CANCELLED: SAFE Policy Lecture: Ulrich Bindseil (ECB)
Yesterday night we learned that a case of a Corona-virus infection was diagnosed with an ECB employee. In line with University guidance and in order not to run any undue risk we therefore concluded to cancel today’s lecture and reschedule it for later this spring. We will inform you about the new date in due time. We hope no inconveniences arise from this and thank you for your cooperation.
Title: Central Bank Digital Currencies – What’s at Issue?
Speaker: Ulrich Bindseil (Director General, Payments, European Central Bank)
Moderator: Hans-Helmut Kotz (SAFE and Harvard University)
Providing for a safe, efficient and robust payments system has been a core function of central banks, ever since they were established. Almost always with quite some help from commercial banks. For banks, processing payments is also a core function. Over time, the technologies to discharge this function have evolved, in line with innovations in transaction technologies. Today, as concerns retail business, the by far largest volume is processed not with the help of central bank cash – notes and coins – but via deposit accounts, provided by commercial banks. Cash, a preferred means of payment, especially in Germany, has substantial benefits. But it also comes with significant costs, opportunity losses on which digital money could economize. Hence, reaping these efficiency gains by using trustful central banks seems to be most obvious. What explains the substantial reluctance of central banks going down that route? What consequences for financial intermediaries would potentially arise? Are there ways to deal with these issues?
Mr. Ulrich Bindseil is the ECB’s Director General, Market Infrastructures and Payments. Prior to that he was Director General of Market Operations and he served as well as head of the ECB’s Risk Management Division. He started his career as an economist with Deutsche Bundesbank. He has, inter alia, written books on monetary policy operations, risk management in central banks as well as his just released Central Banking before 1800. This SAFE Policy Lecture builds on his recent paper on Central Bank Digital Currencies and its consequences for the financial system.
The SAFE Policy Lecture Series aims at fostering debates on policy-relevant issues. We would be pleased to welcome you to this lecture.