es Español


Blog Secure Digital Money (CBDC)

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 Digital Euro in Parliament

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

Read >>

A Conversation about Digital Money

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.

Read >>

A book on CBDCs

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.

Read >>

The Stablecoin Debate

"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."

Read >>

The Regulation of "Stablecoins

The regulation of "Stablecoins" is a recognition of the role that these "coins" must have in the money reform that is being debated around the world.

Read >>

Banking and the Market

The dependence of European companies on bank financing is excessive and this hinders their access to their own funds or new external financing.
The objective of the European Union is to reduce the percentage weight of the banking sector. And the model is the US market, where only between 8% and 12% of corporate liabilities is bank debt, compared to 30% in the EU.

Read >>

The digital Euro is the safest money.

Public money is safer than private money: like euro banknotes, a digital euro will be a liability of the ECB and therefore has no risk: no liquidity risk, no credit risk, no market risk.

Read >>

The Economist on CBDC

"A world without banks is on the horizon." "Governments and financial institutions must prepare for a far-reaching change in how money works"

Read >>


Miguel A. Fernandez Ordonez

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.


Fill out the form and someone from our team will contact you shortly.