A service of the


The value added of central bank digital currencies

Forum · Issue 3 · 2023
Inflation Strikes Back: How to Restore Control

Forum · Issue 2 · 2023
Rethinking Resource Efficiency: Europe’s Transition to a Circular Economy

Forum · Issue 1 · 2023
Tackling the European Energy Crisis

Editorial
Centralisation of European Fiscal Rules?

The European Commission’s recent proposal to reform the EU’s “economic governance rules” may lead to even greater political capture of budgetary surveillance at the European level, writes Thiess Büttner. It is also likely to damage existing enforcement structures.

Letter from America
Bidenomics

Bidenomics means different things to different people. It also seems to mean different things to President Biden. This lack of clear definition is part of why Biden receives little credit for his handling of the economy, writes Barry Eichengreen.  

CBDC
China’s Digital Currency

While the development of e-CNY does not in itself lead to the erosion of the dollar’s dominance, Chinese payments infrastructure can be weaponized, writes Ananya Kumar. Punitive economic measures have and will continue to enhance the usability of Chinese financial architecture by other countries.

Forum
Reversing the Great Monetary Expansion

After much complacency about the prospect that the expansionary era may last forever, the abrupt and strong change of direction raises controversies which may put the reputation and the popular support of central banks at risk. Ignazio Angeloni discusses how to deal with the balance sheet of the ECB.

France
The 2023 Pension Reform

The objective of the 2023 pension reform is more modest than that of the previous reform attempt: it mainly aims to eliminate the projected deficit in the pension system by 2030. However, it is difficult to do this in a way that is perceived as fair for all, write Hervé Boulhol and Monika Queisser.

Strategic Autonomy
The EU’s Quest for Strategic Raw Materials

With demand for raw materials increasing and geopolitical tensions intensifying, the need for a regulatory framework, particularly for domestic mining and recycling, has become a precondition for the EU to achieve security of supply, write Edoardo Righetti and Vasileios Rizos.

Quote of the Month

"The rapid increase in the interest in CBDCs coincides with a visible increase in the deployment of economic statecraft tools since March 2022, when access to the reserves of the Central Bank of Russia were blocked by the G7. This decision and subsequent sanctions on Russia have come to add to the threat of fragmentation in the global financial system."

Maria Demertzis and Josh Lipsky

The Geopolitics of Central Bank Digital Currencies

Current Issue

Volume 58
2023
Issue 4

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Figure of the Month

Potential price cap violations in Q1 2023

While measures targeting Russian energy exports, in particular crude oil and oil products, have had a noticeable impact, evidence for potentially widespread violations of the price cap regime is emerging.