As Goethe University Visiting Professor of Financial History, GloCoBank project PI, Catherine Schenk will be giving a lecture entitled 'Designing the Global Payment System: Telegraph to Tether' at the Leibniz Institute for Financial Research SAFE in Frankfurt on Wednesday 29 June at 5pm.
The lecture will take place in-person at the Casino Building, Campus Westend and registration is required, registration link.
Over the past 5 years the FSB and CPMI have undertaken an intensive examination of the global payments system with a view to enhancing its resilience, reducing costs and increasing transparency. In Europe, the TARGET system for cross-border payments suffered five interruption incidents in 2020. The global payments system is a public good that is often provided through the private sector, but it also poses systemic risks that are greater than the private sector can resolve. These official investigations have emerged alongside an acceleration in distributed ledger technology, digital currencies and innovations in messaging systems. Meanwhile, many central banks are considering the potential for central bank digital currencies. How have cross-border payments systems evolved over the longer term and responded to shocks, globalisation and technological innovation? This lecture takes the long view on understanding the evolution of the underlying plumbing of the international economic system.
