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

Um in China there's some uh scope for carbon pricing, but it's really secondary to the kind of investment led big green state transition strategy.

So this leaves Europe alone as a country that is trying to rely on making emission incentive stuff more expensive.

And that I think is actually a huge um competitive disadvantage in the approach to the

green transition.

And as we have been r arguing in a recent study where we have simulated the inflation impact from carbon pricing, could also actually trigger inflation, which then given European inflation governance, which basically relies on interest rate hikes, could create another competitiveness constraint.

Because if you um get what we call carbonflation, inflation triggered by carbon price increases.

And you then respond by hiking interest rates, um, then of course you make the cost of capital even higher, which is one of the points that Draghi points out is is is is a disadvantage for Europe.

But the model that is being pursued in the green transition also really matters for competitiveness.

And basically what Draghi is saying is that we need more of what the US is doing, right?

But he doesn't quite say we need to maybe rethink some of the stuff that we are doing right now.

Yeah, and I think there's kind of a more general

gap or unrealized potential in the Draghi report here, because a lot of the things that he is talking about could actually also be used for price stability, right?

I mean he is talking, for example, about buffer stocks.

He is actually talking about strategic reserves for he's pretty vague on what exactly he wants them for, but he's putting this on the table as one pos possibility.

He is talking about low lower energy prices.

He is talking about

a more coordinated industrial approach.

And what we have been arguing is that basically in terms of the inflation governance, there's a huge gap in Europe because if you get shockflation, if you get

inflation that is actually triggered by major supply shocks or systemically significant sectors.

And then you respond, the only way to respond is by hiking interest rates.

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