New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen...

Consumers are using cash less and less, and the use of private money, through companies such as Visa, Mastercard or Paypal, is increasing considerably. On the one hand, cryptocurrencies, such as bitcoin, were created in 2008, and on the other hand, private digital currencies backed by large...

Globalisation affects the functioning of the macroeconomy. The macroeconomy's functioning, in turn, conditions the conduct and impact of monetary policy. This is why globalisation matters for central banks. It is also why central bankers should pay attention to the evolution of globalisation....