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30.10.2020 - Comments

Bequest of objectivity in monetary policy

by Norbert F. Tofall

Central bank independence can be used for objectives that contradict the original mandate. The desired objectivity is replaced by a bequest of monetary policy.

This comment is available in German only.

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Central Bank Digital Currency

Is the ECB wasting an opportunity?

by Norbert F. Tofall

The model of digital central bank money proposed by ECB Director Ulrich Bindseil is not intended to use digitisation for monetary system reform. The ECB is thereby missing an opportunity.

15.01.2018 - Economics, Politics & Philosophy

Monetary constitutional issues are questions of freedom

by Norbert F. Tofall

Competing private currencies allow a gradual transition from a state monopoly to a market economy monetary order, whereby crypto currencies are a use case of competing private currencies. However, not every digital currency is a crypto currency.