Digital currency: what opportunities for central banks & the broader economy?

Introducted by François Villeroy de Galhau, Governor of The Banque de France
PANEL I : 10 am - 11 am ET
"What are the benefits of a digital currency"

The panel will welcome:

• Christopher Giancarlo, Senior Counsel at Willkie Far & Gallagher
• David Mills, Associate Director at the Board of Governors of the Federal Reserve System
•  Patricia Mosser, Director of the MPA Program in Economic Policy Management at Columbia University School of International and Public Affairs
• Ivan Odonnat, Deputy Director General of Financial Stability and Operations at the Banque de France

PANEL II : 11 am - 12 pm ET
"How to deal with crossborder payments?"

The panel will welcome:

• Tobias Adrian, Financial Counsellor and Director at the IMF’s Monetary and Capital Markets Department
• Valérie Fasquelle, Director of Infrastructures, Innovation and Payments at the Banque de France
• Manish Kohli, Global Head of Payments and Receivables at Citigroup
• Raphael Auer, Principal Economist, Innovation and the Digital Economy at the Bank for International Settlements.

Moderated by Philip Middleton, Chairman, OMFIF Digital Monetary Institute
The webinar is public (on the record) and delivered in English.
Please contact nyoffice@banque-france.fr for any questions. Thank you for your participation to the seminar !

For more information on digital currencies, please find below a non-exhaustive list of references.

Banque de France and the Eurosystem

• Beau, D. (2020), “Innovations in the financial sector and central banks’ contributions”, speech at the Paris Blockchain Week Summit 2020, December.
• European Central Bank (2020), “Report on a digital euro”, October.
• European Central Bank (2021), Digital euro consultation, press release, January. 
• Panetta, F. (2021), Evolution or revolution? The impact of a digital euro on the financial system, speech at a Bruegel online seminar, February.
• Pfister, C. (2020), “Central bank digital currency”, Banque de France, January.
• Pfister, C. (2020), “Digital currencies: from myth to innovative projects”, Bulletin de la Banque de France No 203/1, July-August.
• Villeroy de Galhau, F. (2020), “Preparing Europe payments for the digital currency age”, speech at the Bundesbank conference “Banking and Payments in the digital world”, September.

Other sources

• Andolfatto, D. (2020), “Assessing the Impact of Central Bank Digital Currency on Private Banks”, The Economic Journal, September.
• Auer, R., Haene, P. and Holden, H. (2021), “Multi-CBDC arrangements and the future of crossborder payments”, BIS Papers No 115, March.
• Bank for International Settlements (2020), “Central Bank Digital Currencies: foundational principals and core features”, Joint report by The Bank of Canada, European Central Bank, Bank of Japan, Sveriges Riksbank, Swiss National Bank, Bank of England, Board of Governors of the Federal Reserve and Bank for International Settlements, October.
• Boar, C. and Andreas Wehrli, A. (2021), Ready, steady, go? - Results of the third BIS survey on central bank digital currency, BIS Papers No 114, January.
• Carstens, A. (2021), “Digital currencies and the future of the monetary system”, speech at the Hoover Institution policy seminar, January.
• Chiu, J. et al. (2020), “Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment”, Staff Working Papers, No 2019-20, Bank of Canada, May.
• Demmou, L. and Sagot, Q. (2021), “Central Bank Digital Currencies and payments: a review of domestic and international implications”, OECD Economics Department Working Papers No 1655.
• International Monetary Fund (2020), “Digital money across borders: macro-financial implications”, October.