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The IMF is frequently approached by central banks seeking guidance on the balance between central bank digital currency (CBDC), fast payment systems (FPS), and electronic money (e-money) solutions. Common questions arising include: Do central banks need a CBDC when already equipped with other well-established digital payments systems? For central banks with less-developed solutions: Should central banks establish one system over the other? This discussion is then compounded by the reality of constrained resources. This note focuses on the comparison of retail CBDC—that is, the presence of digital central bank money available to the general public—with FPS and e-money systems from a payme...
The paper briefs the Executive Board on the further considerations on CBDC. These cover the positioning of CBDC in the payments landscape, cyber resilience of the CBDC ecosystem, CBDC adoption, CBDC data use and privacy protection, implications for monetary policy operations, and cross-border payments with retail CBDC.
This book provides a critical analysis of The European Union’s regulatory framework for mobile payments and bitcoin. Chapters discuss the creation of the EU single market for e-payments and combine legal analysis with comparative case studies in their exploration of the regulatory challenges surrounding e-payments. The contributing authors analyse the key economic and legal issues of the development of bitcoin and mobile payments within the EU framework through a comparative lens. They cover topics ranging from user data and funds protection and the stability of the payment system to the competitiveness of the EU market. Providing a comprehensive and methodological guide to the bitcoin and mobile payments in Europe, this book will prove an illuminating and informative read for academics, students and policy makers with an interest in the impact of innovation on payment systems.
Growth is moderating following a strong post-pandemic rebound, and inflation is easing. The near-term challenge is to resume fiscal consolidation following a temporary easing, and to ensure that inflation—which has recently returned to the target band—does not reignite amid external risks and domestic pressures. In the medium to long term, Azerbaijan’s biggest challenge is to reduce dependence on the hydrocarbon sector and advance private sector-led economic diversification.
Central Bank Digital Currency and Financial Inclusion
An examination of the debates on European Central Bank monetary policy, focusing on issues of transparency, credibility, and accountability and the effect of the ECB's decentralized structure. The adoption of the euro in 1999 by 11 member states of the European Union created a single currency area second in economic size only to the United States. The euro zone's monetary policy is now set by the European Central Bank (ECB) and its Governing Council rather than by individual national central banks. This CESifo volume examines issues that have arisen in the first years of ECB monetary policy and analyzes the effect that current ECB policy strategy and structures may have in the future. After ...
What are the basic principles underlying European Community Law? Although no one seeks a purely descriptive answer to this question, the discussion it gives rise to is of immense significance both for theoretical legal studies and for legal practice. Over the years, scholars have convened from time to time to re-examine the question in the light of new developments. This important volume offers insights and findings of the latest such conference, held at Stockholm in March 2007, and sponsored by the Swedish Network for European Legal Studies. The nineteen essays here printed are all final author-edited versions of papers first presented at that conference. Far from merely an updating of the ...
The spread of COVID-19, containment measures, and general uncertainty led to a sharp reduction in activity in the first half of 2020. Europe was hit particularly hard—the economic contraction in 2020 is estimated to have been among the largest in the world—with potentially severe repercussions on its nonfinancial corporations. A wave of corporate bankruptcies would generate mass unemployment, and a loss of productive capacity and firm-specific human capital. With many SMEs in Europe relying primarily on the banking sector for external finance, stress in the corporate sector could easily translate into pressures in the banking system (Aiyar et al., forthcoming).
This extensive volume of the Elgar Encyclopedia of Environmental Law probes the essential concepts, contemporary research, and key elements of law at the intersection of international trade and international environmental law. Its succinct, structured entries provide a definitive and comprehensive assessment of the interactions between these fields, written by internationally renowned and recognized experts.