The political economy of central banking in the digital age

An issue which many central banks have recently become interested in is how the new technology affects central banks: what central banking is and what central banks do? In 2004, I aired the possibility of the Bank of England issuing e-money at an annual strategy meeting. Since leaving central banking, my preoccupations have been less with substance than with the political economy of unelected power, of which today’s post-crisis central banks are, of course, the epitome. I am therefore going to try to put the substantive issues raised for central banks by the new technology into a political-economy framework. CLICK HERE FOR THE FULL TEXT