ISBN 978-92-9259-142-7 (print)
ISBN 978-92-9259-143-4 (online)
,Foreword
The history of central banking began with payment services. Since then payment-related innovation has
always been an integral part of central banking. Modern examples include the establishment of systems
allowing for immediate interbank gross settlement and the recent increased emphasis on faster retail
payment systems. Central bank digital currencies (CBDCs) represent another such potential innovation.
This joint report by the Committee on Payments and Market Infrastructures and the Markets Committee
provides an initial analysis of CBDCs. It offers a high-level overview of their implications for payments,
monetary policy and financial stability. The analysis of the committees reflects initial thinking in this rapidly
evolving area and is a starting point for further discussion and research. It also highlights that the issuance
of a CBDC requires careful consideration.
The Committees thank Klaus Löber (European Central Bank) and Aerdt Houben (Netherlands Bank)
and the two Committee working groups for their efforts in preparing this report.
Benoît Cœuré Jacqueline Loh
Chair, Committee on Payments and Chair, Markets Committee
Market Infrastructures
Central bank digital currencies iii
,
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