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Digital Money DIGITAL MONEY The Future of Banking 8 CEPR PRESS Centre for Economic Policy Research187 boulevard Saint-Germain75007 Paris, France2 Coldbath SquareLondon EC1R 5HL, UKTel: +44 (20) 7183 8801Fax: +44 (20) 7183 8820Email: cepr@cepr.orgWeb: www.cepr.orgISBN: 978-1-917343-04-6© 2026 CEPR Press DIGITAL MONEY The Future of Banking 8 Stephen CecchettiBrandeis University and CEPR Dirk NiepeltUniversity of Bern and CEPR Hélène ReyLondon Business School and CEPR Xavier VivesIESE Business School and CEPR CENTRE FOR ECONOMIC POLICY RESEARCH (CEPR) The Centre for Economic Policy Research (CEPR) is a network of almost 2,000 researcheconomists based mostly in European universities. The Centre’s goal is twofold: topromote world-class research, and to get the policy-relevant results into the hands of keydecision-makers. CEPR’s guiding principle is ’Research excellence with policy relevance’.It was founded in the UK in 1983, where it is a Charity, and in November 2019 CEPRinitiated the creation of an Association under French law, in order to provide a vehicle foran expansion in France. The members of the Conseil d’Administration of the Associationare identical to the UK Board of Trustees. CEPR is independent of all public and private interest groups. It takes no institutionalstand on economic policy matters and its core funding comes from its InstitutionalMembers, projects that it runs and sales of publications. Because it draws on such a largenetwork of researchers, its output reflects a broad spectrum of individual viewpoints aswell as perspectives drawn from civil society. CEPR research may include views on policy,but the Trustees/members of the Conseil d’Administration of the Association do not giveprior review to its publications. The opinions expressed in this report are those of theauthors and not those of CEPR. Sir Charlie BeanRichard PortesBeatrice Weder di MauroMaristella BotticiniAntonio FatásUgo PanizzaHélène ReyTessa Ogden Chair of the BoardFounder and Honorary PresidentPresidentVice Presidents IESE BUSINESS SCHOOL IESE is the graduate business school of the University of Navarra. Founded in 1958,the school is one of the world´s most international business schools, with campuses inBarcelona, Madrid, Munich, New York and São Paulo. Consistently ranked within thetop ten worldwide, IESE Business School has pioneered business education in Europesince its founding. For more than sixty years, IESE has sought to develop business leaderswith solid business skills, a global mind-set and a desire to make a positive impact onpeople and society. The school distinguishes itself in its general-management approach,extensive use of the case method, international outreach, and emphasis on placing peopleat the heart of managerial decision-making. About the authors Stephen G. Cecchettiis Professor and Rosen Family Chair in International Finance atthe Brandeis University, Research Associate at the NBER, Research Fellow at the CEPR,and Vice Chair of the Advisory Scientific Committee of the European Systemic RiskBoard. Previously, he was Economic Adviser and Head of the Monetary and EconomicDepartment at the Bank for International Settlements, Director of Research at theNew York Fed, and editor of theJournal of Money, Credit, and Banking. Cecchetti haspublished widely in academic and policy journals, is the author of a leading textbook inmoney and banking, and blogs atwww.moneyandbanking.com. Professor Cecchetti holdsan undergraduate degree from the Massachusetts Institute of Technology, a doctoratefrom the University of California Berkeley, and an honorary doctorate in Economics fromthe University of Basel. Dirk Niepeltis Professor of Macroeconomics at the University of Bern, leads the CEPRNetwork on FinTech and Digital Currencies, and is affiliated with CEPR, CESifo, Vereinfür Socialpolitik, and SUERF. He holds or has held positions at the Bank of England,the ECB, the IMF, the St. Louis Fed, and the SNB, among others. He served as presidentof the Swiss Society of Economics and Statistics and held positions at the Study CenterGerzensee, Foundation of the Swiss National Bank, including as director (2010–2022).He taught in Austria, Germany, Spain, Sweden, Switzerland, and the US. His researchis in macroeconomics, monetary economics, international finance, and public finance.He is the author of the MIT Press textbookMacroeconomic Analysis, received his PhDin Economics from the Massachusetts Institute of Technology, and holds licentiate anddoctorate degrees from the University of St. Gallen. Hélène Rey, O.B.E., F.B.A. is Lord Raj Bagri Professor of Economics at LondonBusiness School. Formerly, she was Professor of Economics and International Affairsat Princeton University. Her research focuses on external imbalances, monetary policyand international capital flows. She introduced the idea of a global financial cycle andqualified the idea of the Mundellian Trilemma. She also quantified the exorbitantprivi