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Central Bank Digital Currencies (CBDC)

Following the financial crisis of 2008, the nature of money and monetary creation have become topics of debate in several countries. In Switzerland, the debate over the creation of an “electronic franc” (ie. a central bank digital currency) will surely gain momentum in the coming years. The proposal gained the support of some elected officials and senior executives in the financial sector who saw in it a credible alternative to the “Full Money” initiative, allowing central banks to retain a sure footing in payments in the face of the rise of private cryptocurrencies, while leaving untouched the freedom of commercial banks to develop credit activities and attract deposits.

On 14 March 2018, the Wermuth Postulate (N° 18.3159) was submitted, asking the Federal Council to elaborate a report on the feasibility and stakes of the creation of a cryptofranc (“Etablir un rapport sur la faisabilité et les enjeux de la création d’un cryptofranc”). Simultaneously, on 15 March 2018, Guillaume Barazzone submitted an Interpellation entitled “Un cryptofranc pour la Suisse?”. The Postulate, accepted by the Parliament, forces the Federal Council to study this topic and provide a report on it.

The question is all the more important since companies like Facebook are now proposing their own private payment system combining big data and cryptocurrencies. The risks, however, are significant with private payment systems combining speculation and use of personal data.

Given the importance of this issue for our payment system and in anticipation of the public debate that will develop, the Observatoire de la Finance has deepened the study of this issue in a report analyzing the opportunities, risks and impacts of central bank digital currencies.

The report, which can be downloaded below in several languages, exists in 2 versions:

An « international version » concerning potentially any state

A « Swiss version » focused more specifically on the Swiss case

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Launch of 7th edition of Ethics & Trust in Finance

The official launch of the 7th Edition of the Ethics & Trust in Finance Global Prize took place at the OECD Conference Center in Paris on the 18h of September.
Full program

More information: http://www.ethicsinfinance.org/7th-edition-2018-2019/official-launch-of-the-7th-edition-of-the-prize/

 

The launch was an opportunity to remind people about the purpose of the Prize which since 2006, on a biennial basis, invites young authors – under 35 – to think and submit essay entries about the role ethics and trust play or should be playing in the finance broadly understood. The targeted audience come from very different horizons, professional backgrounds, cultures, geographic locations, with the one common denominator that they all belong to the world in finance. The essay competition provides an opportunity for expression of these different expertise, sensibilities and experiences.

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Recent issues

Finance & the Common Good/Bien Commun

 

  • N°42&43 – Ethics in Finance, Sense of urgency / Le sens de l’urgence – Nominated essays, The Robin Cosgrove Prize 2014/2015 – 2015
  • N°40&41 – Ethics in Finance: What can we do? The views of the upcoming generation – Nominated essays, The Robin Cosgrove Prize 2012/2013 – 2013
  • N°39 – Nominated Essays « Ethics in Finance – Robin Cosgrove Prize » – Edition 2010/2011 – November 2011
  • N°37/38 – Figures de la solidarité: approches interdisciplinaires – October 2011

Finance & Bien Commun / Common Good N°44 & 45

Ethics & Trust in Finance – Global Prize

6th Edition 2016 / 2017

Nominated Essays

En route pour la deuxième décennie / Opening the second decade

To download the review

 

 

Editorial

En route pour la deuxième décennie / Opening the second decade
Josina Kamerling, Paul H. Dembinski

 

Sixth Edtion 2016/2017 : Global Jury

 

Part I : New and Old Frontiers of Ethics

 

Part II : What Ethical Harness for Technology

 

Part III : Avenues for Action