Why is most of the bond market commentary about plumbing 🪠🧑‍🔧of Treasury markets? 1/Because we take it for granted that US Treasurys are safe zero-beta assets. This is typically the view of policy makers in advanced economies as well. Much of modern macro simply assumes that

🚨 New paper 🚨 W/ Giovanni Rosso Roger Vicquéry, we study the interplay between financial sanctions and USD dominance focusing on how post-2014 international lending to Russia de-dollarized ($⬇) in favour of a euroization (€⬆️) ora.ox.ac.uk/objects/uuid... 🧵 #econtwitter [1/10]

Can financial sanctions undermine USD dominance? We offer some new insights looking at the €-isation of cross border lending to Russia 2014-2021👇

New CEPR Discussion Paper - DP20138 How Fixed are Global Exchange Rates? Kevin O'Rourke Sciences Po @ScPoResearch@CNRS, Roger Vicquery Roger Vicquéry Bank of England ow.ly/JCgf50VAOWJ #CEPR_IMF #EconTwitter

Super interesting! "How Fixed are Global Exchange Rates?" by Kevin Hjortshøj O’Rourke and Roger H. Vicquéry "Our findings indicate that global exchange rate regimes are currently more than twice as flexible as they were prior to the 1971 Nixon shock. Furthermore, our measure

Dans quelle mesure les régimes de change fixe sont-ils répandus à travers le monde ? (D'un champ l'autre) blog-illusio.com/2025/04/dans-q…

Mars or Mercury rebooted: The Trump administration, the #dollar, and the #geopolitics of international currency choice Barry Eichengreen Barry Eichengreen Berkeley Economics ow.ly/st1Z50VCPHn

Just one week left to the one and only BIS/BoE/ECB/IMF Spillover Conference “Policy challenges in a fragmenting world: Global trade, exchange rates, and capital flows”. Registration for online attendance and full program available below👇bankofengland.co.uk/events/2025/ap…

Slides for my keynote speech at the Florence EUI conference "Future of Regulation and Competitiveness in Europe – Making the Draghi Report Actionable". Some stuff familiar to SiliconContinent readers, with new diagnosis and proposals. More to come soon! dropbox.com/scl/fi/xtsflm0…

📢International Macroeconomics Workshop📢 One of the best intl macro conferences in Europe Submit your papers on trade policy, capital flows, geopolitical uncertainty and dollar dominance by 15 June Keynote: Fabrizio Perri fabrizio perri bankofengland.co.uk/events/2025/oc…

Given Governor Pan's challenge to the dollar, I thought it might be timely to re-post Charles DeGaulle's Feb 1965 press conference: britishpathe.com/asset/157430/

It is Workshop Day! CEPR-UCD-CBI workshop “Uncertain Tides: The Past and Present of Trade Policy” is kicking off today at the Central Bank of Ireland. Alan de Bromhead Cian Ruane UCD Economics University College Dublin Central Bank of Ireland CEPR

Phenomenal #NBUNBPconference25 National Bank of Ukraine 🇺🇦 🇺🇦 Presented our work on financial sanctions and USD dominance, focusing on how post-2014 international lending to Russia de-dollarized ($⬇) in favour of a euroization (€⬆️) events.bank.gov.ua/ARConference/2…

How fixed are global exchange rates? bankunderground.co.uk/2025/06/26/how… via @boe_research

🚨🚨🚨New BoE Bank Underground blog post on our paper - joint work with Kevin O’Rourke - revisiting global exchange rate fixity since the end of Bretton Woods 👇 bankunderground.co.uk/2025/06/26/how…

The evolving network of global peg relationships cepr.org/voxeu/columns/…

ブレトンウッズ体制の崩壊、変動相場制への大転換とみなされるが、固定的体制はどの程度下がったのか、についての新たな指標を考察。 cepr.org/voxeu/columns/…

Rethinking exchange rate flexibility in the post-Bretton Woods era: Evidence from a new index Kevin O'Rourke Sciences Po Recherche SciencesPo CNRS 🌍, Roger Vicquery Roger Vicquéry Bank of England Centre For Macroeconomics ow.ly/gPSK50WhhWm

🚨NEW WORKING PAPER ALERT🚨 "Geopolitical Risk and Inflation: The Role of Energy Markets" banque-france.fr/system/files/2… Research question: What happens to *inflation* when geopolitical shocks hit? Answer: it depends. Short thread below👇 1/5

Global anchoring to the US dollar fell sharply after 1971, & global exchange rate fixity (as measured by a new index) is now only about one-third of the Bretton Woods level, VoxEU cepr.org/voxeu/columns/…