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An ECB digital currency: a flight of fancy? At the Consensus 2020 virtual conference, Executive Board Member Yves Mersch discussed what is shaping the ECB’s work on central bank digital currencies (CBDCs) and the importance of being ready for change 1/3 ecb.europa.eu/press/key/date…
Mersch: We closely follow technological developments and reflect on the type of money and payments that are best suited to the needs of an increasingly digital economy. Whether and when CBDCs become more of a policy debate will largely depend on the preferences of households 2/3
Mersch: We will only introduce a digital currency if we become firmly convinced that it is both necessary and proportionate to fulfil our tasks. If and when the time comes, we want to be ready – and we will be ready 3/3 ecb.europa.eu/press/key/date…
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European Central Bank
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To deal with the fall-out of the coronavirus pandemic, it is important that all countries are able to do enough, says Chief Economist Philip R. Lane in an interview with @telegraaf. An insufficient fiscal response by any country would make the shock worse (1/4)
Lane on the economic impact of the coronavirus: Our scenarios factor in a contraction of between 5% and 12% in 2020. We are now in the trough, but I expect the data to improve over the summer, even though people have now accepted that the virus will continue for some time (2/4)
Lane on coronabonds: They are about the joint issuance of new debt, not about the refinancing of old debts. Evidence indicates there would be strong demand for coronabonds from global investors and it would be a cheaper source of financing for many countries (3/4)
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European Central Bank
@ecb
[THREAD] In a speech in London at the launch of the UN Climate Change @COP26 Private Finance Agenda, President Christine @Lagarde discusses climate change-related risks for the financial sector. Read the full speech ecb.europa.eu/press/key/date… (1/7)
@COP26 @Lagarde Lagarde: Climate change constitutes a major challenge, causing both threats and opportunities that will significantly affect the economy and the financial sector. (2/7)
@COP26 @Lagarde Lagarde: Insurance and economic losses caused by climate-related events are likely to start trending upwards as a share of GDP. Banks, insurance and reinsurance companies need to consider the risks such events create. (3/7)
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European Central Bank
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(THREAD) With Mario Draghi’s presidency coming to an end today, we look back at the past eight years and some of the key themes from his time as ECB President (1/9)
COMMITTED TO THE CURRENCY: Mario Draghi’s term was marked by the financial crisis. He is said to have saved the euro with his famous words #whateverittakes. At a time of concern, his words reassured Europeans of the ECB’s steadfast commitment to the single currency (2/9)
A SUPPORTER OF MULTILATERALISM: Mario Draghi stressed that we must work together across national boundaries to respond to worries about fairness, safety and equality (3/9)
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