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Venue

Format

Frankfurt

Date

Monday, May 20, 2019

In cooperation with

CONFERENCE MOTIVATION

The conference will be staged as a court trial in which cash will be accused with three charges: First, cash is an essential part of many kinds of criminal activities; second, it is an inefficient and outdated means of payment; and third, it prevents central banks from implementing optimal monetary policy in times when price stability would require negative interest rates. To spur a lively discussion we intend to develop the conference in a defense and prosecution part, where witness’ are called to elaborate on the charges. Additional presentations will provide a neutral overview of the current situation of the use of cash in the Eurosystem and of ideas to develop a digital cash by central banks.

The conference deliberations will deal with the following themes:
o  Cash: inefficient, outdated and a facilitator of crime?
o  Cash: still used vastly, not at the heart of current low inflation rates and keeper of civil rights?
o  Central Bank Digital Money and e-Krona: the future?

Program

Time
Monday, 20 May 2019
08:00
Registration
08:30
Welcome and introduction
Jens Ulbrich, Director General Economics, Deutsche Bundesbank and SUERF Council

08:45
Act I – Reading of Accusation
David T Llewellyn, Loughborough University and SUERF Council

09:00
Act II – Witnesses for the Prosecution

Cash and zero lower bound

Katrin Assenmacher, Head of Division, Monetary Policy Strategy, European Central Bank

Cash – an inefficient and outdated means of payment

Marc Niederkorn, Partner, McKinsey & Company

Cash and crime – the perspective of a law enforcement agency

Simon Riondet, Head of Financial Intelligence, Europol
10:35
Coffee break
10:50
Act III – Witnesses for the Defense

Stability oriented monetary policy and cash – no contradiction!

Fritz Zurbrügg, Vice Chairmann of the Governing Board, Swiss National Bank

Abolishing Cash: An Effective Instrument for Fighting the Shadow Economy, Crime and Terrorism?

Friedrich Schneider, Professor, Johannes Kepler University, Linz

Trust, data protection and freedom – cash in a world going digital

Heike Mai, Analyst, Banking, Financial Markets and Regulation, Deutsche Bank
12:25
Coffee break
12:40
Act IV – Court Experts

Cash payment in the euro area – evidence from the payment behaviour study

Doris Schneeberger, Head of Currency Management Division, Directorate Banknotes, European Central Bank

Substitute or complement? The e-krona versus cash

Cecilia Skingsley, Deputy Governor, Sveriges Riksbank


Discussion with the audience

13:45
Lunch
14:45
Act V – Pleadings and the “amicus curiae”

What is money? Cash versus central bank digital currencies

Morten Bech, Head of Secretariat of the Committee on Payments and Market Infrastructures, Bank for International Settlements

Pleadings by Prosecution and Defense, Jury withdrawing

16:00
Act VI – The Jury’s ruling, an outside view, and the Sentence

A philosopher’s reflections on cash

Gaspard Koenig, GenerationLibre
17:00
The End