The Digital Economy

Here's how central bank digital currencies impact the global economy

Physical currency is losing its appeal in the digital age. Image: Unsplash/

Toni Ahnert

Affiliate, Banking and Corporate Finance, CEPR

Katrin Assenmacher-Wesche

Head of the Monetary Policy Strategy Division , European Central Bank

Peter Hoffmann

Senior Economist, DG- Research, European Central Bank

Agnese Leonello

Economist, Financial Research Division, European Central Bank

Cyril Monnet

Professor of Economics, University of Bern

Davide Porcellacchia

Economist, European Central Bank


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The Digital Economy

Graphs showing growth in e--commerce and the declining use of cash.
Cash is public money – it is a liability of the central bank and thus perfectly safe. Image: CEPR.

Charts showing the direct and indirect effect of CBDC remuneration on bank fragility.
CBDC design features may also play an important role for financial stability. Image: CEPR.


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The Digital EconomyBlockchainFinancial and Monetary Systems


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Here's how digital currencies work and why more countries are considering them

Heather Stephenson-Tufts

December 1, 2022

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