Macro-Financial Strategist — Eurozone monetary systems, sovereign risk, and defence economics

Contact ~ CV ~ LinkedIn ~ ORCiD

I analyse how monetary and financial systems behave under stress -- where pressure builds, who absorbs it, and how the plumbing actually clears. My work sits where central-bank operations, sovereign debt, market structure, and industrial strategy meet, and I translate that structural view into decision-relevant analysis for policy, financial, and strategic audiences.

I am a PhD-level macro-financial economist working as a defence economist for the UKDSC (Ministry of Defence ecosystem), and an Associate Researcher at the Global Climate Forum in Berlin, where I build balance-sheet models for the OBFA-TRANSFORM Project and the Monetary Architecture Online Tool. I was previously a Lecturer in Economics at SOAS University of London, where I completed my PhD on monetary subordination in the Eurozone. I am a dual Italian–British national.

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What I do

My research and applied work run across three connected pillars. The common thread is a balance-sheet and market-structure lens applied to systems under stress.

1 · Eurozone monetary systems & sovereign risk

Core–periphery imbalances, TARGET2, collateral and repo markets, monetary subordination, and fragmentation risk. See Eurozone, Subordination, and GEGI Study.

2 · Balance-sheet modelling & debt management

Mapping monetary architectures through balance sheets, long-run financial-flow dynamics, and the political economy of debt management offices. See Balance-Sheet Modelling and Macro-Structures & DMO.

3 · Defence & security economics

Input-Output, gravity, stock-flow-consistent and VAR models of the defence-industrial base, supply-chain resilience, and the fiscal sustainability of defence spending. See Defence & Security Economics.

Explore all Research Projects · Publications · Talks & Conferences

Selected recent work

• Lapavitsas, C. & Giordano, M. (2026). "ECB monetary policy in a quandary", European Law Open.
• Giordano, M. (2025). "Monetary Subordination in the Eurozone: Pillars and Asymmetries", Competition & Change.
• Murau, S., Goghie, A. & Giordano, M. (2025). "Encumbered Security? Vertical and Horizontal Repos in the Euro Area", Journal of Financial Regulation.
• Murau, S. & Giordano, M. (2024). "Forging monetary unification through novation: the TARGET system", Socio-Economic Review.

Full list on Publications and ORCiD.

Affiliations

• UKDSC — UK Defence Solutions Centre
• Global Climate Forum, Berlin — Associate Researcher, OBFA-TRANSFORM
• SOAS University of London
• SPARCollective — Founding Member
• European Research Network on Economic and Social Policy (EReNSEP)
• Young Scholars Initiative (YSI), Institute for New Economic Thinking

Disclaimer

The content on this website — including research, publications, opinions, and other materials — represents my personal work and views. Nothing on this site should be interpreted as representing the views, positions, or policies of the UK Defence Solutions Centre (UKDSC), the Ministry of Defence, or any defence industry primes. All content is provided for informational and educational purposes only.