This is an interesting time. I never thought it could come so soon.

Most central banks are studying the introduction of public digital money. In the European Union, the ECB has presented a good report on the digital euro for public consultation and the Eurogroup has scheduled a first discussion on the digital euro for March next year.

The explosion of reports, documents, conferences, the extensive and intense work of public and private entities, is being a revolution. Now it is a revolution in ideas, but it will end up having effects on reality. It will end up transforming money and the financial system.

This interest in CBDC appears now when, just two years ago, the idea of public money accessible to all citizens was ignored by most central bankers, by finance ministers, and by most of the academic economists.

So, before I deal with the current debate on CBDC, I will compare the conventional view of our monetary system with the view of those who propose to replace the current private and fragile money with a public and safe money which would allow the full liberalization of banking activities.

Ponencia de: Miguel A. Fernández Ordoñez.