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 Com
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