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Message : Required fields LONDON (Reuters) - If central bank digital cash is to rapidly replace banknotes, a shadow economy worth trillions of dollars may creep deeper into the darkness. A big issue for governments and central banks then is the extent to which it's already going there - or whether the latest explosion in cryptocurrency values, for example, is at least partly pricing its imminent arrival. Monetary authorities from Beijing to Frankfurt have over the past year accelerated plans for legal tender in digital format, in part to keep pace with the explosion of private sector cryp...

European Economists Trash the Concept of National Digital Currencies Last Updated: 02 February 2021 European economists Thomas Hass and Peter Bofinger suggest that the national digital currencies are not needed by economies. They noted that central bank currencies will not be able to compete with private banks. Several countries experimenting with CBDC China is among the world’s premier economies experimenting with digital currencies, which will provide digital versions of their national currencies. The European Central Bank is also mulling the possibility of a digital e...

By Peter Bofinger When Joe Biden is inaugurated as the 46th president of the United States of America in January 2021, he will assume an office for which nobody…

Peter Bofinger The strong fiscal-policy response from the European Union needed to deal with the severe economic shock represented by the Covid-19 pandemic was only made possible by finance ministers agreeing on March 23rd, for the first time, to activate the ‘general escape clause’ of the EU fiscal framework. It is very likely, however, that that clause will be reinvoked in 2021 and 2022. But what happens if the conventional rules are reinstated? During the pandemic the state of public finances in all countries has deteriorated significantly. According to forecasts by the International M...