In fact, it did so to such a degree that economists like Nobel Prize winner Robert Lucas2 had declared the central problem of preventing large economic fluctuations to have been solved. As we now know, inflation targeting has not spelled “The End of History” for monetary policy.
Against this background, there has been a growing interest in the digitization of currencies issued by central banks, or central bank money. 1  Morten L. Bech et al., "Payments Are A-Changin' But Cash Still Rules," BIS Quarterly Review, March 2018. 4  1. Issuance Forms of Central Bank Digital Currency There are two main variants of CBDC.