Seigniorage
Why Europe cannot afford to delay the digital euro
CBDC would counter the erosion of sovereignty as cash recedes, substitution by foreign digital monies and weaponisation of access, argue Biagio Bossone and Céu Pereira
Rewriting the monetary balance sheet
Biagio Bossone and Massimo Costa write that a new accounting approach is needed for central banks and commercial money in the digital age
US dollar dominance: beyond the ‘exorbitant privilege’
Biagio Bossone argues that dollar ‘seigniorage’ extends into the very structure of global finance and its ‘exorbitant privilege’ is worth up to $804 billion annually
Fintech Benchmarks 2025 – executive summary
Benchmarks shed light on research priorities, progress with CBDC and use of cloud
Accounting for banknotes
Three leading experts on central bank finances debate the appropriate treatment of currency
The monetary base and seigniorage in a digital era
Rapid technological innovation in payment systems portends declining demand for money. Emerging markets and low-income countries may have to lower their expectations of seigniorage revenue
Campos Neto on inflation targeting, independence and the future of financial intermediation
The Brazilian governor speaks with Christopher Jeffery about tackling inflation, the need for financial autonomy, and redefining the financial landscape with open finance, programmable Pix, deposit tokenisation and sound cross-border payments governance
Book notes: How a ledger became a central bank: a monetary history of the Bank of Amsterdam, by Stephen Quinn and William Roberds
A masterful piece of monetary history that is relevant to modern-day central bankers
CBDC will not reduce seigniorage, panellists say
Communicating need for CBDC is hard, officials tell Central Banking Summer Meetings
Bundesbank’s Nagel: central bank business models are changing
Panetta says wholesale CBDC likely to launch sooner than retail; Das gives update on digital rupee
The ECCB’s Timothy Antoine on currency union, cooperation and DCash 2.0
The ECCB governor speaks with Christopher Jeffery about maintaining a currency zone, addressing climate and cyber risks, the decline in correspondence banking and lessons learned from issuing a retail CBDC
Agent-based models shed light on CBDC dynamics
Take-up could be as high as 25% of total money, but depends on design choices, IMF research finds
Christopher Sims on modelling the inflation surge
Unprecedented series of shocks creates major challenges for central bank forecasters, the Nobel Prize-winning economist tells Daniel Hinge
How central bank mistakes after 2019 led to inflation
Central banks must acknowledge their own mistakes and outline concrete steps to restore the public’s confidence in their ability to ensure price stability, write Graeme Wheeler and Bryce Wilkinson*
Argentina suspends minting of coins
Global commodities inflation makes production too costly
Podcast: Fintech and the question of central bank autonomy
Central banks should ensure their fintech activities do not undermine transparency and independence, say Wouter Bossu and Arthur Rossi
Ulrich Bindseil on the launch of the digital euro
The ECB’s director-general for market infrastructure and payments speaks about the functionality, tiering approaches, privacy policies, ledger technology and ecosystem impact of the eurozone's planned CBDC
How can central banks secure the future of money?
Central banks should start tackling the accounting, legal and policy challenges related to CBDC. This work will shape the future of money, as could be witnessed in Albania
Marshall Islands readies to make waves in digital currency
Island nation ready to issue blockchain-based national currency if its new government gives the go-ahead, chairman of foundation says
How will Covid-19 hit central banks’ financial results?
The Covid-19 crisis has affected central bank incomes from seigniorage and other sources. But by how much, ask Zbigniew Polański and Mikołaj Szadkowski
Book notes: The Japanese central banking system compared with its European and American counterparts, by Yoshiharu Oritani
The book has “no equal” in reviewing new microeconomic theory for central banking