For example, individual news articles could be sold online for a few cents and help ﬁnance journalistic efforts. Of course, innovative payment solutions by private providers can also raise eﬃciency. But there is a second argument in favour of CBDC: preserving ﬁnancial sovereignty.
These tools are used to limit systemic risk and thereby minimize disruptions in the provision of key financial services that can have serious consequences for the economy by (i) dampening the buildup of financial imbalances; (ii) building defenses that contain the speed and sharpness of subsequent downswings and their effects on the economies; and (iii) identifying and addressing common exposures, risk concentrations, linkages and inter-dependencies that are sources of contagion and spillover risks that may jeopardize the functioning of the system as a whole.