Last year, this would have been enough to buy Van Gogh’s 1889 painting “Laboureur dans un champ”. So, as it stands today, bitcoin is bad money and a poor payment system. Universal reserves and the transmission of monetary policy Much of the historical discussion on central bank liabilities developed at a time when monetary policy was quite different from how we know it today.
The changing payments landscape Digital technologies are changing our economies. [1] They affect the way people consume and the way companies produce and sell goods and services. E-commerce sales, for example, have doubled in the euro area over the past six years and have jumped by one-third during the lockdown compared with precrisis levels.