Isabella Weber

speaker

207 appearances 1 recordings 1 series first heard Sep 2024 last heard Sep 2024

Isabella Weber’s voice in public audio — every appearance, attributed to the second.

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Odd Lots · Lots More With Isabella Weber on Draghi's EU Competitiveness Report · 13 Sep 2024 podcast

a national budget also has a good portion of sexism because of it of course refers to the idea that the housewife doesn't really have authority over the budget, but that it kind of has to ask um permission.

It's ver I mean, this idea of the Swabian housewife is all over the German discourse, I think is a very German thing.

And I think no one really thinks about the sexist implication of non sovereignty over your budget, but it's kind of there.

And I mean Merkel really liked to invoke it, which doesn't make it any less sexist.

So there's that, but then there's of course also the fact that this has been established as a constitutional rule, right?

So now, I mean, beyond all these cultural issues, there's a real um issue of politics where basically the ruling government has a coalition of three parties and one party, the FDP, thinks that the best thing to do is to stick with the fetish of the black zero and the other two parties disagree, but they are

not in a position to find the majority in Parliament.

So you're kind of locked into that straitjacket.

Yes, so for the whole question of European gas prices, I'm totally aligned with Draghi, and I think that in in many ways actually his section on prices reads a bit like uh

an implicit commentary on what happened during the gas crisis.

So I mean he's saying that there are a number of causes for the high gas prices in Europe and the kind of per I mean, gas prices have come down, but there's still a persistence gap persistent gap between China and the US, right?

So of course there's a lack of resources, which is obvious, but there's also low grid development, low infrastructure investments, which is kind of these like l more long run structural factors.

Yes.

But in terms of the like kind of short run dynamics, which I think is where the commentary in 2022 comes in, he's talking about financial markets having driven volatility, having basically increased volatility in these markets, which I think implies that the prices that we have seen in 2022 were not necessarily prices that were reflecting fundamentals, but that some of these price movements were the result of animal spirits on gas.

markets where no one really knew what Putin was gonna do next and

you basically got a lot of hurt behavior in this situation of extreme uncertainty, which is something that Tom Krebs, a co-author of mine, have ac of mine and I have actually argued in a recent study on on on the price control question, where we say, I mean, if you get these prices overshooting in relationship to the fundamentals in this extreme way.

Then this actually means that taking some of this overshooting out is optimal even from a general equilibrium, like a very conservative

standard economic modeling perspective.

And that notion is definitely there in the Draghi report in terms of the volatility.

The second point that he makes is that Europe should use its monopsony power in global markets.

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