The recent bank collapses and bailouts highlight the fragility of the banking system and our bank deposits. The digital euro is an opportunity to reconfigure our monetary system to serve the interests of people and society, by making money safer and more inclusive. However, the European Central Bank’s (ECB) current proposal for a digital euro falls short of this potential. The current plan relies heavily on private financial intermediaries and envisions putting important limitations on the use of digital euros, thereby impacting its capacity to be a universally accessible public good and risking undermining the uptake of the digital euro. By heeding to the bank lobby and baking their interests into the design of the digital euro, the ECB is missing an opportunity to develop an appealing and public digital alternative to private bank deposits. The digital euro must be developed with the aim of benefiting people and society over private interests, and these considerations should guide its design. In the short term, the digital euro should: 1. Be universally accessible. People should be able to access digital euros through a diverse range of intermediaries, which include non-profit and public entities. Implementing a tiered identification system for account-based digital euros, and introducing a value-based option, would ensure the availability of digital euros to the most vulnerable segments of society. 2. Be free of cost for users. Any future legislative framework on the digital euro should include a list of basic services that should be provided for free to users, such as opening and managing an account and the provision of a payment instrument (e.g. a card). 3. Offer a high level of privacy and data protection. Cash, which is fully anonymous, should be used as the baseline when developing the digital euro. A value-based option should be introduced alongside an account-based one, and it should be designed to be fully anonymous. For the account-based option, a ‘privacy threshold’ can ensure that users’ data for small transactions is protected. 4. Have a clear European Central Bank branding. Clear branding will help to differentiate public digital euros from private bank deposits. 5. Bring resilience to the payment system. By providing an offline value-based option, and by ensuring that the digital euro’s legal and technical core infrastructure is public and works independently of any private system, we can offer an alternative to existing payment rails and increase resiliency in case of outages. The digital euro is also an opportunity to improve financial stability by transforming the banking system, and helping central banks to more effectively carry out their monetary policy. The design of the digital euro should be flexible enough to allow for the achievement of these longterm goals, and more research should be conducted to explore how different features could help achieve them. For instance, a digital euro without any holding limit could reduce moral hazard in the banking sector, and the adjustment of interest rates on digital euro deposits and direct monetary transfers could improve the transmission of monetary policy.
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In conclusion, the debate on the digital euro is not so much a technocratic and legislative affair as a defining political moment in the history of Europe’s money and payments system. It is an opportunity to redefine the future of money, payments and financial intermediation in a way that is in line with the principles of inclusiveness, fair markets and innovation. Europeans deserve a digital euro that transcends the narrow interests of the banking lobby and embodies the promise of a fairer and more competitive monetary and financial landscape.
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Lawmakers as representatives of the people should resist the anti-competitive proposals of the banking sector and embrace a vision of the digital euro that serves the collective interests of Europeans, Dr Martijn van der Linden and Vicky Van Eyck write. The influence of the banking lobby on policymakers risks undermining the digital euro's potential. Lawmakers as representatives of the people should resist the anticompetitive proposals of the banking sector and embrace a vision of the digital euro that serves the collective interests of Europeans. This means that the digital euro must be attractive, accessible and beneficial to all. The deliberation process must be free from the disproportionate influence of an industry that has much to lose from a level playing field for payment services and financial intermediation.
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1e alinea column: Hoe ziet innovatie in de digital age eruit? Anders dan daarvoor? Is succes van innovatie in de digital age wel voorspelbaar? Bestaat er zoiets als een business logica voor innovatie? Voor echt nieuwe business is dat maar heel beperkt zo. Er zijn geen marktvoorbeelden waar je naar kunt kijken. Concurrenten of collega’s zijn je niet voorgegaan en hoe de klant zal reageren is ook al een verrassing.
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In recent years, the debate about the design of the monetary system has become increasingly prevalent. A major topic within this debate is central bank digital currency or CBDC for short. A survey by the Bank of International Settlements (BIS) shows that in 2022, nine in ten central banks (CB) explored a digital variant of their own currency (Kosse & Mattei, 2022). In the euro area, the European Central Bank (ECB) is conducting a wide-range study of the pros and cons of a CBDC, in the form of a digital euro. Other CBs are at different stages of the research cycle. The Chinese central bank is experimenting extensively with its e-CNY and has been conducting research since 2014 (Luo, 2022; Prasad, 2021). The Swedish Riksbank published its first report on the possible designs and effects of the e-krona in September 2017 (Sveriges Riksbank, 2017). Against all these various studies and experiments is the Bahamian Sand dollar, the world's first, by 2020, fully implemented CBDC. The Bahamas is not the only country; in 2022, Jamaica fully introduced the JAM-DEX (CBDC Tracker, 2023). Since CBDCs are a relatively new phenomenon, there is logically little empirical data to support the potential advantages and disadvantages. The fully implemented Sand dollar can confirm or refute some of the claimed theoretical advantages and disadvantages, and lessons can be distilled from this case for the introduction of other CBDCs. This paper first discusses the (theoretical) motivations for implementing the Sand dollar, then discusses its operation and current low adaptation rates. Finally, it derives lessons that can be used in other CBDC cases.
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De digitale revolutie voltrekt zich in hoog tempo. Naar verwachting zullen er in 2020 meer dan 20 miljard laptops, mobiele telefoons en tablets met elkaar verbonden zijn tot een gigantisch wereldwijd netwerk. Spoedig zullen we voortdurend en overal verbonden zijn met internet. De virtuele ruimte die ontstaat uit de complexe interactie van mensen, technologie, software, en dienstverlening over het internet wordt steeds vaker cyberspace genoemd
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Loneliness and social isolation are increasingly recognized as important challenges of our times. Inspired by research hinting at beneficial effects of interacting with nature on social connectedness and opportunities provided by ambient technology to simulate nature in a rich and engaging manner, this study explored to what extent digital nature projections can stimulate social aspirations and related emotions. To this end, participants (N = 96) were asked to watch, individually or in pairs, digital nature projections consisting of animated scenes which were either dense or spacious and depicting either wild or tended nature. Subsequently, they filled out a questionnaire comprising measures for social aspirations, awe and fascination. Results show that spacious scenes elicited significantly higher social aspiration and awe scores, especially when watching alone. Design implications are discussed for making digital nature accessible for people with limited access to real nature.
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In most shopping areas, there are place management partnerships (PMPs) that aim to increase the competitiveness of the area. Collective digital marketing activities, such as the adoption and update of collective websites and social media pages, provide opportunities in this regard. Currently, the extent to which digital marketing activities are being employed varies widely among PMPs. However, studies investigating the factors that influence the uptake of digital marketing activities are lacking. This study applies a resource-based view to fill this gap, using data from an online survey about collective digital marketing activities among 164 official representatives of PMPs in urban shopping areas in the Netherlands. Regression analyses were employed to examine the extent to which the resources of PMPs influence the adoption and update frequency of the two most often used digital marketing channels: websites and social media pages. The results revealed that while the adoption of collective digital marketing channels is strongly influenced by the physical resources that characterize the shopping area itself, the update frequency of these channels is influenced more by the organizational resources of PMPs. In addition, the strategic choice of PMPs to deploy human and financial resources for the benefit of collective digital marketing activities leads to increased use of these activities. This effect is reinforced by the fact that digital marketing skills gained through experience contribute to a higher update frequency of the adopted channels. As such, this study provides empirical evidence on the influence of PMPs shared resources upon their digital marketing activities.
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Can you remember the last time the ground gave way beneath you? When you thought the ground was stable, but for some reason it wasn’t? Perhaps you encountered a pothole on the streets of Amsterdam, or you were renovating your house and broke through the floor. Perhaps there was a molehill in a park or garden. You probably had to hold on to something to steady yourself. Perhaps you even slipped or fell. While I sincerely hope that nobody here was hurt in the process, I would like you to keep that feeling in your mind when reading what follows. It is the central theme of the words that will follow. The ground beneath our feet today is not as stable as the streets of Amsterdam, your park around the corner or even a poorly renovated upstairs bedroom. This is because whatever devices we use and whatever pathways we choose, we all live in hybrid physical and digital social spaces (Kitchin and Dodge 2011). Digital social spaces can be social media platforms like Twitter or Facebook, but also chat apps like WhatsApp or Signal. Crucially, social spaces are increasingly hybrid, in which conversations take place across digital spaces (WhatsApp chat group) and physical spaces (meeting friends in a cafe) simultaneously. The ground beneath our feet is not made of concrete or stone or wood but of bits and bytes.
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Parents who grew up without digital monitoring have a plethora of parental monitoring opportunities at their disposal. While they can engage in surveillance practices to safeguard their children, they also have to balance freedom against control. This research is based on in-depth interviews with eleven early adolescents and eleven parents to investigate everyday negotiations of parental monitoring. Parental monitoring is presented as a form of lateral surveillance because it entails parents engaging in surveillance practices to monitor their children. The results indicate that some parents are motivated to use digital monitoring tools to safeguard and guide their children, while others refrain from surveillance practices to prioritise freedom and trust. The most common forms of surveillance are location tracking and the monitoring of digital behaviour and screen time. Moreover, we provide unique insights into the use of student tracking systems as an impactful form of control. Early adolescents negotiate these parental monitoring practices, with responses ranging from acceptance to active forms of resistance. Some children also monitor their parents, showcasing a reciprocal form of lateral surveillance. In all families, monitoring practices are negotiated in open conversations that also foster digital resilience. This study shows that the concepts of parental monitoring and lateral surveillance fall short in grasping the reciprocal character of monitoring and the power dynamics in parent-child relations. We therefore propose that monitoring practices in families can best be understood as family surveillance, providing a novel concept to understand how surveillance is embedded in contemporary media practices among interconnected family members.
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