Facebook’s stablecoin initiative further fuelled this debate, as politicians are worried about Europe’s financial sovereignty in view of Libra and comparable endeavours. And indeed, a large and growing number of central banks are busy researching the possible effects of issuing CBDC. Digital central bank money for central bank counterparties, i.e.
Before I finish, I would like to reassure you that in some other parts of the retail payments system, the normal laws of economics are leading to the normal results. The cheque provides the best illustration of this.