Speakers include:
How does the digitalization change the monetary system? Which problems are ocurring in the current money system? Will central banks introduce digital cash? How would this new form of money change the structure of the money system? Will it evolve into a sovereign money system (Vollgeld)? And what part will blockchain technology play? Will private cryptocurrencies create a new stable monetary system? All these questions will be discussed at the Conference “The Future of Money – 10 Years after Lehman and Nakamoto”.
The structure, flaws and developments of the current money system
How does it work, what are the problems, Central Bank Digital Cash (CBDC)
How does it work, why do we need it, design principles of Central Bank Digital Cash (CBDC)
How do they work, why do we need them, applications of distributed ledger technology in the money system
10 years after the financial crisis of 2007 / 2008 and the invention of Bitcoin, economists not only discuss regulatory interventions but also focus on money itself. Currently, the money system is under attack from various sides.
Even for professionals it is difficult to understand whether it is a war of opinions over the “best” money and monetary system, or a struggle for vested interests, or perhaps both.
At this year's conference, we want to discuss both public and private money reform proposals to reach better understanding of the problems of the current money system and about monetary reforms.
After keynote speeches that frame the debate about the structure of our money system, three topics will be discussed: the current money system, Vollgeld and crypto currencies.
Each topic is introduced by a renowned keynote speaker followed by three parallel sessions – Research Highlights, Popular Issues and Knowledge Transfer. The latter is a special track to gain a better understanding of the respective reform proposal.
If you would like to make a contribution to this conference, please contact us until 30.9.2018 via Jahrestagung@Monetative.de
Probably the most important effect of the Swiss referendum on Vollgeld is the realization that commercial banks – and not governments – create the most of the money supply.
Supporters of Vollgeld argue that financial crises are not only the outcome of unfortunate circumstances and events but a product of the current money system.
Moreover, no private institution should be allowed to buy assets and give credit with self-made money while everyone else has to provide goods and services to get money.
As long as the the basically unlimited creation of debt-money by banks is not resolved, regulatory measures only prolong the crisis of our current money system and fight symptoms.
Bitcoin is a direct reaction to the financial crisis of 2007/2008. Supporters of cryptocurrencies claim to have reinvented not just money, but revolutionized the entire economy by creating the internet of value.
The boom in the number and price of cryptocurrencies seems to prove them right. However, critics argue that cryptocurrencies are merely speculative objects that remain rather useless as currencies.
Moreover, the most widely used consensus mechanism consumes enormous amounts of energy. If VISA used the Bitcoin Network, world power consumption would double.
However, even if cryptocurrencies were to fail as a means of payment, the technology and the barely predictable potential of an Internet of value remain.
We have gathered together top professionals, to lecture on the hottest topics and most relevant new technologies.
Click on the image for details about the speaker.
Katrin Assenmacher is head of the Monetary Policy Strategy Division at the European Central Bank (ECB) since November 2016. From 2010 to 2016 she led the Monetary Policy Analysis unit at the Swiss National Bank (SNB). Her professional interests lie in the areas of monetary policy and time-series econometrics. She published several articles in international academic journals on modelling the role of money in the inflation process, analysing business cycle indices and estimating central bank reaction functions.
Thomas Mayer is the founding director of the Flossbach von Storch Research Institute. From 2002 to 2009, he was Chief European Economist and Co-head of global Economics at Deutsche Bank in London and from 2010 to 2012 Chief Economist of the Deutsche Bank Group. His previous professional career includes Goldman Sachs (1991 to 2002), the International Monetary Fund (IMF) (1983 to 1990) and the Institute for the World Economy in Kiel (1978 to 1982). In 2015, he was appointed honorary professor by University Witten/Herdecke. Since 2002, he holds the title Chartered Financial Analyst.
Michael Kumhof is Senior Research Advisor in the Research Hub of the Bank of England. Before that, he was Deputy Division Chief, at the Modeling Division in the Research Department at the International Monetary Fund (IMF) (2004 to 2015). Kumhof was responsible for developing the Global Integrated Monetary and Fiscal Model of the IMF which is used at several central banks, for IMF policy and scenario analyses, for the World Economic Outlook, and for G20 work. Before that, he was Assistant Professor at Stanford University (1998 to 2004). His research focuses on the role of banks in the economy and on different monetary systems.
William R. White is the chairman of the Economic and Development Review Committee at the OECD. He was a member of the Issing Committee, advising the German chancellor on G-20 issues. Before that, he was Economic Adviser and Head of the Monetary and Economic Department at the Bank for international Settlements (BIS) (1995 to 2002). In 1969, his career started at the Bank of England. He joined the Bank of Canada in 1972 where he was made Chief of the Research Department, Adviser to the Governor and finally in 1988 Deputy Governor. He predicted the financial crisis of 2007 to 2010 before the 2007's subprime meltdown hit.
Miguel Fernández Ordóñez was the governor of the Spanish Central Bank and member of the Governing Council of the ECB from 2006 to 2012. Before this position, he was among others, Secretary of State for the Spanish Ministry of Economy and Secretary of State for the Ministry of Finance. He also held positions as Chairman of a Securities firm and board member of a big commercial bank. He was also member of the IMF Board, President of the Competition Court, President of the National Electricity Commission and lecturer at the Universidad Complutense in Madrid
Peter Bofinger is the longest serving member of the German Council of Economic Experts which regularly writes reports to the German government about the overall Economic development. Before becoming professor of economics at University of Würzburg in 1992, he was an economist at the Bundesbank (1985 to 1990). Already from 1978 to 1981 he was member of the scientific research team for the German Council of Economic Experts. Bofinger wrote his doctorate thesis about Currency Competition and the vision of Friedrich August von Hayek.
Katrin Assenmacher is head of the Monetary Policy Strategy Division at the European Central Bank (ECB) since November 2016. From 2010 to 2016 she led the Monetary Policy Analysis unit at the Swiss National Bank (SNB). Her professional interests lie in the areas of monetary policy and time-series econometrics. She published several articles in international academic journals on modelling the role of money in the inflation process, analysing business cycle indices and estimating central bank reaction functions.
Thomas Mayer is the founding director of the Flossbach von Storch Research Institute. From 2002 to 2009, he was Chief European Economist and Co-head of global Economics at Deutsche Bank in London and from 2010 to 2012 Chief Economist of the Deutsche Bank Group. His previous professional career includes Goldman Sachs (1991 to 2002), the International Monetary Fund (IMF) (1983 to 1990) and the Institute for the World Economy in Kiel (1978 to 1982). In 2015, he was appointed honorary professor by University Witten/Herdecke. Since 2002, he holds the title Chartered Financial Analyst.
Michael Kumhof is Senior Research Advisor in the Research Hub of the Bank of England. Before that, he was Deputy Division Chief, at the Modeling Division in the Research Department at the International Monetary Fund (IMF) (2004 to 2015). Kumhof was responsible for developing the Global Integrated Monetary and Fiscal Model of the IMF which is used at several central banks, for IMF policy and scenario analyses, for the World Economic Outlook, and for G20 work. Before that, he was Assistant Professor at Stanford University (1998 to 2004). His research focuses on the role of banks in the economy and on different monetary systems.
William R. White is the former chairman of the Economic and Development Review Committee at the OECD. He was a member of the Issing Committee, advising the German chancellor on G-20 issues. Before that, he was Economic Adviser and Head of the Monetary and Economic Department at the Bank for international Settlements (BIS) (1995 to 2002). In 1969, his career started at the Bank of England. He joined the Bank of Canada in 1972 where he was made Chief of the Research Department, Adviser to the Governor and finally in 1988 Deputy Governor. He predicted the financial crisis of 2007 to 2010 before the 2007's subprime meltdown hit.
Miguel Fernández Ordóñez was the governor of the Spanish Central Bank and member of the Governing Council of the ECB from 2006 to 2012. Before this position, he was among others, Secretary of State for the Spanish Ministry of Economy and Secretary of State for the Ministry of Finance. He also held positions as Chairman of a Securities firm and board member of a big commercial bank. He was also member of the IMF Board, President of the Competition Court, President of the National Electricity Commission and lecturer at the Universidad Complutense in Madrid
Peter Bofinger is the longest serving member of the German Council of Economic Experts which regularly writes reports to the German government about the overall Economic development. Before becoming professor of economics at University of Würzburg in 1992, he was an economist at the Bundesbank (1985 to 1990). Already from 1978 to 1981 he was member of the scientific research team for the German Council of Economic Experts. Bofinger wrote his doctorate thesis about Currency Competition and the vision of Friedrich August von Hayek.
Projects like Bitcoin and Sovereign Money attract attention by suggesting that money is not safe unless it ceases to be a claim on an issuer. Instead, it should become a pure asset and be put under strict quantity control.
