Finanz und Wirtschaft, December 8, 2021. PDF.
- I draw some conclusions from the CEPR eBook on CBDC, namely:
- Banks will change, whatever happens to CBDC.
- The main risk of retail CBDC is not bank disintermediation.
- CBDC may not be the best option even if it has net benefits.
- It should be for parliaments and voters, not central banks, to decide about the introduction of CBDC.
In a post on DeFacto, Michael Hermann argues that in Switzerland the conflict between voters and “political elites” actually has receded. According to Hermann, popular votes helped clarify where voters disagreed with parliamentarians, and this led policy makers to adjust. The figures illustrate how over time, votes in the two chambers of parliament converged towards outcomes in popular votes. Campaigns supported by the right-wing SVP party may have contributed to these developments.