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Gabriel Soderberg, Ms. Marianne Bechara, Wouter Bossu, Ms. Natasha X Che, Sonja Davidovic, Mr. John Kiff, Ms. Inutu Lukonga, Mr. Tommaso Mancini Griffoli, Tao Sun, and Akihiro Yoshinaga
Central banks are increasingly pondering whether to issue their own digital currencies to the general public, so-called retail central bank digital currency (CBDC). The majority of IMF member countries are actively evaluating CBDCs, with only a few having issued CBDCs or undertaken extensive pilots or tests. This paper shines the spotlight on the handful of countries at the frontier in the hope of identifying and sharing insights, lessons, and open questions for the benefit of the many countries following in their footsteps. Clearly, what can be gleaned from these experiences does not necessarily apply elsewhere. The sample of countries remains small and country circumstances differ widely. However, the insights in this paper may inspire further investigation and allow countries to gain time by building on the experience of others. Importantly, the purpose of this paper is not to evaluate the courses taken by different jurisdictions, but to study and discuss their key experiences and lessons. The paper studies six advanced CBDC projects, drawing on collaboration and exchanges with the respective central banks to get insights beyond what has previously been published. Unless a specific published source is cited, all information stems from interviews and workshops with members of CBDC project teams in each jurisdiction.
Gabriel Soderberg, Ms. Marianne Bechara, Wouter Bossu, Ms. Natasha X Che, Sonja Davidovic, Mr. John Kiff, Ms. Inutu Lukonga, Mr. Tommaso Mancini Griffoli, Tao Sun, and Akihiro Yoshinaga

9798400200403 (WebPDF) Subjects: LCSH: Digital currency. | Banks and banking, Central. | International finance. Classification: LCC HG1710.S63 2022 The paper was written under the supervision of Tommaso Mancini-Griffoli, and drew on work by Natasha Che, Sonja Davidovic, John Kiff, Inutu Lukonga, and Tao Sun. Marianne Bechara, Wouter Bossu, and Akihiro Yoshinaga researched and wrote the section on legal foundations of CBDC. While the authors are responsible for any mistakes, the paper greatly benefitted from interactions with central bank representatives: Cleopatra Davis

International Monetary Fund. Western Hemisphere Dept. and International Monetary Fund. Western Hemisphere Dept.

regulations for fiscal sustainability. Commitment to reform and medium term goals remain key to safe-guarding progress and securing lasting prosperity. Approved By Trevor Alleyne (WHD) and Bob Traa (SPR) Discussions took place in St. George’s during September 8-14, 2016. The staff team comprised Nicole Laframboise (head), Wayne Mitchell, Mike Li (all WHD), Klaus Hellwig (SPR) and Jemma Lafeuillee (local IMF economist). The team was joined by Kevin Silston (OED) and a representative from the Eastern Caribbean Central Bank. Representatives from the World Bank

Mr. Helge Berger

Political Weights In addition to putting the size of an unreformed ECB Council into perspective, Table 2 (rightmost column) reveals that the political weight attached to regional (or, in the case of the ECB, national) central bank representatives within the ECB decision-making process is large compared with other industrial country central banks. In many OECD countries, monetary policy is delegated to central banks that lack any regional base, i.e., where—using the ECB terminology—all members of the Council are centrally-appointed Board members. It is also

the recovery process. Therefore, it was decided to create a single loan recovery body, the Societe Nationale de Recouvrement (SNR), which took over the nonperforming assets and corresponding liabilities of all liquidated banks. The SNR was instituted in February 1991 and immediately empowered with exceptional legal rights to facilitate and accelerate its recovery activities. Its supervisory board, including a central bank representative, has since adopted a document defining the general recovery strategy; the criteria to be used to reimburse frozen deposits, with