Central Bank Digital Currency: Is it Really Needed?

Lorenzo Bini Smaghi
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Lorenzo Bini Smaghi: Société Générale, Paris, France

Economia Internazionale / International Economics, 2023, vol. 76, issue 3, 417-428

Abstract: Several Central Banks around the world have embarked in projects for issuing a digital currency that would be directly available to retail customers . The European Central Bank started analyzing the issue in October 2021 with a view to take a decision on the implementation of the project by the end of 2023. This article mainly focusses on the European project of issuing a Central Bank Digital Currency (CBDC). The objective is to assess the motivations of such a project and weigh the advantages and disadvantages against the costs and potential risks. Le monete digitali delle banche centrali: ce n’è veramente bisogno? Alcune banche centrali hanno di recente deciso di lanciare progetti per l’emissione di loro monete digitali (CBDC) direttamente disponibili ai privati cittadini. La BCE ha avviato una fase di analisi nell’ottobre 2021, con l’obiettivo di giungere ad una conclusione prima della fine del 2023. Questo articolo ha lo scopo di illustrare le motivazioni di questo progetto, e di evidenziare i vantaggi e gli svantaggi nonché i costi e i potenziali rischi di una moneta digitale della BCE.

Keywords: Central Bank Digital Currency; Digital Euro; Monetary Policy; Payment Systems (search for similar items in EconPapers)
JEL-codes: E42 E52 E58 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (2)

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