea. www.tandfonline.com/doi/full/10....
Financing technological innovation in China: neo-developmental financial statecraft through government guidance funds
This paper examines China’s distinctive approach to financing innovation, contributing to debates on the derisking state, neo-developmentalist alternatives, and economic statecraft. It focuses on t...
www.tandfonline.com
August 28, 2025 at 2:51 PM
Just out: How China builds strategic dominance in high-innovation niches fracturing the economic status quo in the world: Government Guidance Funds turn fiscal money + SOE assets into venture capital with planning discipline. A different game than Europe or Korea. www.tandfonline.com/doi/full/10....
Reposted by Mattias Vermeiren
we heterodox economists have been saying this for decades, but now Big Finance is saying it, you know it's the end of liberal macro institutions, a death brought to you by Donald Trump.
August 26, 2025 at 9:17 AM
we heterodox economists have been saying this for decades, but now Big Finance is saying it, you know it's the end of liberal macro institutions, a death brought to you by Donald Trump.
Reposted by Mattias Vermeiren
Drawing on the likes of Leah Downey, Arjun Jayadev, Leon Wansleben & @geoffmann.bsky.social, I have a new piece in @nybooks.com on money, power, and central banking.
Whose Fed? | Brett Christophers
For the past twenty years, central banks have rarely been out of the news. Called upon to stabilize the global financial system when it appeared at risk
www.nybooks.com
August 17, 2025 at 3:34 PM
Drawing on the likes of Leah Downey, Arjun Jayadev, Leon Wansleben & @geoffmann.bsky.social, I have a new piece in @nybooks.com on money, power, and central banking.
Reposted by Mattias Vermeiren
Unlike today, central banks in the 1980s avoided financial losses when implementing anti-inflationary measures because they didn't remunerate bank reserves and their balance sheets didn'tt carry the legacy of a decade of large asset purchases at low interest rates/long maturity.
August 20, 2025 at 7:22 AM
Unlike today, central banks in the 1980s avoided financial losses when implementing anti-inflationary measures because they didn't remunerate bank reserves and their balance sheets didn'tt carry the legacy of a decade of large asset purchases at low interest rates/long maturity.