In a rapidly digitalizing world, central banks are staring down a future in which they may lack the tools necessary to manage crises, and in which they may no longer be able to protect their monetary sovereignty. They should recognize that digital currency is a source of institutional salvation.
thinks governments must embrace central bank digital currencies or risk a fundamental loss of control.
发自剑桥—在50年以前,美国最大的宏观经济问题是高通胀,上世纪70年代平均通胀率超过6%,到70年代末甚至达到10%。随后美联储主席保罗·沃尔克(Paul Volcker)走马上任,他先是在1979年得到吉米·卡特总统任命,接着又于1983年在罗纳德·里根总统手下继续任职。
1981年,沃尔克借助高利率政策破除了通胀并因此名声大噪。通过在经济衰退的情况下仍然坚持这一政策,他使金融市场、企业和家庭相信美联储今后将不惜一切代价确保低水平且稳定的通胀。
许多年后,这位顶级货币政策制定者的坚定承诺兴许成为了马里奥·德拉吉(Mario Draghi)的榜样——他在2012年担任欧洲央行行长时承诺会“不惜一切代价”维护欧元。毫无疑问,德拉吉在这一使命上的成功解释了他为何能在近期就任意大利总理。
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