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A book on CBDCs

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"An interesting sign of the change of the 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."

The book  CBDCs: Considerations, Projects and Perspectives just released by CEPR is a balanced compendium of current thinking about digital public money and other possible money and payment service reforms.

Editor Dirk Niepelt believes that while a consensus on good CBDC design has not been reached, some common perspectives can be detected. First, that money, banking and payments are ready for a sea change, with or without CBDC. Second, it's not clear that CBDC's biggest risk is banking disintermediation - privacy, politics, and information may be more important. Third, the CBDC “use case” needs to be clarified on a country-by-country basis. And fourth, parliaments and voters should have the last word.

Niepelt makes a good summary of the different texts in this  article in VOX eu.

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.

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About the Author

Miguel A. Fernández Ordóñez

Miguel A. Fernández Ordóñez

State economist. Former Governor of the Bank of Spain and member of the Governing Council of the European Central Bank (ECB). He currently teaches Seminars on Monetary Policy and Financial Regulation at IEUniversity.

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