Head of the Monetary Policy Research Division at the ECB. The views expressed here are my own. 🇪🇺🇮🇹
Joined February 2013
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3 Photos and videos
michele lenza retweeted
Jun 13
Patrimoniale? Lasciamo perdere.
Piuttosto: a parità di gettito, vogliamo diminuire (drasticamente) le imposte sul lavoro, aumentando quelle su immobili e successioni?
Possibile non ci sia una forza politica minimamente sensata che ponga il tema in questi termini?
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michele lenza retweeted
Jun 11
I don't know what Piketty, Stiglitz, and co. are smoking. Global poverty rates have never been lower. Progress on basic global health and wellbeing measures has been amazing over the past few decades. "End of the road"?!? Come again!?!
theguardian.com/commentisfre…
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michele lenza retweeted
Merz: "Ukraine has been defending its freedom for more than 4 years."
(AfD members laughing)
Merz: "That’s telling sign, ladies and gentlemen. They laugh about it, they laugh about fate of millions of people in Ukraine and they travel to Moscow for their champagne receptions."
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Jun 10
A great paper 👇👇👇👇👇
Highly relevant (again)!
"Strike while the Iron is Hot: Optimal Monetary Policy under State-Dependent Pricing" by Peter Karad, Anton Nakov, Galo Nuño, Ernesto Pastén, and Dominik Thaler.
"We characterize optimal monetary policy under state-dependent pricing. The framework gives rise to nonlinear inflation dynamics: large inflationary shocks trigger more frequent price adjustments, making the price level more flexible. Following large cost-push shocks, the central bank exploits this increased flexibility and curbs inflation more aggressively and at lower output cost than in standard time-dependent models. The optimal policy is well approximated by a nonlinear Taylor rule, in which the anti-inflationary stance increases more than proportionally with inflation. When faced with a total factor productivity shock — a shock to efficient output — the optimal policy maintains strict price stability."
conference.nber.org/conf_pap…
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michele lenza retweeted
🚨 HUMILIATION AT THE WORLD CUP: SENEGAL STARS TREATED LIKE CRIMINALS BY US BORDER THUGS
Senegal 🇸🇳 national team arrives in the US for #WorldCup2026 — and what do they get?
US authorities pulling them off the plane for aggressive bag searches, invasive checks, and public degradation right on the tarmac. Top African football giants disrespected like suspects.
This is not "security." This is racist arrogance from the host nation that lectures the world on fairness while treating African players like second-class humans.
Same America blocking referees, humiliating teams, and showing its true face to the Global South.
Senegal, Africa is with you. CAF and FIFA — speak up or remain useless puppets.
The World Cup belongs to the world, not to US ego and discrimination.
Expose this disgrace. Share widely.
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michele lenza retweeted
Care “primedonne” 😊 del famoso Centro- Godot della politica italiana. @marattin @micheleboldrin @CarloCalenda @matteorenzi @riccardomagi
Davanti a voi 2 potenziali leader aggreganti, donne visionarie:
E Fornero & P.Picierno
@pinapic @elsafornero
Vedete voi che dovete fare.
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michele lenza retweeted
Jun 4
The entire direction of the post-Cold War world is being decided in Ukraine. Either the free world shows it can defend itself from hostile dictatorships, allowing democracy and rights to flourish, or a descent into corruption, might makes right, and volatile spheres of power.
Jun 4
Garry Kasparov: Ukraine must win, and there is no other option for the future of Europe or the free world.
Putin is not on a trajectory to win. Ukraine has shifted the momentum, and the smart move now is to wait him out, The Telegraph. 1/
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May 27
What a disappointment, as a young PhD student, I found his papers quite inspiring
May 25
Nothing new. In Italy, during a talk show, he said he had been taken to Maidan by someone who pointed out the people who had been paid to organize a coup.
It's strange that he remembered this only 12 years later and forgot that on that same day in 2014, he had attended a press conference in Kyiv, where he hadn't mentioned this, had called Russia an aggressor state, and had even said he had offered his help to the Ukrainian government—the same one that, if what he says is true, he should have considered a coup plotter.
Sachs is just a pathetic liar, as well as a useful idiot.
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michele lenza retweeted
May 24
NYT out with a jaw dropping investigative report on the Commodity Futures Trading Commission. 60 Minutes reported last Sunday on some of this, too. The NYT report is a must-read, the 60 Minutes report should then be watched. 1/3
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michele lenza retweeted
May 22
Le Pen in France, AfD in Germany, Farage in the UK and Salvini in Italy - they are all admirers of Putin and potentially traitors to Europe.
May 22
Vladimir Poutine et Marine Le Pen sont parfaitement alignés.
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michele lenza retweeted
May 22
I am a US citizen, but I have never in my life been so disappointed with the US. The reasons are many:
1. The US people have elected a president who represent all the deadly sins. How could they do that? Are they so morally deprived?
2. Lying has been normalized. Trump made it the standard.
3. The US used to claim the non-partisan rule of law, but SCOTUS has been proven utterly corrupt & obedient to Trump.
4. The US used to boast about its checks and balances, but they don't exist. The republicans in Congress are obedient servants of one man.
5. The US used to oppose corruption, but the Trump crime family is probably the most corrupt ruling family in the world. How can SCOTUS & the republicans in Congress accept that?
6. The US used to be considered a democracy, but massive gerrymandering & voter discrimination make US elections not very democratic.
7. Reporters without Broders have rightly lowered the US to rank #64 in its sound World Press Freedom index. the US no longer has media freedom, because of extortion and oppression through defamation court cases.
8. The US used to be the security guarantee of the free world, but Trump only praises Xi Jingping, Putin, Lukashenko & Kim Jong Un.
Is the US able to extract itself from the Trump trap, in which it has fallen so deeply?
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May 23
They know it, the problem is that they approve it. Why? Do we know who finances AFD? And who finances other parties in Europe? European citizens should ask full disclosure on the source of financing of all expenses of the parties in their countries
“Putin harms the German people. Putin harms Europe. Putin is killing people in Europe.” - Jürgen Hardt, member of the German Bundestag from Christian Democratic Union of Germany (CDU), addressing the Alternative for Germany (AfD).
In the fifth year of the full-scale war in Europe, it is necessary to repeat the obvious things.
Russia started an unprovoked war against Ukraine.
Russia is a war-criminal state and a terrorist state.
Russia is a threat to Europe and to Germany.
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michele lenza retweeted
“Putin harms the German people. Putin harms Europe. Putin is killing people in Europe.” - Jürgen Hardt, member of the German Bundestag from Christian Democratic Union of Germany (CDU), addressing the Alternative for Germany (AfD).
In the fifth year of the full-scale war in Europe, it is necessary to repeat the obvious things.
Russia started an unprovoked war against Ukraine.
Russia is a war-criminal state and a terrorist state.
Russia is a threat to Europe and to Germany.
AfD leader, Alice Weidel:
“We consider Ukraine’s conduct of the war to be a major security risk, including for the Federal Republic of Germany.”
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michele lenza retweeted
May 15
As his term as Chair of the @federalreserve comes to an end, I wish Jerome Powell the very best.
I witnessed first-hand his great leadership, his focus on his mandate, and his unwavering commitment to the public interest. He is a role model and a standard-setter for many.
He will always be remembered.
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michele lenza retweeted
May 10
One master commenting on the work and influence of another cepr.org/voxeu/columns/chris…
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michele lenza retweeted
NYT: Russia is shipping drone parts to Iran through the Caspian Sea to help Tehran rebuild after reportedly losing around 60% of its drone arsenal in recent fighting, U.S. officials say.
Why does Trump keep giving Russia a pass?
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michele lenza retweeted
The U.S. has imposed sanctions on Chinese companies that supplied Iran with satellite imagery of U.S. military facilities in the Middle East — U.S. State Department.
Before you ask: while Russia did indeed commit the same crime—providing satellite imagery of U.S. bases to Iran, and even planning to supply Iran with 5,000 drones for attacks against U.S. soldiers—Trump would never take action against mass murderer Putin.
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michele lenza retweeted
📢Calling all young researchers! Don’t miss the chance to present your work at the @ecb Conference on Monetary Policy on 5-6 October 2026. Submit your paper by 15 May! ecb.europa.eu/press/conferen…
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May 8
Punto fondamentale, Tommaso. In generale, aggiungerei anche che alcuni percorsi scolastici che sembrano di successo magari lo sono solo per selection bias di studenti e docenti. Cosa sarebbero diventati quegli studenti con docenti di alto livello in altri percorsi scolastici?
In teoria il liceo *scientifico* italiano é la scuola perfetta. Tanta matematica/scienze, letteratura, filosofia, storia, fisica. Il mondo ideale.
Ma il punto dolente non è *che cosa* insegna questa magnifica scuola. Il punto é *come* la insegna.
Di questo dobbiamo discutere.
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michele lenza retweeted
May 7
Fiscal and financial dominance could erode central bank independence in the future, @Isabel_Schnabel says at @FMG_LSE. Preserving independence requires prudent fiscal and regulatory policies, as well as central banks remaining firmly within their mandates.
ecb.europa.eu/press/key/date…
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