Steffen Murau
@steffenmurau.bsky.social
Research group leader OBFA-TRANSFORM project (https://obfa-transform.eu) | Global Climate Forum, Berlin. Freie Universität Berlin. Boston University.
Reposted by Steffen Murau
Nimmt der Staat zu viele Schulden auf? Ob das tragfähig ist, ist eine Frage des Finanzsystems. Das entscheidende Stichwort lautet »Fundierung«, schreiben @steffenmurau.bsky.social und Moritz Kapff.
Hyperinflation durch neue Schulden? 4 Sichtweisen auf nachhaltige Staatsfinanzen
Nimmt der Staat zu viele Schulden auf? Ob das tragfähig ist, ist eine Frage des Finanzsystems. Das entscheidende Stichwort lautet »Fundierung«.
www.surplusmagazin.de
October 31, 2025 at 8:10 AM
Nimmt der Staat zu viele Schulden auf? Ob das tragfähig ist, ist eine Frage des Finanzsystems. Das entscheidende Stichwort lautet »Fundierung«, schreiben @steffenmurau.bsky.social und Moritz Kapff.
Reposted by Steffen Murau
Mit Beiträgen von @andreabinder.bsky.social @steffenmurau.bsky.social @martynalinartas.bsky.social @carolinmueller.bsky.social @larsdoepking.bsky.social @c-westermeier.bsky.social Patrick Samtlebe, Philip Manow, Janosch Prinz, Jenny Stupka, Jürgen Unger-Sirsch, Christian Neuhäuser und mehr!
October 24, 2025 at 9:41 AM
Mit Beiträgen von @andreabinder.bsky.social @steffenmurau.bsky.social @martynalinartas.bsky.social @carolinmueller.bsky.social @larsdoepking.bsky.social @c-westermeier.bsky.social Patrick Samtlebe, Philip Manow, Janosch Prinz, Jenny Stupka, Jürgen Unger-Sirsch, Christian Neuhäuser und mehr!
Reposted by Steffen Murau
'Sondervermögen' eigener Art vormerken: Leviathan-Sonderband 2025
POLITISCHE THEORIEN ÖFFENTLICHER FINANZEN.
ZUR (DE-)POLITISIERUNG VON GELD, EIGENTUM UND STEUERN,
hrsg. mit Aaron Sahr & Eva Weiler und mit vielen tollen Beiträgen u.a. von…
POLITISCHE THEORIEN ÖFFENTLICHER FINANZEN.
ZUR (DE-)POLITISIERUNG VON GELD, EIGENTUM UND STEUERN,
hrsg. mit Aaron Sahr & Eva Weiler und mit vielen tollen Beiträgen u.a. von…
Politische Theorien öffentlicher Finanzen
www.nomos-shop.de
June 25, 2025 at 10:46 AM
'Sondervermögen' eigener Art vormerken: Leviathan-Sonderband 2025
POLITISCHE THEORIEN ÖFFENTLICHER FINANZEN.
ZUR (DE-)POLITISIERUNG VON GELD, EIGENTUM UND STEUERN,
hrsg. mit Aaron Sahr & Eva Weiler und mit vielen tollen Beiträgen u.a. von…
POLITISCHE THEORIEN ÖFFENTLICHER FINANZEN.
ZUR (DE-)POLITISIERUNG VON GELD, EIGENTUM UND STEUERN,
hrsg. mit Aaron Sahr & Eva Weiler und mit vielen tollen Beiträgen u.a. von…
Very happy to see that the article @moritzecon.bsky.social and I have written on Germany's "fiscal ecosystem" has just been published online and in print in Surplus Magazine
www.surplusmagazin.de/staat-schatt...
www.surplusmagazin.de/staat-schatt...
Das fiskalische Ökosystem
Schattenhaushalte sind keine Ausnahme, sondern seit Jahrzehnten fester Bestandteil der Staatsfinanzen. Sie spiegeln die deutsche Geschichte.
www.surplusmagazin.de
June 17, 2025 at 7:18 AM
Very happy to see that the article @moritzecon.bsky.social and I have written on Germany's "fiscal ecosystem" has just been published online and in print in Surplus Magazine
www.surplusmagazin.de/staat-schatt...
www.surplusmagazin.de/staat-schatt...
Reposted by Steffen Murau
🚨 Out now: Die dritte Surplus-Ausgabe »Wir kümmern uns« ist da.
Neoliberale schaffen einen Staat, der die Menschen allein lässt. Doch es braucht gemeinsame Fürsorge.
In den nächsten Tagen im Briefkasten, am Kiosk oder sofort online auf:
👉 www.surplusmagazin.de/surplus-3-wi...
Neoliberale schaffen einen Staat, der die Menschen allein lässt. Doch es braucht gemeinsame Fürsorge.
In den nächsten Tagen im Briefkasten, am Kiosk oder sofort online auf:
👉 www.surplusmagazin.de/surplus-3-wi...
June 16, 2025 at 10:12 AM
🚨 Out now: Die dritte Surplus-Ausgabe »Wir kümmern uns« ist da.
Neoliberale schaffen einen Staat, der die Menschen allein lässt. Doch es braucht gemeinsame Fürsorge.
In den nächsten Tagen im Briefkasten, am Kiosk oder sofort online auf:
👉 www.surplusmagazin.de/surplus-3-wi...
Neoliberale schaffen einen Staat, der die Menschen allein lässt. Doch es braucht gemeinsame Fürsorge.
In den nächsten Tagen im Briefkasten, am Kiosk oder sofort online auf:
👉 www.surplusmagazin.de/surplus-3-wi...
Reposted by Steffen Murau
Really great piece by @katie0martin.ft.com on our recent euro internationalisation paper, rightly concluding that fear of "industrial amounts of arguing" remains the EU's biggest obstacle www.ft.com/content/16e7...
The EU needs to step up its challenge to the dollar
The euro should be developed more as a haven asset for times of market stress
www.ft.com
May 24, 2025 at 10:14 AM
Really great piece by @katie0martin.ft.com on our recent euro internationalisation paper, rightly concluding that fear of "industrial amounts of arguing" remains the EU's biggest obstacle www.ft.com/content/16e7...
🐈⬛🐈⬛🐈⬛
🚨 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 ⬇️
🧵
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 ⬇️
🧵
May 20, 2025 at 10:58 AM
🐈⬛🐈⬛🐈⬛
Reposted by Steffen Murau
#empiresuicidewatch
A bit late to this but if you want to understand how the moody’s downgrade might affect US dollar global dominance you could see what @steffenmurau.bsky.social and i have to say here about the structural bases for US dollar dominance
papers.ssrn.com/sol3/papers....
A bit late to this but if you want to understand how the moody’s downgrade might affect US dollar global dominance you could see what @steffenmurau.bsky.social and i have to say here about the structural bases for US dollar dominance
papers.ssrn.com/sol3/papers....
Decoding Dollar Dominance. The Global Credit View on the Monetary System in International Political Economy
Sovereign Currency View (SCV) and the Global Credit View (GCV) on the international monetary system regarding four crucial assumptions: credit theory of money i
papers.ssrn.com
May 19, 2025 at 6:18 PM
#empiresuicidewatch
A bit late to this but if you want to understand how the moody’s downgrade might affect US dollar global dominance you could see what @steffenmurau.bsky.social and i have to say here about the structural bases for US dollar dominance
papers.ssrn.com/sol3/papers....
A bit late to this but if you want to understand how the moody’s downgrade might affect US dollar global dominance you could see what @steffenmurau.bsky.social and i have to say here about the structural bases for US dollar dominance
papers.ssrn.com/sol3/papers....
🚨 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-...
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-...
May 14, 2025 at 9:44 AM
🚨 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-...
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-...
Reposted by Steffen Murau
Finally out #openaccess! Why does the largest trading bloc on the planet have a miniature-sized currency? With Trump, the EU will again much regret this.
🎈We set out to theorise failure and develop a new IPE perspective that foregrounds offshore money.
Quick thread 🧵
🎈We set out to theorise failure and develop a new IPE perspective that foregrounds offshore money.
Quick thread 🧵
Markets won’t do it alone ❌
@jvtk.bsky.social and @steffenmurau.bsky.social argue that euro internationalisation keeps falling flat without active offshore monetary governance 👇
@jvtk.bsky.social and @steffenmurau.bsky.social argue that euro internationalisation keeps falling flat without active offshore monetary governance 👇
Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance
Internationalisation of the euro has for decades eluded EU policymakers. In this article, we develop a novel explanation of the subordinate position of the single currency. To this end, we build on...
www.tandfonline.com
May 12, 2025 at 10:21 AM
Finally out #openaccess! Why does the largest trading bloc on the planet have a miniature-sized currency? With Trump, the EU will again much regret this.
🎈We set out to theorise failure and develop a new IPE perspective that foregrounds offshore money.
Quick thread 🧵
🎈We set out to theorise failure and develop a new IPE perspective that foregrounds offshore money.
Quick thread 🧵
Reposted by Steffen Murau
Markets won’t do it alone ❌
@jvtk.bsky.social and @steffenmurau.bsky.social argue that euro internationalisation keeps falling flat without active offshore monetary governance 👇
@jvtk.bsky.social and @steffenmurau.bsky.social argue that euro internationalisation keeps falling flat without active offshore monetary governance 👇
Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance
Internationalisation of the euro has for decades eluded EU policymakers. In this article, we develop a novel explanation of the subordinate position of the single currency. To this end, we build on...
www.tandfonline.com
May 12, 2025 at 7:54 AM
Markets won’t do it alone ❌
@jvtk.bsky.social and @steffenmurau.bsky.social argue that euro internationalisation keeps falling flat without active offshore monetary governance 👇
@jvtk.bsky.social and @steffenmurau.bsky.social argue that euro internationalisation keeps falling flat without active offshore monetary governance 👇
Reposted by Steffen Murau
You gotta pay attention, but this is really good.
h/t @neilirwin.bsky.social
“Any country other than the US precipitously raising and lowering tariffs, gutting its Internal Revenue Service and nonchalantly considering territorial grabs would have seen smoking-hot capital flight months ago.”
h/t @neilirwin.bsky.social
“Any country other than the US precipitously raising and lowering tariffs, gutting its Internal Revenue Service and nonchalantly considering territorial grabs would have seen smoking-hot capital flight months ago.”
The dollar system has always been vulnerable to presidential whim
But only now are asset managers beginning to reconsider the story of America as an inexhaustible well of safe bets
www.ft.com
April 11, 2025 at 11:22 PM
You gotta pay attention, but this is really good.
h/t @neilirwin.bsky.social
“Any country other than the US precipitously raising and lowering tariffs, gutting its Internal Revenue Service and nonchalantly considering territorial grabs would have seen smoking-hot capital flight months ago.”
h/t @neilirwin.bsky.social
“Any country other than the US precipitously raising and lowering tariffs, gutting its Internal Revenue Service and nonchalantly considering territorial grabs would have seen smoking-hot capital flight months ago.”
Reposted by Steffen Murau
Research seminar on Money and Payments: Evolution or Revolution? with Jörg Bibow next week at @hertieschool.bsky.social in cooperation with Global Climate Forum.
Organized by @steffenmurau.bsky.social and Monica DiLeo.
Registration (optional): globalclimateforum.org/2025/04/01/money-and-payments/
Organized by @steffenmurau.bsky.social and Monica DiLeo.
Registration (optional): globalclimateforum.org/2025/04/01/money-and-payments/
April 1, 2025 at 1:34 PM
Research seminar on Money and Payments: Evolution or Revolution? with Jörg Bibow next week at @hertieschool.bsky.social in cooperation with Global Climate Forum.
Organized by @steffenmurau.bsky.social and Monica DiLeo.
Registration (optional): globalclimateforum.org/2025/04/01/money-and-payments/
Organized by @steffenmurau.bsky.social and Monica DiLeo.
Registration (optional): globalclimateforum.org/2025/04/01/money-and-payments/
Reposted by Steffen Murau
"Getting rid of the dollar: A users guide for Europeans"!
🔥🔥🔥
My 5 cents for @euobserver.com with the amazing @westervangaal.bsky.social on recent paper with @steffenmurau.bsky.social
🔥🔥🔥
My 5 cents for @euobserver.com with the amazing @westervangaal.bsky.social on recent paper with @steffenmurau.bsky.social
Trump’s trade war & default threats have rattled dollar markets.
Here I draw on @jvtk.bsky.social @steffenmurau.bsky.social to explore what it would take for the euro to dethrone the dollar as global reserve currency.
"The infrastructure is there, what’s missing is political will"
Here I draw on @jvtk.bsky.social @steffenmurau.bsky.social to explore what it would take for the euro to dethrone the dollar as global reserve currency.
"The infrastructure is there, what’s missing is political will"
As Trump ramps up his trade war, two economists outline how Europe could finally turn the euro into a global currency.
April 1, 2025 at 10:31 AM
"Getting rid of the dollar: A users guide for Europeans"!
🔥🔥🔥
My 5 cents for @euobserver.com with the amazing @westervangaal.bsky.social on recent paper with @steffenmurau.bsky.social
🔥🔥🔥
My 5 cents for @euobserver.com with the amazing @westervangaal.bsky.social on recent paper with @steffenmurau.bsky.social
Reposted by Steffen Murau
🚨 Not an April Fools' joke! 🚨 OBFA-TRANSFORM is now on YouTube!
Our first video? A deep dive into Steffen Murau’s PhD thesis on private money with Gerhardt Kaltenherberg—serious content, no pranks.
As DoP & Editor, I made sure it looks as good as the theory sounds.
🎥 youtu.be/YaMGfMB2FMc
Our first video? A deep dive into Steffen Murau’s PhD thesis on private money with Gerhardt Kaltenherberg—serious content, no pranks.
As DoP & Editor, I made sure it looks as good as the theory sounds.
🎥 youtu.be/YaMGfMB2FMc
Steffen Murau & Gerhardt Kalterherberg | The Political Economy of Private Credit Money Accommodation
YouTube video by The OBFA Transform project
youtu.be
April 1, 2025 at 10:32 AM
🚨 Not an April Fools' joke! 🚨 OBFA-TRANSFORM is now on YouTube!
Our first video? A deep dive into Steffen Murau’s PhD thesis on private money with Gerhardt Kaltenherberg—serious content, no pranks.
As DoP & Editor, I made sure it looks as good as the theory sounds.
🎥 youtu.be/YaMGfMB2FMc
Our first video? A deep dive into Steffen Murau’s PhD thesis on private money with Gerhardt Kaltenherberg—serious content, no pranks.
As DoP & Editor, I made sure it looks as good as the theory sounds.
🎥 youtu.be/YaMGfMB2FMc
Reposted by Steffen Murau
Trump’s trade war & default threats have rattled dollar markets.
Here I draw on @jvtk.bsky.social @steffenmurau.bsky.social to explore what it would take for the euro to dethrone the dollar as global reserve currency.
"The infrastructure is there, what’s missing is political will"
Here I draw on @jvtk.bsky.social @steffenmurau.bsky.social to explore what it would take for the euro to dethrone the dollar as global reserve currency.
"The infrastructure is there, what’s missing is political will"
As Trump ramps up his trade war, two economists outline how Europe could finally turn the euro into a global currency.
What would it take for euro to dethrone king US dollar?
As Trump ramps up his trade war, two economists outline how Europe could finally turn the euro into a global currency.
euobserver.com
April 1, 2025 at 10:09 AM
Trump’s trade war & default threats have rattled dollar markets.
Here I draw on @jvtk.bsky.social @steffenmurau.bsky.social to explore what it would take for the euro to dethrone the dollar as global reserve currency.
"The infrastructure is there, what’s missing is political will"
Here I draw on @jvtk.bsky.social @steffenmurau.bsky.social to explore what it would take for the euro to dethrone the dollar as global reserve currency.
"The infrastructure is there, what’s missing is political will"
Reposted by Steffen Murau
6. @agutersandu.bsky.social, Armin Haas and @steffenmurau.bsky.social applied their monetary architecture framework to the European green transition and show us the way of how to actually finance such a large-scale transformation
journals.sagepub.com/doi/full/10....
journals.sagepub.com/doi/full/10....
March 13, 2025 at 7:30 PM
6. @agutersandu.bsky.social, Armin Haas and @steffenmurau.bsky.social applied their monetary architecture framework to the European green transition and show us the way of how to actually finance such a large-scale transformation
journals.sagepub.com/doi/full/10....
journals.sagepub.com/doi/full/10....
Reposted by Steffen Murau
a few years in the making: our special issue on the IPE of Green Finance is complete!
🧵on its content:
1. Sarah Sharma and I wrote a (long) editorial introducing the idea of a green finance ecosystem and calling for a 'deep engagement' of IPE w. gr. finance 👇
journals.sagepub.com/doi/10.1177/...
🧵on its content:
1. Sarah Sharma and I wrote a (long) editorial introducing the idea of a green finance ecosystem and calling for a 'deep engagement' of IPE w. gr. finance 👇
journals.sagepub.com/doi/10.1177/...
March 13, 2025 at 7:30 PM
a few years in the making: our special issue on the IPE of Green Finance is complete!
🧵on its content:
1. Sarah Sharma and I wrote a (long) editorial introducing the idea of a green finance ecosystem and calling for a 'deep engagement' of IPE w. gr. finance 👇
journals.sagepub.com/doi/10.1177/...
🧵on its content:
1. Sarah Sharma and I wrote a (long) editorial introducing the idea of a green finance ecosystem and calling for a 'deep engagement' of IPE w. gr. finance 👇
journals.sagepub.com/doi/10.1177/...
The registration for the EAEPE conference in Athens remains open until Saturday this week. If you're interested in joining our special session on the political economy of the Eurocrisis, please upload an abstract!
Details below 👇
Details below 👇
🚨 Call for Papers
We are organizing a special session at this year's #EAEPE conference in Athens (24-26 September 2025) on the Political Economy of the Eurozone Crisis
Details to be found here: tinyurl.com/2ffbeyj2
Apply until 1 March with a 300-750 word abstract at eaepe.org/abstract-sub...
We are organizing a special session at this year's #EAEPE conference in Athens (24-26 September 2025) on the Political Economy of the Eurozone Crisis
Details to be found here: tinyurl.com/2ffbeyj2
Apply until 1 March with a 300-750 word abstract at eaepe.org/abstract-sub...
February 26, 2025 at 10:11 AM
The registration for the EAEPE conference in Athens remains open until Saturday this week. If you're interested in joining our special session on the political economy of the Eurocrisis, please upload an abstract!
Details below 👇
Details below 👇
🚨 Call for Papers
We are organizing a special session at this year's #EAEPE conference in Athens (24-26 September 2025) on the Political Economy of the Eurozone Crisis
Details to be found here: tinyurl.com/2ffbeyj2
Apply until 1 March with a 300-750 word abstract at eaepe.org/abstract-sub...
We are organizing a special session at this year's #EAEPE conference in Athens (24-26 September 2025) on the Political Economy of the Eurozone Crisis
Details to be found here: tinyurl.com/2ffbeyj2
Apply until 1 March with a 300-750 word abstract at eaepe.org/abstract-sub...
February 13, 2025 at 6:21 PM
🚨 Call for Papers
We are organizing a special session at this year's #EAEPE conference in Athens (24-26 September 2025) on the Political Economy of the Eurozone Crisis
Details to be found here: tinyurl.com/2ffbeyj2
Apply until 1 March with a 300-750 word abstract at eaepe.org/abstract-sub...
We are organizing a special session at this year's #EAEPE conference in Athens (24-26 September 2025) on the Political Economy of the Eurozone Crisis
Details to be found here: tinyurl.com/2ffbeyj2
Apply until 1 March with a 300-750 word abstract at eaepe.org/abstract-sub...
Reposted by Steffen Murau
Why does the largest trading bloc on the planet have a miniature-sized currency? With Trump, the EU will again much regret this.
🎈In a new working paper, @steffenmurau.bsky.social and I set out to theorise failure and develop a new IPE perspective that foregrounds offshore money.
A thread 🧵
🎈In a new working paper, @steffenmurau.bsky.social and I set out to theorise failure and develop a new IPE perspective that foregrounds offshore money.
A thread 🧵
February 11, 2025 at 7:38 AM
Why does the largest trading bloc on the planet have a miniature-sized currency? With Trump, the EU will again much regret this.
🎈In a new working paper, @steffenmurau.bsky.social and I set out to theorise failure and develop a new IPE perspective that foregrounds offshore money.
A thread 🧵
🎈In a new working paper, @steffenmurau.bsky.social and I set out to theorise failure and develop a new IPE perspective that foregrounds offshore money.
A thread 🧵
Reposted by Steffen Murau
EU has six months to sort out the role of the euro as world currency...
There we go. Executive order coming.
Trump administration will conduct a 6-month review of US participation in global institutions, including the IMF and World Bank - to see if they are „contrary to the interests of the US" or "can be reformed".
Project 2025 called for the US to pull out.
1/2
Trump administration will conduct a 6-month review of US participation in global institutions, including the IMF and World Bank - to see if they are „contrary to the interests of the US" or "can be reformed".
Project 2025 called for the US to pull out.
1/2
February 10, 2025 at 8:40 AM
EU has six months to sort out the role of the euro as world currency...
Reposted by Steffen Murau
wondering about EU fiscal ?✨
With the Recovery and Resilience Facility (RRF), the EU is now a big player in the bonds market. In a new working paper with @agutersandu.bsky.social, Armin Haas & @steffenmurau.bsky.social we conceptualise the RRF as Schrödinger's off-balance-sheet fiscal agency (OBFA)
With the Recovery and Resilience Facility (RRF), the EU is now a big player in the bonds market. In a new working paper with @agutersandu.bsky.social, Armin Haas & @steffenmurau.bsky.social we conceptualise the RRF as Schrödinger's off-balance-sheet fiscal agency (OBFA)
December 11, 2024 at 12:10 PM
wondering about EU fiscal ?✨
With the Recovery and Resilience Facility (RRF), the EU is now a big player in the bonds market. In a new working paper with @agutersandu.bsky.social, Armin Haas & @steffenmurau.bsky.social we conceptualise the RRF as Schrödinger's off-balance-sheet fiscal agency (OBFA)
With the Recovery and Resilience Facility (RRF), the EU is now a big player in the bonds market. In a new working paper with @agutersandu.bsky.social, Armin Haas & @steffenmurau.bsky.social we conceptualise the RRF as Schrödinger's off-balance-sheet fiscal agency (OBFA)
Reposted by Steffen Murau
2/Bringing together law&political economy, we map Germany's fiscal ecosystem. We place each entity on a coordinate system and depict its proximity or distance to the core budget based on its legal status and revenue model, as well as the characteristics of the debt it has issued.
December 2, 2024 at 2:08 PM
2/Bringing together law&political economy, we map Germany's fiscal ecosystem. We place each entity on a coordinate system and depict its proximity or distance to the core budget based on its legal status and revenue model, as well as the characteristics of the debt it has issued.
Reposted by Steffen Murau
1/What do the KTF, the autobahn and the chimney sweepers' pension fund have in common? They are all part of the wide landscape of off-balance-sheet fiscal agencies (OBFA) in Germany and therefore part of our new working paper with @agutersandu.bsky.social @steffenmurau.bsky.social and Armin Haas.
December 2, 2024 at 2:08 PM
1/What do the KTF, the autobahn and the chimney sweepers' pension fund have in common? They are all part of the wide landscape of off-balance-sheet fiscal agencies (OBFA) in Germany and therefore part of our new working paper with @agutersandu.bsky.social @steffenmurau.bsky.social and Armin Haas.