Money in a digital age - 10 thoughts

Speech by Mr Agustín Carstens, General Manager of the BIS, at Lee Kuan Yew School of Public Policy, Singapore, 15 November 2018.

Abstract

New technology has spurred economic growth to the benefit of us all and we should continue to welcome innovation, including in the space of finance and payments. But the claims of its proponents should be tested against the laws of economics, centuries of accumulated wisdom and plain old common sense. Good technology alone does not ensure good economics, just as good economics does not ensure good technology. Technology is only effective once it has found its economic purpose. We must consider the intended goals and harness the best and most appropriate technology to help us get there.