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March 7, 2019

Central Bank digital currencies: features, options, pros and cons

The emergence of cryptocurrencies is opening the way to Central Bank Digital Currencies (CBDCs). This paper highlights the pros and cons of issuing CBDCs under four different variants: from the more modest proposals to the most ambitious ones where there could be a serious disruption in financial intermediation.

May 25, 2018

Banking Outlook. May 2018

Adjustments to the number of employees and branches in the sector continue, despite the deleveraging of the private sector seems to be coming to an end. The sector is feeling the effects of the resolution and sale of Banco Popular in June 2017 and posted after-tax losses of €3.9 billion for the year, although it achieved fu…

March 29, 2017

Central Bank Digital Currencies: assessing implementation possibilities and impacts

Following advances in the distributed ledger technology, central banks are assessing the issuance of digital currency. There's a range of possible schemes to adopt depending on which features of cash to hold: universality, anonymity and non-yield bearing. We analyze opportunities and challenges of 4 key schemes, that suppor…