Martin Schmitz

@ECB Views are my own.

[Brad Setser @Brad_Setser]

Interesting piece by the ECB, highlighting the fall in the euro area's current account surplus to 1.7% of euro area GDP in 2025 (way below China's surplus, even without adjusting for Ireland)

1/

[Martin Schmitz @Schmitz_BoP]

As global imbalances are again in focus, the euro area current account surplus narrowed markedly in 2025. See our new box with @MichaelFidora @FPastoris and Lorenz Emter analysing the underlying drivers:
https://t.co/7yY0WXaK8w

[European Central Bank @ecb]

The international role of the euro grew moderately in 2025, and it remains the world’s second most important currency.

There’s an opening for the euro to boost its global appeal, provided policymakers create the right conditions and put words into action https://t.co/neFbYGt1t2

[Narodowy Bank Polski @nbppl]

The External Statistics Conference will take place on 28–29 May 2026 in Krakow. Submit your abstract by 15 Jan 2026 (Call for papers – https://t.co/4wOTbPr1cV). University students in the EU can take part in the Data Challenge (https://t.co/8hVdXqy4V3).
#ExternalStatisticsConference2026

[Fabio Ghironi @FabioGhironi]

"A relocation of US MNEs’ operations away from the euro area could result in lower euro area GDP via reduced production and exports"
Lorenz Emter, @MichaelFidora, Fausto Pastoris, @Schmitz_BoP, @tob_schuler
https://t.co/3NY5e6GV6v @ecb

[Brad Setser @Brad_Setser]

Actually the ECB

"ECB estimates suggest that almost 30% of the euro area goods surplus with the United States in 2024 involved trade by euro area affiliates of US MNEs, while these companies accounted for around 90% of the euro area deficit in services trade"

2/

https://t.co/r3uM8vynLW

[Brad Setser @Brad_Setser]

Brilliant, short ECB paper on transatlantic trade ...

https://t.co/NqIGQqUkGy

[Roland Beck @RolandBeck_ECB]

Happy to share some new work with @JorgoGeorgiadis, Peter McQuade, Vlad Burian and @Schmitz_BoP on the role of geopolitics for foreign holdings of euro area government debt.
https://t.co/SCW0FlFxVE

[European Central Bank @ecb]

How did the euro area current account balance evolve in February? And how does it compare with the same month a year earlier?

[European Central Bank @ecb]

How did the euro area current account balance evolve in November? And how does it compare with the same month a year earlier?

[European Central Bank @ecb]

How did the euro area current account balance evolve in October? And how does it compare with the same month a year earlier?

[European Central Bank @ecb]

How did the euro area current account balance evolve in September? And how does it compare with the same month a year earlier?

[Martin Schmitz @Schmitz_BoP]

@FPastoris Perhaps of interest @Brad_Setser
@m_maggiori
@JSchreger
@acoppola4
@RolandBeck_ECB
@angus_lewis_
@abenetrix

[Martin Schmitz @Schmitz_BoP]

Happy to share our new ECB Economic Bulletin box on the impact of special-purpose entities on euro area cross-border financial linkages. Joint work with Lorenz Emter, @FPastoris and Carmen Picon. https://t.co/zPKyYkiUDA

[European Central Bank @ecb]

Our #EconomicBulletin discusses newly released data showing the sizeable impact of special-purpose entities on euro area cross-border financial linkages.

[European Central Bank @ecb]

How did the euro area current account balance evolve in August? And how does it compare with the same month a year earlier?

[Deutsche Bundesbank @bundesbank]

Current account surplus down: Germany’s current account recorded a surplus of 14.4 billion euro in August 2024, down 3.3 billion euro on the previous month’s level. This was chiefly attributable to a smaller goods account surplus.

▶️ https://t.co/CIipCOaCLG
#balanceofpayments

[Martin Schmitz @Schmitz_BoP]

See here the full release: https://t.co/Feo4Rfh1Db

[Martin Schmitz @Schmitz_BoP]

In 2024Q2 the euro area international investment position showed its largest net assets on record (€1.2 trillion, 8% of GDP). A big contribution to the increase came from valuation effects due to diverging stock market developments in the euro area and globally.

[Department of Economics, Trinity College Dublin @tcdeconomics]

📚 Recent Publication News 📚

Professor @abenetrix has published "Automatic for the (tax) people ..." with Lorenz Emter & @Schmitz_BoP in Economic Policy.

Read more 👉https://t.co/XFoSMmKXUr

@OxUniPress @TCD_SSP #econtwitter #econresearch

[SUERF - The European Money and Finance Forum @suerf_org]

#SUERFpolicybrief: "Determinants of #currency choice in cross-border bank loans" by Lorenz Emter, Peter McQuade and @Schmitz_BoP (@ecb), Swapan-Kumar Pradhan (@BIS_org )

➡️https://t.co/zK1e4B2zxk