With Alistair Milne and David Skeie. CEPR Discussion Paper 21448, May 2026. PDF.

We assess retail central bank digital currency (CBDC) against the objective of the uniformity of money. The central questions that arise are whether CBDC could help support the uniformity of money across public and private monies in day-to-day payments; how it interacts with the unit of account and monetary sovereignty; and how its design choices impact its contribution.