Monetary Policy
Central Bank Independence and Digital Currency: The CBDC Threat to Monetary Autonomy
CBDCs raise profound questions about central bank independence — from political programming of money, to fiscal-monetary interaction, to the surveillance of transactions. The political economy of programmable central bank money is the most consequential monetary policy debate in decades.
Digital Euro Legislation: The EU's €1.3 Billion CBDC Race to 2029
The European Central Bank is building a digital euro — a retail CBDC for 340 million Europeans. The legislative journey, the political battles, and the 2029 launch target.
Financial Sovereignty and Tokenization: How Countries Use Regulation to Control Capital
Financial sovereignty — a state's control over monetary policy, capital flows, and payment systems — is directly challenged by borderless crypto assets and cross-border tokenized securities. Regulation is the primary tool states use to assert control.
Tokenization and Monetary Policy: How Digital Assets Are Changing Central Banking
Tokenization and crypto assets are creating new monetary policy transmission challenges — from stablecoin deposit substitution to tokenized money markets, from CBDC design tradeoffs to the monetary implications of DeFi yield.