Paweł Tokarski
@tokarski.bsky.social
Currency and politics in the EU, #eurozone with a focus on France and Italy @ SWP Berlin.
PhD in economics, College of Europe (Natolin) Alumnus
Views expressed are my own
PhD in economics, College of Europe (Natolin) Alumnus
Views expressed are my own
Pinned
Europe’s fiscal–geopolitical vicious circle
Europe’s growing debt burden and geopolitical tensions are reinforcing each other: A lack of fiscal space is weakening the European Union’s...
www.swp-berlin.org
Fiscal fragility meets geopolitical stress:
Europe’s debt burden is curbing its strategic autonomy, while global tensions push spending even higher.
Read my latest piece 👇
www.swp-berlin.org/en/publicati...
Europe’s debt burden is curbing its strategic autonomy, while global tensions push spending even higher.
Read my latest piece 👇
www.swp-berlin.org/en/publicati...
Reposted by Paweł Tokarski
When politicians try to redefine who “owns” a nation’s gold, they can turn it into a tempting populistic tool.
With the 2027 elections on the horizon, that kind of move risks making the country’s gold part of the campaign game instead of keeping it safely above politics.
www.ft.com/content/123c...
With the 2027 elections on the horizon, that kind of move risks making the country’s gold part of the campaign game instead of keeping it safely above politics.
www.ft.com/content/123c...
Giorgia Meloni’s party pushes to declare Italy’s gold ‘property of the people’
Country’s central bank says it owns the reserves to ‘boost confidence’ in its financial system and in the euro
www.ft.com
December 4, 2025 at 8:35 AM
When politicians try to redefine who “owns” a nation’s gold, they can turn it into a tempting populistic tool.
With the 2027 elections on the horizon, that kind of move risks making the country’s gold part of the campaign game instead of keeping it safely above politics.
www.ft.com/content/123c...
With the 2027 elections on the horizon, that kind of move risks making the country’s gold part of the campaign game instead of keeping it safely above politics.
www.ft.com/content/123c...
When politicians try to redefine who “owns” a nation’s gold, they can turn it into a tempting populistic tool.
With the 2027 elections on the horizon, that kind of move risks making the country’s gold part of the campaign game instead of keeping it safely above politics.
www.ft.com/content/123c...
With the 2027 elections on the horizon, that kind of move risks making the country’s gold part of the campaign game instead of keeping it safely above politics.
www.ft.com/content/123c...
Giorgia Meloni’s party pushes to declare Italy’s gold ‘property of the people’
Country’s central bank says it owns the reserves to ‘boost confidence’ in its financial system and in the euro
www.ft.com
December 4, 2025 at 8:35 AM
When politicians try to redefine who “owns” a nation’s gold, they can turn it into a tempting populistic tool.
With the 2027 elections on the horizon, that kind of move risks making the country’s gold part of the campaign game instead of keeping it safely above politics.
www.ft.com/content/123c...
With the 2027 elections on the horizon, that kind of move risks making the country’s gold part of the campaign game instead of keeping it safely above politics.
www.ft.com/content/123c...
Amazing
Data centres are energy hungry but what if we could use their waste heat to heat our homes?
That's exactly what happens in places like Finland: Cities are tapping the vast amounts of waste heat generated by data centres, and feeding it into district-heating networks.
That's exactly what happens in places like Finland: Cities are tapping the vast amounts of waste heat generated by data centres, and feeding it into district-heating networks.
December 3, 2025 at 2:30 PM
Amazing
Reposted by Paweł Tokarski
Listening to #Lagarde in the ECON. TPI (tool for targeted bond purchases) ... "may be activated to counteract unwarranted, disorderly market dynamics."
The problem is that the dynamics of the #French debt market, for example, have been fully justified.
#ECB
The problem is that the dynamics of the #French debt market, for example, have been fully justified.
#ECB
This afternoon, from 14.30 CET, Christine Lagarde, @president.ecb.europa.eu, will participate in the last Monetary Dialogue of 2025 in the @econ.europarl.europa.eu committee.
More information: www.europarl.europa.eu/committees/e...
Livestream: multimedia.europarl.europa.eu/en/webstream...
More information: www.europarl.europa.eu/committees/e...
Livestream: multimedia.europarl.europa.eu/en/webstream...
December 3, 2025 at 1:58 PM
Listening to #Lagarde in the ECON. TPI (tool for targeted bond purchases) ... "may be activated to counteract unwarranted, disorderly market dynamics."
The problem is that the dynamics of the #French debt market, for example, have been fully justified.
#ECB
The problem is that the dynamics of the #French debt market, for example, have been fully justified.
#ECB
This afternoon, from 14.30 CET, Christine Lagarde, @president.ecb.europa.eu, will participate in the last Monetary Dialogue of 2025 in the @econ.europarl.europa.eu committee.
More information: www.europarl.europa.eu/committees/e...
Livestream: multimedia.europarl.europa.eu/en/webstream...
More information: www.europarl.europa.eu/committees/e...
Livestream: multimedia.europarl.europa.eu/en/webstream...
December 3, 2025 at 1:58 PM
Reposted by Paweł Tokarski
Hold on a minute! Wasn't Ukraine supposed to be corrupt?
What message are we sending outside, when the rector of the prestigious College of Europe — the institution that educates future EU officials — ends up in detention?
www.politico.eu/article/belg...
What message are we sending outside, when the rector of the prestigious College of Europe — the institution that educates future EU officials — ends up in detention?
www.politico.eu/article/belg...
EU’s Mogherini and Sannino in custody in fraud probe
European prosecutor says it has “strong suspicions” competition rules were breached in awarding contract to run training academy for diplomats.
www.politico.eu
December 3, 2025 at 12:40 PM
Hold on a minute! Wasn't Ukraine supposed to be corrupt?
What message are we sending outside, when the rector of the prestigious College of Europe — the institution that educates future EU officials — ends up in detention?
www.politico.eu/article/belg...
What message are we sending outside, when the rector of the prestigious College of Europe — the institution that educates future EU officials — ends up in detention?
www.politico.eu/article/belg...
Hold on a minute! Wasn't Ukraine supposed to be corrupt?
What message are we sending outside, when the rector of the prestigious College of Europe — the institution that educates future EU officials — ends up in detention?
www.politico.eu/article/belg...
What message are we sending outside, when the rector of the prestigious College of Europe — the institution that educates future EU officials — ends up in detention?
www.politico.eu/article/belg...
EU’s Mogherini and Sannino in custody in fraud probe
European prosecutor says it has “strong suspicions” competition rules were breached in awarding contract to run training academy for diplomats.
www.politico.eu
December 3, 2025 at 12:40 PM
Hold on a minute! Wasn't Ukraine supposed to be corrupt?
What message are we sending outside, when the rector of the prestigious College of Europe — the institution that educates future EU officials — ends up in detention?
www.politico.eu/article/belg...
What message are we sending outside, when the rector of the prestigious College of Europe — the institution that educates future EU officials — ends up in detention?
www.politico.eu/article/belg...
Reposted by Paweł Tokarski
The National Bank of Poland (NBP) is the only central bank in an EU country to have given Ukraine a hand, opening a swap line for the National Bank of Ukraine up to USD 1 billion straight after Russia invaded.
Under the #ECB’s current legal framework, one conclusion is unavoidable: the central bank of the world’s second-most used currency cannot help Ukraine — not because it won’t, but because it legally can’t.
www.ft.com/content/616c...
www.ft.com/content/616c...
ECB refuses to provide backstop for €140bn Ukraine loan
Central bank rejects role in European Commission proposal that would use frozen Russian assets
www.ft.com
December 2, 2025 at 11:51 AM
The National Bank of Poland (NBP) is the only central bank in an EU country to have given Ukraine a hand, opening a swap line for the National Bank of Ukraine up to USD 1 billion straight after Russia invaded.
The National Bank of Poland (NBP) is the only central bank in an EU country to have given Ukraine a hand, opening a swap line for the National Bank of Ukraine up to USD 1 billion straight after Russia invaded.
Under the #ECB’s current legal framework, one conclusion is unavoidable: the central bank of the world’s second-most used currency cannot help Ukraine — not because it won’t, but because it legally can’t.
www.ft.com/content/616c...
www.ft.com/content/616c...
ECB refuses to provide backstop for €140bn Ukraine loan
Central bank rejects role in European Commission proposal that would use frozen Russian assets
www.ft.com
December 2, 2025 at 11:51 AM
The National Bank of Poland (NBP) is the only central bank in an EU country to have given Ukraine a hand, opening a swap line for the National Bank of Ukraine up to USD 1 billion straight after Russia invaded.
Reposted by Paweł Tokarski
Under the #ECB’s current legal framework, one conclusion is unavoidable: the central bank of the world’s second-most used currency cannot help Ukraine — not because it won’t, but because it legally can’t.
www.ft.com/content/616c...
www.ft.com/content/616c...
ECB refuses to provide backstop for €140bn Ukraine loan
Central bank rejects role in European Commission proposal that would use frozen Russian assets
www.ft.com
December 2, 2025 at 11:42 AM
Under the #ECB’s current legal framework, one conclusion is unavoidable: the central bank of the world’s second-most used currency cannot help Ukraine — not because it won’t, but because it legally can’t.
www.ft.com/content/616c...
www.ft.com/content/616c...
Under the #ECB’s current legal framework, one conclusion is unavoidable: the central bank of the world’s second-most used currency cannot help Ukraine — not because it won’t, but because it legally can’t.
www.ft.com/content/616c...
www.ft.com/content/616c...
ECB refuses to provide backstop for €140bn Ukraine loan
Central bank rejects role in European Commission proposal that would use frozen Russian assets
www.ft.com
December 2, 2025 at 11:42 AM
Under the #ECB’s current legal framework, one conclusion is unavoidable: the central bank of the world’s second-most used currency cannot help Ukraine — not because it won’t, but because it legally can’t.
www.ft.com/content/616c...
www.ft.com/content/616c...
And the search for excuses to not support Ukraine begins.
Ey @tagesspiegel.de , wann hattet Ihr die Titelseite mit "Wie korrupt ist Putin?" oder "Wie korrupt ist Trump?" Merkt Ihr selbst, ja?!
December 2, 2025 at 10:33 AM
And the search for excuses to not support Ukraine begins.
Reposted by Paweł Tokarski
Finland once faced the Soviet Union alone: 3.7 M vs. 170 M people.
Today, even without the US, NATO’s members count around 750 M citizens — yet we still hesitate in fear of Russia.
Today, even without the US, NATO’s members count around 750 M citizens — yet we still hesitate in fear of Russia.
86 years ago soviet union attacked and Winter War started. soviet union thought they can invade Finland in two weeks. Winter War lasted 105 days, we kept our independence, although the price was high. Keeping our democracy has been cornerstone for us as a free nation and who we are today.
December 1, 2025 at 4:05 PM
Finland once faced the Soviet Union alone: 3.7 M vs. 170 M people.
Today, even without the US, NATO’s members count around 750 M citizens — yet we still hesitate in fear of Russia.
Today, even without the US, NATO’s members count around 750 M citizens — yet we still hesitate in fear of Russia.
Finland once faced the Soviet Union alone: 3.7 M vs. 170 M people.
Today, even without the US, NATO’s members count around 750 M citizens — yet we still hesitate in fear of Russia.
Today, even without the US, NATO’s members count around 750 M citizens — yet we still hesitate in fear of Russia.
86 years ago soviet union attacked and Winter War started. soviet union thought they can invade Finland in two weeks. Winter War lasted 105 days, we kept our independence, although the price was high. Keeping our democracy has been cornerstone for us as a free nation and who we are today.
December 1, 2025 at 4:05 PM
Finland once faced the Soviet Union alone: 3.7 M vs. 170 M people.
Today, even without the US, NATO’s members count around 750 M citizens — yet we still hesitate in fear of Russia.
Today, even without the US, NATO’s members count around 750 M citizens — yet we still hesitate in fear of Russia.
Reposted by Paweł Tokarski
RN is again floating the idea of the ECB buying French debt.
The rest of the eurozone will be thrilled to help finance retirement in France at 62.
www.lemonde.fr/politique/ar...
The rest of the eurozone will be thrilled to help finance retirement in France at 62.
www.lemonde.fr/politique/ar...
« Ouvrir une discussion avec la BCE » sur la dette française : les dessous de l’incertain projet de Jordan Bardella
Selon le député du Rassemblement national Jean-Philippe Tanguy, un gouvernement RN pourrait adopter un plan d’économies drastique en échange d’un rachat de la dette française par la Banque centrale eu...
www.lemonde.fr
December 1, 2025 at 10:35 AM
RN is again floating the idea of the ECB buying French debt.
The rest of the eurozone will be thrilled to help finance retirement in France at 62.
www.lemonde.fr/politique/ar...
The rest of the eurozone will be thrilled to help finance retirement in France at 62.
www.lemonde.fr/politique/ar...
RN is again floating the idea of the ECB buying French debt.
The rest of the eurozone will be thrilled to help finance retirement in France at 62.
www.lemonde.fr/politique/ar...
The rest of the eurozone will be thrilled to help finance retirement in France at 62.
www.lemonde.fr/politique/ar...
« Ouvrir une discussion avec la BCE » sur la dette française : les dessous de l’incertain projet de Jordan Bardella
Selon le député du Rassemblement national Jean-Philippe Tanguy, un gouvernement RN pourrait adopter un plan d’économies drastique en échange d’un rachat de la dette française par la Banque centrale eu...
www.lemonde.fr
December 1, 2025 at 10:35 AM
RN is again floating the idea of the ECB buying French debt.
The rest of the eurozone will be thrilled to help finance retirement in France at 62.
www.lemonde.fr/politique/ar...
The rest of the eurozone will be thrilled to help finance retirement in France at 62.
www.lemonde.fr/politique/ar...
Reposted by Paweł Tokarski
The FT is hunting for the killer of the EU’s single market — and it turns out there’s more than one suspect.
www.ft.com/content/cbfd...
www.ft.com/content/cbfd...
Who killed Europe’s single market dream?
A decades-long effort to tear down internal trade barriers has stalled, leaving the EU economy ‘tagging along behind’
www.ft.com
December 1, 2025 at 10:18 AM
The FT is hunting for the killer of the EU’s single market — and it turns out there’s more than one suspect.
www.ft.com/content/cbfd...
www.ft.com/content/cbfd...
The FT is hunting for the killer of the EU’s single market — and it turns out there’s more than one suspect.
www.ft.com/content/cbfd...
www.ft.com/content/cbfd...
Who killed Europe’s single market dream?
A decades-long effort to tear down internal trade barriers has stalled, leaving the EU economy ‘tagging along behind’
www.ft.com
December 1, 2025 at 10:18 AM
The FT is hunting for the killer of the EU’s single market — and it turns out there’s more than one suspect.
www.ft.com/content/cbfd...
www.ft.com/content/cbfd...
Reposted by Paweł Tokarski
Today, Polish-German government consultations are taking place in Berlin. The relationship is complex — partly due to mistakes on the German side. Yet in Poland, anti-German rhetoric has unfortunately been a central theme of the current opposition’s political strategy.
www.zeit.de/politik/deut...
www.zeit.de/politik/deut...
Deutsch-polnische Regierungskonsultationen: Minister Deutschlands und Polens beraten in Berlin
Im Kanzleramt kommen deutsche Minister mit ihren polnischen Amtskollegen zusammen. Auf der Agenda stehen wirtschaftliche und sicherheitspolitische Themen.
www.zeit.de
December 1, 2025 at 10:09 AM
Today, Polish-German government consultations are taking place in Berlin. The relationship is complex — partly due to mistakes on the German side. Yet in Poland, anti-German rhetoric has unfortunately been a central theme of the current opposition’s political strategy.
www.zeit.de/politik/deut...
www.zeit.de/politik/deut...
Today, Polish-German government consultations are taking place in Berlin. The relationship is complex — partly due to mistakes on the German side. Yet in Poland, anti-German rhetoric has unfortunately been a central theme of the current opposition’s political strategy.
www.zeit.de/politik/deut...
www.zeit.de/politik/deut...
Deutsch-polnische Regierungskonsultationen: Minister Deutschlands und Polens beraten in Berlin
Im Kanzleramt kommen deutsche Minister mit ihren polnischen Amtskollegen zusammen. Auf der Agenda stehen wirtschaftliche und sicherheitspolitische Themen.
www.zeit.de
December 1, 2025 at 10:09 AM
Today, Polish-German government consultations are taking place in Berlin. The relationship is complex — partly due to mistakes on the German side. Yet in Poland, anti-German rhetoric has unfortunately been a central theme of the current opposition’s political strategy.
www.zeit.de/politik/deut...
www.zeit.de/politik/deut...
Reposted by Paweł Tokarski
Re-opening the global economy to Russia = rebuilding Putin’s army.
Europe and the US are no longer aligned on core security interests.
www.wsj.com/world/russia...
Europe and the US are no longer aligned on core security interests.
www.wsj.com/world/russia...
Make Money Not War: Trump’s Real Plan for Peace in Ukraine
The Kremlin pitched the White House on peace through business. To Europe’s dismay, the president and his envoy are on board.
www.wsj.com
November 29, 2025 at 4:52 PM
Re-opening the global economy to Russia = rebuilding Putin’s army.
Europe and the US are no longer aligned on core security interests.
www.wsj.com/world/russia...
Europe and the US are no longer aligned on core security interests.
www.wsj.com/world/russia...
Re-opening the global economy to Russia = rebuilding Putin’s army.
Europe and the US are no longer aligned on core security interests.
www.wsj.com/world/russia...
Europe and the US are no longer aligned on core security interests.
www.wsj.com/world/russia...
Make Money Not War: Trump’s Real Plan for Peace in Ukraine
The Kremlin pitched the White House on peace through business. To Europe’s dismay, the president and his envoy are on board.
www.wsj.com
November 29, 2025 at 4:52 PM
Re-opening the global economy to Russia = rebuilding Putin’s army.
Europe and the US are no longer aligned on core security interests.
www.wsj.com/world/russia...
Europe and the US are no longer aligned on core security interests.
www.wsj.com/world/russia...
Reposted by Paweł Tokarski
Europe’s dependence on US payment infrastructure contrasts sharply with China’s home-grown systems like UnionPay and Alipay.
A reminder that digital sovereignty is a policy choice.
#UE #US #China
A reminder that digital sovereignty is a policy choice.
#UE #US #China
The sanctioning of a French ICC judge is a reminder of how exposed Europe remains to U.S. technological and financial infrastructure. Dependence on American firms is a geopolitical vulnerability
#EU #US
www.lemonde.fr/internationa...
#EU #US
www.lemonde.fr/internationa...
La vie de Nicolas Guillou, juge français de la CPI sous sanctions des Etats-Unis : « Vous êtes interdit bancaire sur une bonne partie de la planète »
Six juges et trois procureurs de la Cour pénale internationale ont été placés sous sanctions par l’administration Trump. Dans un entretien au « Monde », le magistrat raconte le poids de ces mesures su...
www.lemonde.fr
November 27, 2025 at 8:57 AM
Reposted by Paweł Tokarski
The trajectory is clear at this stage: the Ukrainians are becoming weaker and unable to stabilise the front line.
Their main problem is not a lack of weapons, but a lack of manpower.
A very interesting interview with leading OSINT expert Konrad Muzyka (in PL).
wiadomosci.gazeta.pl/swiat/7,1980...
Their main problem is not a lack of weapons, but a lack of manpower.
A very interesting interview with leading OSINT expert Konrad Muzyka (in PL).
wiadomosci.gazeta.pl/swiat/7,1980...
Regularnie wizytuje region walk: "To jest teraz wojna małej armii sowieckiej z dużą armią sowiecką"
- Na tym etapie trajektoria jest jednoznaczna, trzeba to sobie jasno powiedzieć. Ukraińcy słabną i nie mają możliwości stabilizacji linii frontu - mówi Gazeta.pl Konrad Muzyka. Analityk od początku wo...
wiadomosci.gazeta.pl
November 27, 2025 at 12:32 PM
The trajectory is clear at this stage: the Ukrainians are becoming weaker and unable to stabilise the front line.
Their main problem is not a lack of weapons, but a lack of manpower.
A very interesting interview with leading OSINT expert Konrad Muzyka (in PL).
wiadomosci.gazeta.pl/swiat/7,1980...
Their main problem is not a lack of weapons, but a lack of manpower.
A very interesting interview with leading OSINT expert Konrad Muzyka (in PL).
wiadomosci.gazeta.pl/swiat/7,1980...
The trajectory is clear at this stage: the Ukrainians are becoming weaker and unable to stabilise the front line.
Their main problem is not a lack of weapons, but a lack of manpower.
A very interesting interview with leading OSINT expert Konrad Muzyka (in PL).
wiadomosci.gazeta.pl/swiat/7,1980...
Their main problem is not a lack of weapons, but a lack of manpower.
A very interesting interview with leading OSINT expert Konrad Muzyka (in PL).
wiadomosci.gazeta.pl/swiat/7,1980...
Regularnie wizytuje region walk: "To jest teraz wojna małej armii sowieckiej z dużą armią sowiecką"
- Na tym etapie trajektoria jest jednoznaczna, trzeba to sobie jasno powiedzieć. Ukraińcy słabną i nie mają możliwości stabilizacji linii frontu - mówi Gazeta.pl Konrad Muzyka. Analityk od początku wo...
wiadomosci.gazeta.pl
November 27, 2025 at 12:32 PM
The trajectory is clear at this stage: the Ukrainians are becoming weaker and unable to stabilise the front line.
Their main problem is not a lack of weapons, but a lack of manpower.
A very interesting interview with leading OSINT expert Konrad Muzyka (in PL).
wiadomosci.gazeta.pl/swiat/7,1980...
Their main problem is not a lack of weapons, but a lack of manpower.
A very interesting interview with leading OSINT expert Konrad Muzyka (in PL).
wiadomosci.gazeta.pl/swiat/7,1980...