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Purses went out of style for a reason, Federal Reserve financial stability report
Commentary: Purses went out of style for a reason
By Dan Conner in Denver
Banks developed so people wouldn’t have to walk around with their life’s savings in notes and coins. Smartphones must not become the modern equivalent of a money purse hanging from one’s belt.
Central bank digital currency should not shift the onus of safeguarding one’s wealth onto the individual rather than a depository institution. If the goal is to include everyone into the formal economy, CBDC should be account-based.
Read the full commentary and download the Digital Monetary Institute Journal on the website
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Meeting: Federal Reserve financial stability report
Thursday 19 November, 15:30-16:30 GMT
Central banks and governments around the world introduced a range of monetary and fiscal measures to mitigate the impact of the Covid-19 crisis. The Federal Reserve quickly lowered its policy rate to close to zero to support economic activity and took extraordinary measures to stabilise markets and bolster the flow of credit to households and businesses. Andreas Lehnert, director of the financial stability division of the Federal Reserve Board of Governors, discusses the full range of tools the Fed is using to support the US economy.
Request to attend the meeting.
