With digital payments on the rise, central banks – as the sole issuers of public money – need to respond adequately to these new challenges, as they relate to our statutory mandate to ensure safe and efficient payments. A key development in this regard is the growing interest in CBDCs among central banks around the world.
BIS Review 54/2002  3  V. Besides raising issues of systemic stability, financial disturbances also affect the real economy, irrespective of what generated the turbulence in the first place. Transmission to the real economy works via three main channels. The channel that received most attention during the latest market downturn is also the least effective one in the euro area: the wealth effect.