Question 2: What effect will the introduction of a CBDC have on UK banks?
Answer:
Moderate harm
Confidence level:
Not confident at all
Comment:
I doubt CBDCs will be designed in such a way that they usurp banks' traditional role. If banks are "disrupted" it will be due to private sector developments and I expect banks will evolve to face these new challenges.
Question 1: How beneficial would it be to the UK economy for the Bank of England to introduce a central bank digital currency in some form in the upcoming decade?
Answer:
Beneficial
Confidence level:
Not confident at all
Comment:
Times will require the Bank to introduce a CBDC. Its cost and benefits will depend greatly on design.
Proposition 2: Asset prices and financial imbalances are best addressed using macroprudential tools and left out of the monetary policy decision making process.
Answer:
Strongly disagree
Confidence level:
Confident
Comment:
There is only so much that macroprudential tools can do and it is important to keep the door open to the "sledgehammer" of interest rate policy that might be needed to rein in financial excesses.
The CFM surveys informs the public about the views held by prominent economists based in Europe on important macroeconomic and public policy questions. Some surveys focus specifically on the UK economy (as the CFM is a UK research centre), but surveys can in principle focus on any macroeconomic question for any region. The surveys shed light on the extent to which there is agreement or disagreement among these experts. An important motivation for the survey is to give a more comprehensive overview of the beliefs held by economists and in particular to include the views of those economists whose opinions are not frequently heard in public debates.
Questions mainly focus on macroeconomic and public policy topics. Although there are some questions that focus specifically on the UK economy, the setup of the survey is much broader and considers questions related to other countries/regions and also considers questions not tied to a specific economy.
The surveys are done in collaboration with the Centre for Economic Policy Research (CEPR).
Central Bank Digital Currency for the UK
Question 2: What effect will the introduction of a CBDC have on UK banks?
Question 1: How beneficial would it be to the UK economy for the Bank of England to introduce a central bank digital currency in some form in the upcoming decade?
Fiscal Rules in the European Monetary Union
Question 2: Which of the following is the one reform you would choose to improve fiscal rules?
Proposition 1: The existing fiscal rules for European Monetary Union members require revision.
Asset Prices and Monetary Policy
Proposition 2: Asset prices and financial imbalances are best addressed using macroprudential tools and left out of the monetary policy decision making process.
Pages