In this episode lets look at central bank conference that took place on 9/27/2002 in France with main focus on Tokenisation of Finance. Central banks talks about CBDC and crypto regulation well underway.

This video is looks at what Christine Lagarde, president of ECB has to say about CBDC, Crypto, Regulation, Stable coin, and new financial system.

Join me as we explore CBDC, talk about its benefits and risk as little over 105 countries are either researching, developing, piloting and even lunching CBDS. With that, let me share my opinions and taught process around this important topic.

Amway, one very important point here….
Note that this video is intended for education and entertainment purpose only and it is not a financial advise. DYOR, these are simply my opinion as it related to respective topic of the content mentioned, for example: silver, economy, financial world and beside, what would I know, I am just the guy on internet, epic noob.

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Lagarde: On your question concerning CBDC, you know my views on CBDC and you know that I have pushed that project. Fabio Panetta is working hard on that together with members in the entire Eurosystem with the high-level taskforce that is working really hard on moving forward. But in a way, I am really pleased that attention is now focussed on the role that cryptos can play and the role that Central Bank Digital Currency can have when they are implemented. We have a schedule, as you know. The Governing Council decided back in October ’21 to launch a two-year investigation phase, and it is at the end of that investigation phase that the decision will definitely be made to launch the CBDCs and to make it a reality. We can’t go wrong with that project. I am confident that we will move ahead, but that’s going to be a decision of the Governing Council. I think it’s an imperative to respond to what the Europeans expect, and I think we have to be a little bit ahead of the curve if we can on that front.

If we can accelerate the work, I hope we can accelerate the work. I will certainly support that and I was delighted to see that in the United States there was an executive order by President Biden to actually expect similar effort and focus and progress on CBDC, cryptos. I think that it will take all the goodwill of those who want to support sovereignty, who want to make sure that monetary policy can be transmitted properly using our currency, will endeavour.

On the issue of financial stability, I totally concur with my Vice-President de Guindos, but I will also point you to the last sentence in the first paragraph of our monetary policy statement. I know that there has been an abuse of that, but we mean it. We will take whatever action is needed to fulfil the ECB’s mandate to pursue price stability and to safeguard financial stability. So have no doubt!

#Lagarde #ECB #Russia #Ukraine #Energy #inflation

Christine Lagarde, ECB president, said Russia’s invasion of Ukraine had created “a major shock” for the eurozone economy, adding that the central bank was forecasting higher inflation and lower growth over the next three years.

Setting out a quicker reduction in its bond-buying plans this year, the ECB said it would reduce asset purchases to €40bn in April, €30bn in May and €20bn in June. Its earlier plan was to steadily reduce net purchases from €40bn a month in April to €20bn a month from October.

It could stop adding to its existing €4.6tn bond portfolio in the third quarter “if the incoming data support the expectation that the medium-term inflation outlook will not weaken even after the end of our net asset purchases”.

The separate €1.85tn emergency bond-buying scheme launched in response to the coronavirus pandemic would stop net purchases as planned at the end of March, it said.

However, the central bank dropped a commitment to end asset purchases “shortly before” it raises interest rates, saying instead that any change to rates would be “gradual” and come “some time” after asset purchases end, which Lagarde said could mean months, or a week later.

The war in Ukraine has prompted some economists to warn about the risk of stagflation, in which a supply-side inflationary shock is combined with stagnant growth. This leaves the ECB in a difficult position, torn between the desire to tackle inflation that is expected to stay well above its 2 per cent target until at least next year and wanting to support the economy.

The ECB cut its growth forecast for this year to 3.7 per cent, down from 4.2 per cent, and Lagarde said high inflation could put more downward pressure on demand. It raised its forecast for inflation this year from 3.2 per cent to 5.1 per cent. But crucially it predicted inflation would fade to 2.1 per cent next year and 1.9 per cent in 2024 — meaning it still has not fulfilled a key condition to raise interest rates.

“Inflation could be considerably higher in the near term,” Lagarde said. “However, in all scenarios, inflation is expected to stabilise around our target by 2024.”

Only last month, the ECB governing council agreed it could speed up a “gradual normalisation” of its ultra-loose monetary policy. But the invasion of Ukraine and the sanctions imposed on Russia threw this plan into doubt after economists slashed their growth forecasts and predicted inflation would surge from the record level of 5.8 per cent reached in February.

#Lagarde #ECB #Russia #Ukraine #Energy #inflation

Christine Lagarde, ECB president, said Russia’s invasion of Ukraine had created “a major shock” for the eurozone economy, adding that the central bank was forecasting higher inflation and lower growth over the next three years.

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About this event
The International Monetary Fund (IMF) reports that 97 nations, or more than half of the world’s central banks, are experimenting with developing Central Bank Digital Currencies (CBDCs). Recent example is Norway’s central bank confirming that the prototype infrastructure for the project is based on Ethereum are just one example of the headway countries are making in developing a digital currency.

As more announcements from central banks worldwide are made public, the discussion about the design dimensions of a CBDC is also coming into the spotlight in the eurozone. In August, the ECB’s newest working paper series publication “The economics of central bank digital currency” sought to identify issues and consensus regarding CBDCs, and to identify gaps in the previous research (i.e., the arising fear of compromised privacy and the benefits of anonymous payments). The conclusion of the ECB that there is no one-size fits all solution for all countries and that different currency unions and countries need to comply with differing economies and demands from its citizens opens up more questions than it answers.

A CBDC infrastructure thus needs to be consistent with the various needs of citizens, the economy, and also local regulatory requirements. The World Economic Forum (WEF), for instance, considers robust cybersecurity and technical resilience to be significant design features that should be taken into account. Especially threats coming from emerging technologies (i.e., quantum computing) should be prevented. Furthermore, the Bank for International Settlements (BIS) also lists privacy, interoperability, and the ability to operate across borders as key design considerations for a CBDC.

The aim of this webinar is to discuss the calibration of an optimally designed retail CBDC. In this context, the challenges of this day and age, such as data protection, are explored alongside country and currency union specific considerations.

In particular, in this panel, we focus on addressing the following questions among others:

Which design dimensions of a retail CBDC are there? Which ones are especially relevant to different countries?
Which design features have a particularly strong influence on financial stability and monetary policy? How should the ECB address these features?
Why are some countries inclined to use blockchain technology and others are reluctant to?
Which goal is the euro zone pursuing in designing an optimal retail CBDC?
What are the learnings from currently live retail CBDC projects in other countries?
Are there non-negotiable design features for a retail CBDC regardless of the country or currency union?

During the webinar, you will also have the opportunity to ask direct questions to the speakers.

Panelists

Antony Welfare (Senior Advisor CBDC and Global Partnerships, Ripple)
Steven Hildebrandt (Product Manager Digital Currencies, Bundesdruckerei Gruppe)
Dr. Peter Dittus (Chief Economist, SFB Technologies)
Philipp Sandner (Head of Frankfurt School Blockchain Center)

Moderator
Sarah Palurovic (Executive Director, DEA)

Location and Date

Location: Online. Details for the live broadcast will be sent to you on the day of the event (no prior software installation required)

Date: Nov 22, 2022

Time: 17h00–18h30 (CET)

Language: English
Agenda

17:00 – Welcome and introductory words

17:05 – Keynote: The CBDC manifesto

17:15 – Panel discussion: The Optimal Design of a Central Bank Digital Currency

18:15 – Q &A

18:30 – End of webinar

Contact
Digital Euro Association

E-Mail: [email protected]

Web: www.digital-euro-association.de
About the Digital Euro Association

The Digital Euro Association (DEA) is a think tank specializing in crypto assets, stablecoins, central bank digital currencies (CBDC), and other forms of digital money. Our mission is to contribute to the public and political discourse through research, education, and by providing a platform for discussion and a community for policy-makers, technologists, and economists. We are committed to independence and excellence, aiming to set the agenda and to shape policy by encouraging new ideas and forward-thinking in the field of digital money. We deal with new and innovative topics such as the digital, programmable Euro and Libra, but also with “classical” crypto assets such as Bitcoin and Ether. More information on the Digital Euro Association can be found on our website, LinkedIn and Twitter.

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DISCLAIMER: All my content is just for entertainment purposes only. Any opinions expressed are just my own. I am not a financial adviser. I advise everyone to not take anything I say at face value, but to always do your own due diligence and research before investing.

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