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The Great Crisis has brought about an extraordinary increase in banking regulation and the intervention of central banks, but it has not changed the money creation system. Some scholars propose moving from the current system of fragile money creation by commercial banks to a system of public money issued by central banks (CBDC) that would allow the liberalization of banking activities. This Blog provides information on these monetary and financial reforms.
the beginning of a process that will end in the most important economic reform of the 21st century: the liberalization of payment services and financing of the economy,
Central banks and governments see the future relationship between CBDCs and bank deposits as one of peaceful coexistence rather than a competitive struggle to be the dominant currency.
The most important benefit of using safe money is not stability but the introduction of the free market in banking activities
Banks do not operate with the rules of the market. They need a radical change
A digital euro must guarantee access to central bank money for users in the euro area, must be secure and resilient, guarantee a high level of privacy, be easy and convenient to use, and widely accessible to the public.
Paul De Grauwe is one of the few academic economists who dares to question some aspects of the current monetary and banking system. In a world in which “copy and paste” abounds, which reiterates that what exists is rational, his reflections are appreciated, in which he usually raises how things could be better than what they are.
The most important economic effects of CBDCs will be to safeguard the stability of our economies and to introduce a free market and competition regime in the provision of payment and credit services.
Both the Digital Euro and other CBDCs (public and safe money), as well as Stable Coins (Stablecoins) backed 100% by safe money, are very valuable alternatives to bank deposits
We must distinguish between the mistakes of the central bankers and the difficulties of implementing monetary policy in a system like the current one
Dissemination work is going to become an essential task and this IMF document is an excellent example
CIRCLE's Euro Coin is going to stimulate the debate on the regulation of the three digital currencies: CBDCs, Stablecoins and bank deposits.
We are at the beginning of a profound transformation of the current money system, payment services, credits and other financial activities.
9 out of 10 central banks are exploring central bank digital currencies (CBDCs), and more than half of banks are developing them or conducting concrete experiments.
Some 40 central banks believe that secure digital money will work in their countries within six years.
Stablecoins backed XNUMX% by public money solve the problems of microeconomic and macroeconomic stability that current fractional banking generates and do not have the problems that arise when leaving the creation of money in the hands of private companies.
The economic boom that
such a simple change can mean for the real economy of companies and families
is undoubtedly a horizon that, in a world that is going backwards on so many fronts, should make us recover
the trust.
A pragmatic vision of the public and the private does not consist in asking whether there should be more or less Market or more or less State, but in leaving to the Market and the State what they know how to do best.
Stablecoins, properly regulated, can perfectly coexist with CBDCs, whose objective is to facilitate access to public and secure digital money for all citizens and companies. But they will have an impact on the current deposit institutions, so it will be reasonable to design a smooth transition from the current system to the new system of money and payment services.
“We should ask ourselves if the disintermediation of private banks by CBDCs is a risk to be mitigated or what should be achieved with secure digital money (CBDC).”
the best advantage of accepting only
Stablecoins backed 100% by central bank money is that we would save a
lot of regulations
In the same way that has happened with the liberalization of other regulated monopolies, competition in payment services will not only ensure that current services are better provided, but new services will emerge that today we cannot even imagine
The digital money drama has three players: 1. Public Digital Money (CBDC), 2. Stablecoins, and 3. Bank Deposits, which is now the massively used digital currency around the world.
An interesting sign of the change of times is that the authors who until very recently were furious enemies of the idea of opening access to digital public money to all citizens and companies, have gone from attacks to doubts.
"Innovation in payments services, and the competition it generates, is good for consumers." Stablecoins are a new version of something older and more familiar: the bank deposit. " State support for banks "does not come for free ... they have costs ... they limit free entry into the markets in which banks operate." "Regulation and supervision protect banks from direct competition."
It is enough to think that less than two years ago the working group had not yet been created in the Eurosystem to get an idea of the speed and acceleration of the work of the digital Euro
State economist. He has been Secretary of State for the Economy, Trade and Finance and Budgets, President of the Court for the Defense of Competition and the Electricity Commission (CSEN). Between 2006 and 2012, he was Governor of the Bank of Spain and a member of the Governing Council of the European Central Bank (ECB). He currently teaches Seminars on Monetary Policy and Financial Regulation at IEUniversity. His latest book, “Adios a los Bancos”, is dedicated to public digital money (CBDC) and the liberalization of the financial system.
