Tag Archives: Contributions

My interview with Claudia Gnehm, published in Tamedia outlets, together with the accompanying article in Finanz und Wirtschaft, generated many responses from readers. Here are the comments that received the most support from other readers: Most-liked comments on interview: #1 Dirk Niepelt betont in diesem wohltuend klaren Artikel, dass das Verursacherprinzip als Richtschnur auch und gerade für Banken und für die UBS gilt. Es kann nicht sein, dass sich eine systemrelevante Bank sehr...

Finanz und Wirtschaft online. 10 August 2026. PDF of online article. Also published in print on 12 August 2026; PDF.

“Ob Bäcker oder Grossbank – wer Gewinne erzielt, muss im Krisenfall auch Verluste tragen,” (Whether Bakery or Global Bank: Those Who Earn the Profits Must Also Bear the Losses). Interview published in Tagesanzeiger online, Der Bund online, Berner Zeitung online, Basler Zeitung online, and elsewhere. 7 August 2026. PDF of hardcopy.

After leaving office, many central bank governors and senior central bank policymakers tend to become more vocal in questioning the dominant role of commercial bank money in providing liquidity to households and firms. Consider, for example, Mervyn King’s 2016 book The End of Alchemy or Andy Haldane’s June 2021 speech. Stefan Ingves, until recently Governor of the Riksbank, provides another example. SUERF Policy Brief 1507 summarizes his remarks at a recent SUERF event as follows: His...

In his Financial Times Free Lunch column, Martin Sandbu discusses our recent Barcelona report (with Stephen Cecchetti, Hélène Rey, and Xavier Vives). He writes: “The introduction is as good a guide to the main policy issues as I have seen. In particular, it helpfully directs our focus not so much to the technical possibilities digitisation brings as to what they mean for who is empowered and enriched by the systemic changes that can follow…” Martin continues: “It gives a nuanced...

CEPR eBook, with Stephen Cecchetti, Hélène Rey, Xavier Vives. 2 June 2026. PDF, HTML. Column: New Coins on the Block: Digital Currencies and the Financial System (with Stephen Cecchetti, Hélène Rey, and Xavier Vives). VoxEU, June 2, 2026. HTML. The crypto system is no longer a sideshow. Dollar stablecoins now put dollar claims into circulation well beyond the regulated US banking perimeter, and cryptoisation is beginning to transform the international monetary and financial system. This...

CEPR webinar, April 2026. Youtube. With a legislative vote on the digital euro approaching, the debate around its design and implications is entering a critical phase. This webinar will take stock of where the current proposal stands, unpacking key features, open questions, and points of contention. Join us to better understand what is at stake as Europe moves closer to a potential digital currency rollout. Join our panel of speakers – Isabelle Mateos y Lago (BNP Paribas), Lucrezia...

Central Banking, March 25, 2026. HTML. Interview text: 1. A number of central banks are currently working on introducing retail CBDC. In your view, what are the risks they most frequently overlook? One risk is losing sight of the bigger picture. Retail CBDC is not merely a technological innovation that may or may not help respond efficiently to structural change in the payment system. It can also serve as a tool for broader reform of the monetary architecture. The overarching objective...

CEPR eBook, 12 November 2025. PDF, HTML.

CEPR eBook, 12 November 2025. PDF, HTML. VoxEU column: Frontiers of Digital Finance: A Global Perspective. HTML. VoxEU column: Frontiers of Digital Finance: Stablecoins, monetary ‘singleness’, tokenisation, and decentralised finance. HTML. My introduction to/summary of the book: The digitisation of payment, trading, and settlement systems is reshaping the financial architecture. New technologies are transforming how value is created, stored, transferred, and accounted for, altering the...