Central Bank Digital Currency and Beyond

VIDEOS & RESOURCES

About the Conference

Which challenges does digitalization pose to money, banking and monetary policy? Should central banks introduce digital cash to respond to these challenges? Which consequences would digital cash have for the economy? Are other or further reforms needed?

We want to build on the success of the conference “The future of money” in Frankfurt last November and once again gathered international experts, central banks, researchers and banks to discuss proposals for how a sustainable money system could be designed in today’s digitized and globalized world.

The conference will be in three parts: (1) the problems of the current development, (2) Central Bank issued Digital Cash (CBDC), and (3) alternative solutions beyond a CBDC. All parts will end with a panel discussion. Read more below.

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Speakers

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1. Money and Banking Today

The first part of the conference will examine current monetary system in the digital age. Which challenges does digitalization pose to money, banking and monetary policy?

Will physical cash disappear, central banks stop issuing money, and a few big private banks take over? Or will the old banks be outperformed by new innovative companies and cryptocurrencies?

Are there any serious problems with the current development and the current money system which need innovative ideas and actions? Should central banks start developing new tools such as Central Bank issued Digital Cash (CDBD)?

1. Money and Banking Today

2. Central Bank Digital Cash

Second part of the conference will discuss how central banks should respond to the digital development.

The Swedish central bank and the Bank of England do research on whether they should start issuing Central Bank Digital Cash (CBDC) and compete with bank credit as a means of payment.

Which consequences would a CBDC have for monetary policy, housing markets, inequality and central bank's possibilities to handle financial crises? Which are the drawbacks and benefits of a CBDC such as Riksbankens proposal for an e-krona?

2. Central Bank Digital Cash

3. The Future

Would a CBDC such as the e-krona be enough to handle the problems of the current money system? Would a CBDC cause new problems? Is it possible to introduce a CBDC without further reforms? What are the drawbacks and benefits of further reforms beyond a CBDC?

What would happen in the long run if the Riksbank chose to introduce a CBDC? Will the e-krona become a marginalized unnecessary means of payment, or would it take over the payment market, put an end to private money creation and fractional reserve banking?

3. The Future

Speakers and panellists

Steve KeenProfessor of Economics, Kingston University London

Professor Steve Keen was one of the handful of economists to realize that a serious economic crisis was imminent, and to publicly warn of it from as early as December 2005. His pioneering work on modeling debt-deflation, resulted in him winning the Revere Award from the Real World Economics Review for being the economist whose work is most likely to prevent a future financial crisis. His book Debunking Economics is a classic exposition of why Neoclassical economic theory is not only wrong, but more of a threat to the survival of capitalism than any number of left-wing revolutionaries.

Steve has over 70 academic publications on topics as diverse as financial instability, the money creation process, mathematical flaws in the conventional model of supply and demand, flaws in Marxian economics, the application of physics to economics, Islamic finance, chaos and complexity theory in economics, and the role of energy in production. He is a Distinguished Research Fellow at University College London at its Institute for Strategy, Resilience and Security.

His crowdfunding site www.patreon.com/ProfSteveKeen has over 1,200 subscribers who support and keep in touch with his work to develop a new, realistic approach to economics and ecological sustainability.

Steve KeenProfessor of Economics, Kingston University London

Professor Steve Keen was one of the handful of economists to realize that a serious economic crisis was imminent, and to publicly warn of it from as early as December 2005. His pioneering work on modeling debt-deflation, resulted in him winning the Revere Award from the Real World Economics Review for being the economist whose work is most likely to prevent a future financial crisis. His book Debunking Economics is a classic exposition of why Neoclassical economic theory is not only wrong, but more of a threat to the survival of capitalism than any number of left-wing revolutionaries.

Steve has over 70 academic publications on topics as diverse as financial instability, the money creation process, mathematical flaws in the conventional model of supply and demand, flaws in Marxian economics, the application of physics to economics, Islamic finance, chaos and complexity theory in economics, and the role of energy in production. He is a Distinguished Research Fellow at University College London at its Institute for Strategy, Resilience and Security.

His crowdfunding site www.patreon.com/ProfSteveKeen has over 1,200 subscribers who support and keep in touch with his work to develop a new, realistic approach to economics and ecological sustainability.

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Michael KumhofSenior research advisor, Bank of England. Former economist at IMF.

Michael Kumhof is Senior Research Advisor in the Research Hub of the Bank of England. Before that, he was Deputy Division Chief, at the Modeling Division in the Research Department at the International Monetary Fund (IMF) (2004 to 2015). Kumhof was responsible for developing the Global Integrated Monetary and Fiscal Model of the IMF which is used at several central banks, for IMF policy and scenario analyses, for the World Economic Outlook, and for G20 work. Before that, he was Assistant Professor at Stanford University (1998 to 2004). His research focuses on the role of banks in the economy and on different monetary systems.

Michael KumhofSenior research advisor, Bank of England. Former economist at IMF.

Michael Kumhof is Senior Research Advisor in the Research Hub of the Bank of England. Before that, he was Deputy Division Chief, at the Modeling Division in the Research Department at the International Monetary Fund (IMF) (2004 to 2015). Kumhof was responsible for developing the Global Integrated Monetary and Fiscal Model of the IMF which is used at several central banks, for IMF policy and scenario analyses, for the World Economic Outlook, and for G20 work. Before that, he was Assistant Professor at Stanford University (1998 to 2004). His research focuses on the role of banks in the economy and on different monetary systems.

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Miguel Fernandez OrdóñezFormer governor of Banco de España

Miguel Fernández Ordóñez was the governor of the Spanish Central Bank and member of the Governing Council of the ECB from 2006 to 2012. Before this position, he was among others, Secretary of State for the Spanish Ministry of Economy and Secretary of State for the Ministry of Finance. He also held positions as Chairman of a Securities firm and board member of a big commercial bank. He was also member of the IMF Board, President of the Competition Court, President of the National Electricity Commission and lecturer at the Universidad Complutense in Madrid.

Miguel Fernandez OrdóñezFormer governor of Banco de España

Miguel Fernández Ordóñez was the governor of the Spanish Central Bank and member of the Governing Council of the ECB from 2006 to 2012. Before this position, he was among others, Secretary of State for the Spanish Ministry of Economy and Secretary of State for the Ministry of Finance. He also held positions as Chairman of a Securities firm and board member of a big commercial bank. He was also member of the IMF Board, President of the Competition Court, President of the National Electricity Commission and lecturer at the Universidad Complutense in Madrid.

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Anette NordvallEarly stage Tech Investor

Active Early Stage Tech Investor and Environmentalist, focusing on the New Nordic markets on ICT, and Deep-tech Science based innovation; while adding for profit Impact, Diversity, Environment, and Global goals into the mist. Appreciated Board member, Public speaker and Business leader.

Mrs Nordvall was honored with the Vinnova-Wallenberg Fellowship to Stanford University and Nordic Innovation House in Palo Alto, CA, USA, researching angel investing and common investment values between the Nordics and Silicon Valley; during 2016.

Appointed by Swedish Business Magazine Di Digital as one of Sweden’s Most Powerful Tech-investors 2015, 2016. Named at Nordic100 Most Influential Person, 2017 and 2018. Nominated as Pay-it-forward Investor 2017 at Swedish Start-up Gala. Mentioned in EBAN 2018 report on 200+ most active Business Angels in Europe. Cored at Venture Cup Swedish Country final 2018 as "Sweden's nicest Business Angel”.

Appreciated as a Creative strategist and Business innovator with an aptitude for reactive actions, with engaging and high energy "can do" attitude. Connecting efficient problem solving between idea, driving business innovation to results.

Anette NordvallEarly stage Tech Investor

Active Early Stage Tech Investor and Environmentalist, focusing on the New Nordic markets on ICT, and Deep-tech Science based innovation; while adding for profit Impact, Diversity, Environment, and Global goals into the mist. Appreciated Board member, Public speaker and Business leader.

Mrs Nordvall was honored with the Vinnova-Wallenberg Fellowship to Stanford University and Nordic Innovation House in Palo Alto, CA, USA, researching angel investing and common investment values between the Nordics and Silicon Valley; during 2016.

Appointed by Swedish Business Magazine Di Digital as one of Sweden’s Most Powerful Tech-investors 2015, 2016. Named at Nordic100 Most Influential Person, 2017 and 2018. Nominated as Pay-it-forward Investor 2017 at Swedish Start-up Gala. Mentioned in EBAN 2018 report on 200+ most active Business Angels in Europe. Cored at Venture Cup Swedish Country final 2018 as "Sweden's nicest Business Angel”.

Appreciated as a Creative strategist and Business innovator with an aptitude for reactive actions, with engaging and high energy "can do" attitude. Connecting efficient problem solving between idea, driving business innovation to results.

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Carl-Andreas ClaussenSenior Advisor, Central bank of Sweden

Carl Andreas has been at the Riksbank since 2008. He has previously worked at Norges Bank (central bank of Norway) the Norwegian Ministry of Finance and Agder University (Norway). He has also been advisor to the Bank of Albania.

His research covers various fields, including Political Economy, Social Choice and Decision Theory. More recently his research has focused on decision-making in Monetary Policy Committees.

Carl-Andreas ClaussenSenior Advisor, Central bank of Sweden

Carl Andreas has been at the Riksbank since 2008. He has previously worked at Norges Bank (central bank of Norway) the Norwegian Ministry of Finance and Agder University (Norway). He has also been advisor to the Bank of Albania.

His research covers various fields, including Political Economy, Social Choice and Decision Theory. More recently his research has focused on decision-making in Monetary Policy Committees.

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Morten SpangeSenior Advisor, Central bank of Denmark

Morten Spange is a Senior Advisor at Danmarks Nationalbank where he leads a team that analyses monetary and macrofinancial developments. Since joining the Bank in 2008 he has worked on a wide range of issues within macroeconomics and monetary economics. Morten holds a PhD in economics from the University of Aarhus and prior to joining Danmarks Nationalbank he spent four years at the Bank of England working on monetary strategy and international economics.

Morten SpangeSenior Advisor, Central bank of Denmark

Morten Spange is a Senior Advisor at Danmarks Nationalbank where he leads a team that analyses monetary and macrofinancial developments. Since joining the Bank in 2008 he has worked on a wide range of issues within macroeconomics and monetary economics. Morten holds a PhD in economics from the University of Aarhus and prior to joining Danmarks Nationalbank he spent four years at the Bank of England working on monetary strategy and international economics.

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Rickard ErikssonSenior Advisor, Swedish Bankers' Association

Rickard Eriksson, PhD, has been at the Swedish Bankers’ Association since 2017. He has previously worked at The Riksbank, SNS, the Ministry of Finance and Stockholm University.

Rickard ErikssonSenior Advisor, Swedish Bankers' Association

Rickard Eriksson, PhD, has been at the Swedish Bankers’ Association since 2017. He has previously worked at The Riksbank, SNS, the Ministry of Finance and Stockholm University.

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Joseph HuberProfessor of economic and environmental sociology

Joseph Huber is a leading researcher in monetary and banking theory at Martin Luther University of Halle-Wittenberg

He has made influential contributions to recent monetary system analysis and reform, for instance the book "Sovereign Money. Beyond Reserve Banking"

Huber is known widely also as one of the founders of ecological modernization theory.

Check out his blog https://sovereignmoney.eu/.

Joseph HuberProfessor of economic and environmental sociology

Joseph Huber is a leading researcher in monetary and banking theory at Martin Luther University of Halle-Wittenberg

He has made influential contributions to recent monetary system analysis and reform, for instance the book "Sovereign Money. Beyond Reserve Banking"

Huber is known widely also as one of the founders of ecological modernization theory.

Check out his blog https://sovereignmoney.eu/.

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Dirk NiepeltProfessor of Economics at the University of Bern

Dirk Niepelt is Director of the Study Center Gerzensee and Professor at the University of Bern. A research fellow at the Center for Economic Policy Research (CEPR, London), CESifo (Munich) research network member and member of the macroeconomic committee of the Verein für Socialpolitik, he served on the board of the Swiss Society of Economics and Statistics and was a visiting professor at the Institute for International Economic Studies (IIES) at Stockholm University. Dirk Niepelt received his Ph.D. in economics from the Massachusetts Institute of Technology (MIT) and holds a licentiate and doctorate from the University of St. Gallen. Previous to joining the Study Center, he was assistant professor at IIES. Before completing his Ph.D., he worked at applied research institutes in St. Gallen and Zurich (FEW, KOF). His research interests include macroeconomics, international finance, political economy, and public finance.

Dirk NiepeltProfessor of Economics at the University of Bern

Dirk Niepelt is Director of the Study Center Gerzensee and Professor at the University of Bern. A research fellow at the Center for Economic Policy Research (CEPR, London), CESifo (Munich) research network member and member of the macroeconomic committee of the Verein für Socialpolitik, he served on the board of the Swiss Society of Economics and Statistics and was a visiting professor at the Institute for International Economic Studies (IIES) at Stockholm University. Dirk Niepelt received his Ph.D. in economics from the Massachusetts Institute of Technology (MIT) and holds a licentiate and doctorate from the University of St. Gallen. Previous to joining the Study Center, he was assistant professor at IIES. Before completing his Ph.D., he worked at applied research institutes in St. Gallen and Zurich (FEW, KOF). His research interests include macroeconomics, international finance, political economy, and public finance.

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Ulf DahlstenVisiting Professor at London School of Economics

Ulf Dahlsten is a Visiting Professor at the London School of Economics and a Senior Advisor at the Global Climate Forum in Berlin. Ulf Dahlsten was the Secretary of State during the Olof Palme Government.

Ulf DahlstenVisiting Professor at London School of Economics

Ulf Dahlsten is a Visiting Professor at the London School of Economics and a Senior Advisor at the Global Climate Forum in Berlin. Ulf Dahlsten was the Secretary of State during the Olof Palme Government.

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Martijn van der LindenProfessor of New Finance at The Hague University of Applied Science

Martijn van der Linden is Professor New Finance at The Hague University of Applied Science, Chairman of Foundation Ons Geld (Our Money) and PhD researcher at Delft University of Technology (department Economics of Innovation and Technology). In 2015 Ons Geld launched a successful citizens’ initiative about monetary reform in the Netherlands. This resulted in the report ‘Money and Debt’ published by the Netherlands Scientific Council for Government Policy in January 2019. As a next step Ons Geld published last month a position paper titled ‘ Public depository: safe-haven and level playing field for book money’. In his PhD thesis van der Linden uses design science to explore the design of the monetary-financial system in the digital age. This PhD project will be completed coming year.

Martijn van der LindenProfessor of New Finance at The Hague University of Applied Science

Martijn van der Linden is Professor New Finance at The Hague University of Applied Science, Chairman of Foundation Ons Geld (Our Money) and PhD researcher at Delft University of Technology (department Economics of Innovation and Technology). In 2015 Ons Geld launched a successful citizens’ initiative about monetary reform in the Netherlands. This resulted in the report ‘Money and Debt’ published by the Netherlands Scientific Council for Government Policy in January 2019. As a next step Ons Geld published last month a position paper titled ‘ Public depository: safe-haven and level playing field for book money’. In his PhD thesis van der Linden uses design science to explore the design of the monetary-financial system in the digital age. This PhD project will be completed coming year.

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Morten SøbergPhD, Director of Government Relations SpareBank 1 Gruppen, Member of The Supervisory Council of the Central Bank of Norway

Formerly State Secretary/Deputy Minister of Finance in Norway (2010-2013)

Portfolio in the Norwegian Ministry of Finance: financial stability, financial regulation, central bank issues.

Morten SøbergPhD, Director of Government Relations SpareBank 1 Gruppen, Member of The Supervisory Council of the Central Bank of Norway

Formerly State Secretary/Deputy Minister of Finance in Norway (2010-2013)

Portfolio in the Norwegian Ministry of Finance: financial stability, financial regulation, central bank issues.

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Jón Helgi EgilssonFormer Chairman of the supervisory board of the Icelandic Central Bank

A former chairman of the supervisory board of the Icelandic Central Bank, adjunct professor and MBA lecturer, co-founder of four software companies and currently chair and co-founder of Monerium. Educational background in engineering, economics, and finance from The University of Iceland, DTU, Copenhagen and Columbia University New York. Initially spent five years in the global financial markets with increasing levels of responsibility culminating in the position heading the Financial Markets Department, responsible for currency-, derivatives- and proprietary trading desks. After the banking experience Jón co-founded three companies in addition to Monerium, which offers e-money on blockchain.

Jón Helgi EgilssonFormer Chairman of the supervisory board of the Icelandic Central Bank

A former chairman of the supervisory board of the Icelandic Central Bank, adjunct professor and MBA lecturer, co-founder of four software companies and currently chair and co-founder of Monerium. Educational background in engineering, economics, and finance from The University of Iceland, DTU, Copenhagen and Columbia University New York. Initially spent five years in the global financial markets with increasing levels of responsibility culminating in the position heading the Financial Markets Department, responsible for currency-, derivatives- and proprietary trading desks. After the banking experience Jón co-founded three companies in addition to Monerium, which offers e-money on blockchain.

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Patrizio LainàPhD, Economist at the Central Organisation of Finnish Trade Unions
Patrizio LainàPhD, Economist at the Central Organisation of Finnish Trade Unions
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Lars AlaeusChairman Positiva Pengar, the Swedish branch of IMMR.

MSc in Engineering Physics. Now retired system architect at Ericsson Telecom. The last ten years managing the system development of the platform of AXE, the globally most used telecom system. Since four years chairman of Positiva Pengar.

Lars AlaeusChairman Positiva Pengar, the Swedish branch of IMMR.

MSc in Engineering Physics. Now retired system architect at Ericsson Telecom. The last ten years managing the system development of the platform of AXE, the globally most used telecom system. Since four years chairman of Positiva Pengar.

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Organizing committee

Samuel Kazen OrrefurConference coordinator

Samuel Kazen Orrefur works for Positiva Pengar and has been the spider in the web to make the conference happen.

Samuel Kazen OrrefurConference coordinator

Samuel Kazen Orrefur works for Positiva Pengar and has been the spider in the web to make the conference happen.

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Lars AlaeusChairman Positiva Pengar, the Swedish branch of IMMR.

MSc in Engineering Physics. Now retired system architect at Ericsson Telecom. The last ten years managing the system development of the platform of AXE, the globally most used telecom system. Since four years chairman of Positiva Pengar.

Lars AlaeusChairman Positiva Pengar, the Swedish branch of IMMR.

MSc in Engineering Physics. Now retired system architect at Ericsson Telecom. The last ten years managing the system development of the platform of AXE, the globally most used telecom system. Since four years chairman of Positiva Pengar.

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Manuel KleinModerator in the panel discussions

Manuel Klein is part of the German NGO Monetative. Since 2014 he is researching the structure and problems of the current money system and potential alternative systems. He has written several articles on the current money system, Sovereign money and cryptocurrencies and held presentations and moderated panel discussions in 5 countries and many different events. Manuel holds a M.Sc. in Finance and is working in the financial industry as a consultant for financial data.

Manuel KleinModerator in the panel discussions

Manuel Klein is part of the German NGO Monetative. Since 2014 he is researching the structure and problems of the current money system and potential alternative systems. He has written several articles on the current money system, Sovereign money and cryptocurrencies and held presentations and moderated panel discussions in 5 countries and many different events. Manuel holds a M.Sc. in Finance and is working in the financial industry as a consultant for financial data.

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Klaus KarwatChairman Monetative, the German Branch of IMMR
Klaus KarwatChairman Monetative, the German Branch of IMMR
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Carolina SundellPress Officer

Carolina Sundell is the press officer of Positiva Pengar and the social media editor of the conference.

Carolina SundellPress Officer

Carolina Sundell is the press officer of Positiva Pengar and the social media editor of the conference.

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Co-organizers and sponsors

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