Outreach
Media coverage
Title TBD, Fondsfrauen Regional Meeting Luxembourg, (forthcoming) 24/10/2023, keynote [link]
Who benefits from a digital euro?, Luxembourg For Finance Portfolio, 03/07/2023, by J.-M. Lalieu [link]
Why do even online transfers sometimes take days? (Warum benötigen selbst Online-Überweisungen mitunter Tage?), Luxemburger Wort, 18/02/2023, by U. Hentschel [link]
CBDCs must be coupled with greater accountability, Financial Times – Alphaville, 02/07/2021, op-ed with L. Somoza and T. Terracciano [link]
The likely impact of central bank digital currencies on quantitative easing, London School of Economics Business Review, 27/04/2021, op-ed with L. Somoza and T. Terracciano [link]
Policy contribution
Written evidence for the House of Lords Economic Affairs Committee inquiry on Central Bank Digital Currencies (2021), with L. Somoza and T. Terracciano [link]
Consumers might have some benefits from lower transaction costs, faster payments, and increased competition.
A CBDC would change the relationship between the BoE and the banking sector, with the latter becoming even more dependent on the BoE.
The BoE would have a direct channel with consumers, thus being able to implement more effective and targeted monetary policies.
A CBDC might blur the line between monetary and fiscal policy, gradually shifting responsibilities from HM Treasury to the BoE.
Whether to introduce a CBDC is mainly a political decision over the role and powers of the BoE.
Discussing the implications of CBDC on quantitative easing with Fabio Panetta!
Photos by European Central Bank
ECB Forum on Central Banking 2022