Debate: The public digital money revolution (CBDC) – A different vision of money and banking

Miguel F. Ordonez, former Governor of the Bank of Spain, about “The public digital money revolution (CBDC) – A different vision of money and banking”. After his view about CBDC he was answering the participants questions.

Monetative e.V. – as a member organisation of the International Movement for Monetary Reform (IMMR) – was host of a free web conference from the series “Monetary and Economic Aspects of the Corona Crisis” on Thursday, October 15.

Key Quotes

“This is an interesting time. I never thought it could come so soon.”

“This interest in CBDC appears now when, just two years ago, the idea of public money accessible to all citizens was ignored by most central bankers, by finance ministers, and by most of the academic economists.”

“The most serious problems of our current system are the lack of stability, an indirect monetary policy and the lack of innovation and competition in the payments market.”

“The cause of the problems is that private money is not safe money. If we had safe money, we would not need all the protections and privileges that banks have, and we could also eliminate the prudential regulation with which regulators believe they can prevent bank failures.”

“When this phase of introducing public money into our system ends, when all citizens can use a digital euro, the benefits of moving from the current system to a different, safer and more liberalized system will be seen more clearly. And the debate, which is now focused on the introduction of public money, will focus on the design of the best transition formulas.”

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