Ayuso: Central bank money crucial amid payment revolution
Banco de España Director General Juan Ayuso emphasized the critical role of central bank money in maintaining trust and stability amid the ongoing digitalization and geopolitical shifts in the payments landscape. He spoke at the IV Regional Forum on Instant Payments and IX Fintech Forum.
Inaction is a risky choice
Juan Ayuso, Director General of Operations, Markets and Payment Systems at Banco de España, highlighted the singular era of rapid digitalization and shifting geopolitics.
He warned that central banks cannot afford a passive 'wait and see' approach, calling inaction a particularly risky decision in the current environment.
Ayuso stressed the fundamental role of central bank money, both retail and wholesale, as an essential pillar of trust and stability in financial systems.
It guarantees public access to payments and is crucial for a country's monetary sovereignty.
He emphasized that remembering these fundamental elements is key to navigating the current juncture and consolidating financial stability.
A singular era for payments
The remarks were delivered at the opening of a joint event, combining the IV Regional Forum on Instant Payments and the IX Fintech Forum.
Ayuso acknowledged the collaboration of FLAR and CEMLA in bringing these important events together, noting that their joint celebration magnifies their reach and relevance.
He framed the discussion around the dual forces of technological advances revolutionizing payments and a geopolitical landscape undergoing profound change, whose final configuration remains uncertain.
Collaboration is the anchor
Ayuso's message underscores the urgency for central banks to actively shape the future of payments rather than merely observe.
His emphasis on central bank money as a public good highlights a foundational principle often overlooked in the rush for innovation.
This perspective suggests that collaborative efforts are vital for securing robust financial innovation globally.