Digital Currencies: Implications For Central Banks & Reforming The Global Monetary System
EVENT I
Digital Currencies: Implications For Central Banks
Host: The Brookings Institution, Washington, DC
Date: April 17, 2018
Event Link: www.brookings.edu/events/digital-currencies-implications-...
Event Video: www.youtube.com/watch?v=GnnpasGm9Hs
Event Overview: Bitcoin and other digital currencies are drawing increasing attention around the world. While bitcoin is not going to replace the dollar or other official currencies anytime soon, the rise of digital currencies poses challenges and opportunities to the Federal Reserve and other central banks. Are we at the cusp of an era in which paper currency is (finally) obsolete? Should central banks create their own e-currencies? Do digital currencies create financial stability risks? How should central banks regulate them? Is the central bank’s franchise at risk? Could the spread of digital currencies influence the conduct of monetary policies, the efficacy of capital controls, the nature of cross-border capital flows?
On April 17 from 2 to 3:30 pm at the Hutchins Center on Fiscal & Monetary Policy at Brookings, Eswar Prasad, Senior Fellow in the Global Economy at Brookings and professor at Cornell University, discussed a framework for thinking through these issues and reviewed how different central banks are responding to the changes and challenges they face. Following Prasad’s report, a panel of central bankers responded. The panelists then took questions from the audience after the discussion.
Introduction
David Wessel, Director - The Hutchins Center on Fiscal and Monetary Policy, Senior Fellow - Economic Studies
Report
Eswar Prasad, Senior Fellow - Global Economy and Development
Panel: Challenges And Opportunities For Central Banks
Agustín Carstens, General Manager - Bank of International Settlements
Stefan Ingves, Governor - Sveriges Riksbank
Urjit R. Patel, Former Brookings Expert, Former Brookings Expert, Governor, Reserve Bank of India
Rana Foroohar, Global Business Columnist and Associate Editor - Financial Times
Eswar Prasad, Senior Fellow - Global Economy and Development
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EVENT II
How To Reform The Global Monetary System: A Pathway To Action
Host: The Brookings Institution, Washington, DC
Date: April 17, 2018
Event Link: www.brookings.edu/events/how-to-reform-the-global-monetar...
Event Video: www.youtube.com/watch?v=1DuuibPXO54
Event Overview:
Major financial crises in recent decades revealed that instruments to support crisis-struck countries and to overcome their indebtedness were woefully inadequate. José Antonio Ocampo, professor at Columbia University and co-director of the Central Bank of Colombia, delves into the necessary reforms that the global monetary system should undergo to play an active role in the twenty-first century in his new book, “Resetting the International Monetary (Non)System.” His basic diagnosis is that what we have today is an ad hoc framework rather than a coherent system—a “non-system”—which evolved after the breakdown of the original Bretton Woods arrangement in the early 1970s.
On April 17, the Global Economy and Development program at the Brookings Institution hosted a panel where Ocampo and other experts shared their insights regarding the global monetary system and the necessary reforms required to safeguard international liquidity and strengthen macroeconomic as well as international monetary cooperation.
Following the conversation, panelists took audience questions.
Agenda
Introductory Remarks
Kemal Derviş, Senior Fellow - Global Economy and Development
Presentation
José Antonio Ocampo, Co-Director - Central Bank of Colombia, Professor - Columbia University
Panel Discussion
Moderator - Marilou Uy, Director - The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24)
Alexandre Tombini, Former Governor - Central Bank of Brazil, Executive Director for Brazil, Cabo Verde, Dominican Republic, Ecuador, Guyana, Haiti, Nicaragua, Panama, Suriname, Timor-Leste and Trinidad and Tobago - International Monetary Fund
James Boughton, Senior Fellow - Centre for International Governance Innovation
José Antonio Ocampo, Co-Director - Central Bank of Colombia, Professor - Columbia University
Eswar Prasad, Senior Fellow - Global Economy and Development
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