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Outputs (4)

Encumbered Security? Vertical and Horizontal Repos in the Euro Area and Their Inherent Ambiguity (2025)
Journal Article
Murau, S., Goghie, A.-S., & Giordano, M. (online). Encumbered Security? Vertical and Horizontal Repos in the Euro Area and Their Inherent Ambiguity. Journal of Financial Regulation, Article fjaf003. https://doi.org/10.1093/jfr/fjaf003

Despite the significance of repurchase agreements (repos) in market-based finance, European repo markets remain underexplored. Drawing on monetary hierarchy literature, we make three conceptual arguments. First, we argue that repos’ balance sheet mec... Read More about Encumbered Security? Vertical and Horizontal Repos in the Euro Area and Their Inherent Ambiguity.

Monetary Subordination in the Eurozone: Fragmentation and tiering of markets and institutions (2025)
Thesis
Giordano, M. Monetary Subordination in the Eurozone: Fragmentation and tiering of markets and institutions. (Thesis). SOAS University of London

The objective of this thesis is to specify the monetary and financial dimensions of hierarchy and subordination in the European Monetary Union. It seems clear at first sight that the European Monetary Union is riven by such relations, despite the pre... Read More about Monetary Subordination in the Eurozone: Fragmentation and tiering of markets and institutions.

Persistent institutional malfunctioning in the Eurozone (2023)
Journal Article
Giordano, M., & Lapavitsas, C. (2023). Persistent institutional malfunctioning in the Eurozone. The Japanese Political Economy, 49(4), 324-345. https://doi.org/10.1080/2329194X.2023.2289883

Institutional change in the Eurozone is driven by the need to ensure the immediate survival of the euro rather than confronting the structural weaknesses of the common currency. The failure to deal with underlying weaknesses is demonstrated by the po... Read More about Persistent institutional malfunctioning in the Eurozone.

Forging Monetary Unification through Novation: The TARGET System and the Politics of Central Banking in Europe (2023)
Journal Article
Murau, S., & Giordano, M. (2024). Forging Monetary Unification through Novation: The TARGET System and the Politics of Central Banking in Europe. Socio-Economic Review, 22(3), 1283-1312. https://doi.org/10.1093/ser/mwad067

When the European Monetary Union became effective in January 1999, the accounting treatment for claims and obligations which the Eurosystem’s National Central Banks (NCBs) incur against each other in the ‘Trans-European Automated Real-Time Gross Expr... Read More about Forging Monetary Unification through Novation: The TARGET System and the Politics of Central Banking in Europe.