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ECA Talk : Digital Currencies and the Challenges for Central Banks

March 17, 2022



VIDEO Mar 17, 2022

Video Replay

Presentation by Hyun Song Shin, Economic Adviser and Head of Research, Bank for International Settlements (BIS)

Presentation by Maria Soledad Martinez Peria, Assistant Director, Research Department, International Monetary Fund (IMF)

Presentation by Erik Feyen, Lead Financial Sector Economist, Finance, Competitiveness, and Innovation Global Practice, World Bank

  • The foundation of the monetary system is trust in the currency. Central bank digital currencies (CBDCs) build on this trust, offering in digital form the unique advantages of central bank money. They should operate in a two-tier monetary system, in which the private sector and central bank each focus on what they do best. CBDCs should be based on digital identification, with institutional and technological safeguards to ensure privacy. CBDCs can serve the public interest as an open platform that is conducive to a virtuous circle of greater access, lower costs and innovation for better services. Multi-CBDC arrangements can promote more efficient cross-border payments.

    Overall, CBDCs can meet the "triple imperative" of competition, data privacy and integrity (encompassing money laundering, financial crimes) that is raised by the centrality of data in the digital economy.

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    Hyun Song Shin

    Economic Adviser and Head of Research, Monetary and Economic Department, Bank for International Settlements (BIS)

    Hyun Song Shin is the BIS Economic Adviser and Head of Research. He co-leads the Monetary and Economic Department and is part of the Bank's senior management as a member of its Executive Committee. Mr Shin has a background in academia. Before he took up his current position in May 2014, he was the Hughes-Rogers Professor of Economics at Princeton University, having previously held appointments at Oxford University and the London School of Economics. He has been an intellectual leader in the fields of banking, international finance and monetary economics, topics on which he has published widely, both in leading academic and official publications.


    Maria Soledad Martinez Peria

    Assistant Director, Research Department, International Monetary Fund (IMF)

    Maria Soledad (Sole) Martinez Peria is Assistant Director in the Research Department of the IMF. She manages a team of economists responsible for conducting research and policy work on macroeconomic and financial issues critical to Fund surveillance activities, with a focus on macro-financial linkages, financial flows, and financial systems. Her research addresses questions related to financial crises, depositor market discipline, foreign bank participation, bank competition, bank regulation, SME financing, financial inclusion, remittances, and macroprudential policies. Prior to joining the IMF, Sole was a Research Manager at the World Bank. She also worked at the Brookings Institution, the Central Bank of Argentina, and the Federal Reserve Board.


    Erik Feyen

    Lead Financial Sector Economist, Competitiveness, and Innovation Global Practice, World Bank

    Erik Feyen is Head of Global Macro-Financial Monitoring in the Finance, Competitiveness, and Innovation Global Practice of the World Bank Group. In this capacity, he leads the global monitoring and analysis of key macro-financial vulnerabilities and trends. He co-leads the Bank’s analytical work on the future of finance, advises on fintech-related country operations, and regularly coordinates IMF - World Bank collaborative efforts such as the Bali Fintech Agenda and the joint staff position on the regulatory and supervisory implications for the banking sector stemming from the impact of the COVID-19 pandemic. Erik has led and participated in a wide range of country policy engagements related to financial stability, development, and regulation, including numerous IMF - World Bank Financial Sector Assessment Program missions (FSAPs).


  • Date: March 17, 2022
  • Time: 11:00 AM – 12:30 PM EST
  • Chair: Asli Demirgüç-Kunt, Chief Economist, Europe and Central Asia, World Bank
  • CONTACT: Ekaterina Ushakova