Though details of the design are as yet unknown, according to information officially released up to now, the People’s Bank of China (PBoC) clearly aims at issuing CBDC as a substitute for cash in circulation.
Results from the European Commission’s labour market reforms database (LABREF) show a similar trend. In addition, the Commission has assessed that at least “some progress” has been made on around two-thirds of the country-specific recommendations issued between 2011 and 2016.3 Even more important, an increasing number of empirical studies confirm the positive economic 1/5  BIS central bankers' speeches  impact of these reforms.