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“Economically inefficient and legally untenable”: constitutional limitations on the introduction of central bank digital currencies in the EU

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JournalJournal of Banking Regulation
DateAccepted/In press - 14 May 2021
DateE-pub ahead of print (current) - 2 Jun 2021
Number of pages11
Early online date2/06/21
Original languageEnglish

Abstract

ECB officials have recently poured scorn on the notion that the ECB could introduce a central bank digital currency (CBDC) in the Eurozone, with one labelling such an initiative as “economically inefficient and legally untenable.” This article assesses the justifications for these claims from legal and economic perspectives. It finds that, based upon prevailing ECB policies and the myriad options available for CBDC design, such claims are flawed. The article further explains that the ECB’s reticence to consider the introduction of CBDC may impair the development of payments systems and obstruct financial inclusion.

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© The Author(s), under exclusive licence to Springer Nature Limited 2021. This is an author-produced version of the published paper. Uploaded in accordance with the publisher’s self-archiving policy. Further copying may not be permitted; contact the publisher for details

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