scholarly journals Can the ECB save the Euro zone?

2016 ◽  
Vol 11 (2) ◽  
pp. 81-94 ◽  
Author(s):  
Alvaro Cencini
Keyword(s):  
Central Banks ◽  
High Time ◽  
Payment Systems ◽  
Single Currency ◽  
European Currency ◽  
Euro Zone ◽  
Cross Border ◽  
Monetary Unification ◽  
Monetary System ◽  
True System

The European project of monetary unification is under threat as never before. It is, therefore, high time to point out what went wrong and what should be done to reform the Eurosystem accordingly. This paper shows that Euro zone member countries are de facto still lacking a single currency and a monetary system that would allow for the final payment of cross-border transactions. Starting from the RTGS mechanism adopted by the Eurosystem and from a comparison with the working of domestic payment systems, it describes the changes required to transform the ECB into a bank of central banks capable to guarantee the existence of a true system of intra-European payments, with or without a single European currency (that is, with or without the loss of Euro zone countries’ monetary sovereignty)

scholarly journals Cryptocurrencies: technology, initiatives of banks and central banks, and regulatory challenges

2021 ◽  
Vol 30 (2) ◽  
pp. 467-496
Author(s):  
Carlos Eduardo Carvalho ◽  
Desirée Almeida Pires ◽  
Marcel Artioli ◽  
Giuliano Contento de Oliveira
Keyword(s):  
Banking System ◽  
Central Banks ◽  
Payment Systems ◽  
Settlement Systems ◽  
Monetary System ◽  
Paper Currency ◽  
International Banks ◽  
Monetary Order ◽  
Technology Initiatives ◽  
Regulatory Challenges

Abstract This paper analyses the impacts of the innovation known as distributed ledger technology (DLT) on the monetary system and on financial activities. Private cryptocurrencies, such as Bitcoin, are permissionless means of payment, based on blockchain, a form of DLT. Evaluations suggested that these private cryptocurrencies could compete with the banks payment systems and even supplant state currency. The development of these technologies has the potential to modify profoundly monetary and financial practices, but there are no indications that they may threaten the centrality of state money and the banking system in the contemporary monetary order. Major international banks have developed cryptocurrencies for settlement systems and for interbank transactions, including the so-called stablecoins, issued by highly technological companies with on par conversion into state money. Some central banks are studying the launch of state cryptocurrencies that could coexist with their fiduciary state currency and even replace their paper currency. The use of this technology results in new challenges for regulation, including the fact that cryptocurrencies can be used for money laundering and by organized crime.

scholarly journals Modern models of systems of central bank digital currency

2021 ◽  
Vol 37 (2) ◽  
pp. 205-240
Author(s):  
Dmitry Kochergin ◽  
Keyword(s):  
Central Bank ◽  
Central Banks ◽  
Payment Systems ◽  
Bank Of China ◽  
Digital Currency ◽  
Cross Border ◽  
Economic Interpretation ◽  
Key Characteristics ◽  
National Implementation ◽  
Retail Payments

The article examines modern models of digital currency systems of central banks (CBDC) for retail payments and wholesale settlements. The study gives economic interpretation and defines the key characteristics of central bank digital currencies, identifies the features of the main models of digital currencies systems and analyzes the most advanced national implementation projects of CBDC. The study concludes that the digital currencies of central banks are a new (digital) form of fiat money. The implementation of digital currencies of central banks is due to the need to improve the efficiency of the monetary and payment systems and is aimed at preserving of the central banks as a monetary issuer. The main advantages of digital currencies for retail payments are the offer of a highly liquid, low-risk and universally accessible means of payment. The key benefits of wholesale digital currencies are to provide faster, safer, and cheaper cross-border payments. Among the models of digital currencies systems for retail payments (R-CBDC) the model of hybrid system is characterized by the best reliability and speed when processing a large number of payment transactions. Therefore, these systems are the most promising for implementation. Between the models of systems for wholesale payments (W-CBDC) systems with a universal digital currency are the most suitable for eliminating the main problems of cross-border payments. However, the implementation of such systems may require a large number of technological, managerial and financial changes in the payment systems of central banks. Currently, the most advanced project for issuing R-CBDC is the DCEP system of the People’s Bank of China, which is implemented on the basis of a hybrid model. W-CBDC projects are implemented jointly by the central banks of the leading countries, as they require financial and technological unification of settlements. Most projects of W-CBDC involve the use of systems with a convertible or universal digital currency.

European currency system: problems and developments of prospective evaluation

2019 ◽  
pp. 49-55
Author(s):  
Наталія Валерьївна Безрукова ◽  
Віталій Анатолійович Свічкарь
Keyword(s):  
Debt Crisis ◽  
European Monetary System ◽  
European Monetary ◽  
European Currency ◽  
Euro Zone ◽  
Eu Countries ◽  
Monetary System ◽  
System Functioning ◽  
Further Development ◽  
The Eu

In the article the authors investigated the problems of the European monetary system functioning. It is emphasized that the EU and the Euro zone are currently suffering from strain and unsolved problems, which do not exclude gradual decrease in the EU countries consolidation and influence. The aim of the article is to analyze present days’ problems of European Union functioning and European monetary system, in particular evaluation their further development perspectives. Debt crisis in the Euro zone sets a question to the single European currency and European integration prospective. It is noted by the authors that as a result of economic crisis Europe are divided into two macro regions, which are unsuccessful “South” and prosperous “North”. Numerous prognoses foresee various scenarios for the situation development, from pessimistic to optimistic ones. However political efforts of the leading EU countries, primarily Germany, France, and the Netherlands are required.

ANALYSIS OF THE SCO NATIONAL PAYMENT SYSTEMS AND PROPOSALS FOR OPTIMIZATION OF THE SETTLEMENTS IN SCO

2020 ◽  
Vol 2 (6) ◽  
pp. 147-158
Author(s):  
L. N. KRASAVINA ◽  
◽  
L. I. KHOMYAKOVA ◽  
Keyword(s):  
External Factor ◽  
Digital Technologies ◽  
Central Banks ◽  
Payment System ◽  
Payment Systems ◽  
Shanghai Cooperation Organization ◽  
Regional Features

The article discusses the features of the functioning of national payment systems of the countries of the Shanghai Cooperation Organization (SCO). The specifics of the payment systems of the SCO countries are revealed, the emphasis is placed on their regional features. The role of central banks in ensuring the stable and safe functioning of national payment systems is highlighted. The importance of the supervisory function of central banks in order to control the payment system operators of the SCO countries is emphasized. Forecasts of the development of remote and digital technologies in the payment sector are given taking into account the influence of a new external factor (pandemic).

scholarly journals The impact of euro-integration processes on strengthening competitiveness of the banking sector

2021 ◽  
pp. 6-12
Author(s):  
I. Aloshyna
Keyword(s):  
Economic Integration ◽  
Capital Market ◽  
Banking Sector ◽  
Positive Impact ◽  
International Competitiveness ◽  
Banking Supervision ◽  
Euro Zone ◽  
Cross Border ◽  
Banking Institutions ◽  
The Impact

The study considers the essence and effects of economic integration on the Euro zone banking sector. The study explains that the intensification of economic integration of European countries provides a competitive environment for banks. The results found that the integration at the macro level increases the international competitiveness of the banking sector by creating a more transparent single secure market and increasing its capacity through the application of common rules and administrative standards for banking supervision and resolution, and on the meso- and micro levels increases the international competitiveness of banking institutions by increasing efficiency and profitability by increasing the volume of cross-border banking activities within the Euro zone. The conclusions suggest the main instruments of ECB’s monetary policy have a positive impact on improving the competitiveness of the banking sector by removing barriers to cross-border competition. Such instruments helped to create a large and transparent capital market, increase banking sector competitiveness by intensifying competition and efficiency of banks.

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