This European survey examines (a) Without a retail central bank digital currency (CBDC), Europe risks a further loss of control over its monetary system to foreign payment service providers, including US Big Tech platforms and US stablecoin issuers; b) Without a credible, modern wholesale settlement solution in central bank money - whether via a wholesale CBDC or equivalent infrastructure - Europe risks a further erosion of payments autonomy
Keyword: central banks
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ideas illegal activities immigrant visas immigration import duties import restrictions imports impossibility theorem incentives inclusion income inequality income support income tax increasing returns to scale incumbents independent regulatory agencies index funds indexing industrial polic industrial policy Industrial Revolution inequality inflation inflation expectations inflation target inflation-indexed bonds inflation-linked bonds information infrastructure innovation input prices inside information Instagram institutional investors institutions insurance insurance premiums Intel intellectual property interdependence interest rate caps interest rates interest-bearing assets intergenerational mobility intermediate goods intermediation international agreements International Energy Agency international monetary system internet internet: profits investment investment grade investment management investment policy investment portfolio investment returns invisible hand Iran Ireland Italy
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NAFTA Nash equilibrium National Academy of Sciences national debt national security natural disasters natural gas natural resources net neutrality net zero Netherlands network externalities new entry New York Nippon Steel Nobel Prize Nobel Prize in Economic Sciences Nobel Prize in Economics non-bank financial intermediaries non-compete clauses non-tariff barriers Northern Ireland Norway nudge policies
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This Finance survey examines (a) The markets for consumer and business payment services would be substantially more efficient if payments by stablecoins (privately issued digital tokens pegged to a fiat currency) became an accepted alternative to traditional payments; b) Ten years from now, stablecoins will account for a substantial share of payment flows and deposits in the global banking system
This US survey examines (a) A sustained decline in the dollar's market share in the global economy will mean that US consumers are substantially worse off than they otherwise would be; (b) A permanently weaker dollar would substantially raise the US government's cost of financing its deficits
This Finance survey examines (a) The US dollar's status as the dominant reserve currency substantially raises its value; (b) US-led policy interventions that discouraged central banks from holding US treasury securities would substantially diminish the dollar's reserve currency status, (c) US-led policy interventions that led to a sustained weakening in the dollar would substantially damage the US government's ability to finance its deficits
This Finance survey examines that it seems likely that Japanese authorities intervened in the foreign exchange market recently to prop up the yen – see, for example: https://www.ft.com/content/455784ec-0465-46ee-8c73-fc5ce3e31c37. In such circumstances, intervention refers to purchases or sales of domestic or foreign currency without changing the monetary policy stance (a) Large-scale intervention by public authorities in currency markets can move exchange rates substantially (b) The effectiveness of foreign exchange interventions can last beyond one month
This US survey examines (a) Non-bank financial intermediaries pose a substantial threat to financial stability; (b) Regulating the leverage and liquidity of non-bank financial intermediaries would substantially improve financial stability; (c) Given current regulations, non-bank financial intermediaries should not have access to central bank support
This European survey examines (a) Non-bank financial intermediaries pose a substantial threat to financial stability; (b) Regulating the leverage and liquidity of non-bank financial intermediaries would substantially improve financial stability; (c) Given current regulations, non-bank financial intermediaries should not have access to central bank support
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