Pengepolitik i krise: Fra ineffektiv rentepolitik til digitale centralbankpenge

Despite expansive monetary policy with negative interest rates and Quantitative Easing (QE), the European economy is stuck in a situation with deflationary pressure and low growth. A neglected explanation for the ineffectiveness of monetary policy is the fact that technological development and deregulation of the banking sector have turned bank deposits into the most important means of payment in the economy, whereby private banks now account for the largest share of money creation in society – making private banks' credit policy the catalyst of monetary policy rather than vice versa. This development seriously questions mainstream theories on monetary policy and sets the stage for adopting a new theoretical framework for understanding the dynamics of the monetary system and the execution of monetary policy. The situation has also got practical implications: In order to restore central banks’ capacity to create the most liquid and convenient form of money in the economy – and regain public control over monetary policy – Central Banks should consider introducing Central Bank Digital Currencies (CBDC) with universal access for the whole economy.