The digital euro is not a monolithic project. On the contrary: The fields of application are broad, and possible solutions are diverse. This paper provides an overview of use cases, application domains, and infrastructures for the digital euro that differ significantly. A comparison with...

Distributed ledger technology (DLT) enables a wide range of innovative industrial use cases and business models, such as through programmable payments and the seamless exchange of assets, goods, and services. To exploit the full potential of a DLT-based European economy, it is crucial to...

Central bankers express concerns that central bank digital currencies (CBDCs) might disintermediate commercial banks and facilitate bank runs. We analyze these concerns in a DSGE framework and provide a rationale for the disintermediation of the banking sector. Our focus is on the central bank's...

We develop a dynamic stochastic general equilibrium (DSGE) model to study the impact of central bank digital currencies (CBDCs) on the financial sector. We focus on the effects of interest- and non- interest-bearing CBDCs during financial crises and their interactions with the effective lower...

This paper explores the feasibility of a fiat stablecoin that provides similar privacy guarantees to cash. We show how individuals in a stablecoin privacy pool can exchange small amounts of value within pre-assigned limits outside the view of third parties, such as banks, central banks, crypto...