I look forward to hearing your questions and your comments. 8  A previous version of this analysis was published as part of the Second Quarter, 2009 CPP Report. See R. Edge and D. Hancock (2009), “U.S.
[20] It could also enhance competition in banks’ funding markets. To the extent that funding markets are not perfectly competitive, a central bank digital currency could reduce the market power of commercial banks and improve contractual terms for customers, with little effect on the volume of outstanding deposits and loans.