Nathanaël Benjamin, executive director of financial stability strategy and risk at the Bank of England, joins OMFIF to set out a unifying framework for understanding the role of central banks through the three core functions of money: as a unit of account, a medium of exchange and a store of value.

The speech draws out a clear link between the Bank of England's activities and these three functions of money, and explores how this framework can help think through the optimal reach of central bank policies.

Benjamin also sets out how viewing financial policy through this lens helps to focus on addressing the risks and frictions that can impair the ability of money to perform its core functions, such as building resilience where shocks could be amplified, removing barriers to growth, or supporting responsible innovation where it enhances the functioning of money.