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Girol Karacaoglu suggests we need to move away from a price (interest-rate) centred monetary policy implementation regime and we need to control the growth of the aggregate balance sheet of the banking system
Some countries have issued their own central bank digital currencies, and many European economists favour such a currency too. This column shows that when properly designed, central bank digital currencies can help stabilise the financial and monetary system. Furthermore, a complementary currency backed by a central bank digital currency can not only compensate for the demise