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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 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.

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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"

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Miguel A. Fernández Ordóñez

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.


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