Matolcsy: Central banks should be given a “CBDC” mandate

Presently, the majority of global central banks lack the legal authority to issue CBDC /Central banking staff, Central Banking, 2/15/2022/.

In my view, all central banks should be given the full authority to issue their digital currencies in order to provide the whole financial system with a regulated path to the transition from the present petrodollar/Eurodollar system to a new one.

CBDCs can mix credit, fiscal easing, AI, Big Data, block chain technologies and even cryptocurrencies in order to help the global financial system creating the new, geopolitically divided – western and eastern - world of global finance. CBDCs will also let us to use targeted means instead of general QEs.

In the lack of CBDCs we will not be able to follow the “orderly closure” of the outgoing global financial order prevailed between 1996 and 2021.

Governor Matolcsy, MNB, the Central Bank of Hungary

Re “Majority of central banks lack the legal authority to issue CBDC”

Vissza a tetejére

The primary objective of the MNB shall be to achieve and maintain price stability. (...) Without prejudice to its primary objective, the MNB shall support the maintenance of the stability of the system of financial intermediation, the enhancement of its resilience, its sustainable contribution to economic growth; furthermore, the MNB shall support the government’s economic policy and its policy related to environmental sustainability, using instruments at its disposal.