The evolving role of central bank money in payments

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The role of central bank money in payments is key to the monetary and financial architecture of an economy. While the topic has been debated for centuries,¹ the main reference for today’s central bankers remains a report prepared in 2003 by the Committee on Payment and Settlement Systems – now called the Committee on Payments and Market Infrastructures (CPMI) – during Tommaso Padoa-Schioppa’s chairmanship. The role of central bank money in payment systems highlighted the “mutually reinforcing

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