Central banks play a crucial role in ensuring economic and financial stability globally. Traditionally, their role has focused domestically on conduct of monetary policy, issuance of money, regulation and provision of payment systems, being a lender of last resort and supervision of banks, often including prudential regulation. In more recent years, they have played an increasingly important role in promoting sound financial infrastructure to reduce systemic risk and standardised operations, for example with the widespread adoption of RTGS’, controlling foreign exchange settlement risk and promoting the work by the Committee for Payment Market Infrastructures. As the world changes so do the demands on central banks, for example financial inclusion, innovation, improving international payments are today all topics of active consideration, and potentially climate change and social inequality more generally. International collaboration between central banks is also rising with recent examples including the G20 Cross-border Payments Enhancement initiative bringing together the global central banking community in a concerted move for common review and mitigation of friction across end to end transaction flows. Such initiatives can even bring in newer topics for review, exploration and potential execution, adding further breadth to the role played by central banks traditionally.

Ulrich Bindseil, Director General, ECB Europa
Georges Elhedery, Co Head of Global Banking and Markets, HSBC
Howard Lee, Deputy Chief Executive, Hong Kong Monetary Authority

Moderated by Patricia Haas Cleveland, US President, OMFIF

Recorded on 13/10/21

This virtual discussion is part of the OMFIF Digital Monetary Institute. The OMFIF Digital Monetary Institute creates a high-level college which convenes central banks, key policy-makers, technologists, financiers and regulators to explore the challenges, opportunities and implications of digital finance in the 2020s. See more information on OMFIF’s DMI here. Please contact julia.demidova@omfif.org directly for membership details.

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