China’s industrial support spending is much higher than in the US, Germany or France.

However, most subsidies come from cheap funding (i.e. below market debt and equity) instead of direct public spending.

Quantitative Tightening: The ECB's balance sheet has been shrinking much faster than in the UK and US: targeted longer-term refinancing operations (TLTROs) are repaid and the ECB rolls government debt from previous asset purchases off its balance sheet.

Quantitative Tightening: The ECB's balance sheet has been shrinking much faster than in the UK and US: targeted longer-term refinancing operations (TLTROs) are repaid and the ECB rolls government debt from previous asset purchases off its balance sheet.

While we don't want to judge others by their circumstances (e.g. parents, gender, race), we still hold them responsible for their choices - even though these choices are strongly shaped by unequal circumstances: 'shallow meritocracy', new paper in Review of Economic Studies:

Inflation in Germany and France - the two largest €zone countries - has fallen back to ~2%.

Public investment in lagging regions reduces support for right-wing populist parties by 15- 20%, on average, that is 2 -3 % points. It increases trust in democratic institutions and reduces discontent with EU. New paper:

Inflation in Germany and France - the two largest €zone countries - has fallen back to ~2%.

Wage growth in the €zone continues to slow. Wage growth in the US has fallen to ~3%. Wage growth in UK is much higher.

Via Pawel Adrjan

Wage growth in the €zone continues to slow. Wage growth in the US has fallen to ~3%. Wage growth in UK is much higher.

Via Pawel Adrjan

Albert O. Hirschman would have turned 109 years old. Hirschman fought fascism in four countries saving thousands of lives before becoming one of the great social scientists of the 20th century. I recommend this excellent biography.

Albert O. Hirschman would have turned 109 years old. Hirschman fought fascism in four countries saving thousands of lives before becoming one of the great social scientists of the 20th century. I recommend this excellent biography.

Inflationary pressures are easing faster in the €zone - consistent with the analytical view that inflation has primarily been driven by supply factors (e.g. supply chain disruptions, energy, food), not demand factors.

I recommend reading “Underground Empire“. Fascinating account of how global finance and international trade have become increasingly concentrated on various central choke points in the US (e.g. Eurodollar markets, SWIFT) -massive consequences for geopolitical power constellations

Inflationary pressures are easing faster in the €zone - consistent with the analytical view that inflation has primarily been driven by supply factors (e.g. supply chain disruptions, energy, food), not demand factors.