The main stream literature on social justice and European integration distinguishes between three models of providing social justice in Europe: the family, the market and the state. Markets have demonstrated their limitations in the current economic crises, and New Public Management quickly disappears behind the horizon. The Welfare State appealed to many and was a main driver of European integration, but its fiscal implications and its normative bias toward social engineering render it practically impossible. The family does well, these days, as a coping model, but individualization is widespread and this makes it impossible to view the family as a prime base for social justice in the European Union in the decades. So, where do we turn.
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In recent years, both scientists and the general population gained awareness of the deep entanglement between finances, health, and well-being. People cannot be reduced to a set of problems to be tackled independently, thinking that somehow these solutions add up to solve the problem as a whole.4 Researchers pay increasing attention to how problems are related, and many lessons have been learned over time. Policy-makers and practitioners who understand the complex relationship between financial, physical, and mental well-being find themselves in the unique position to use these insights in how they design their programs. This paper provides an overview of academic and grey literature and the lessons we can learn from these studies.
Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. https://bitcoin.org/bitcoin.pdf outlined an alternative to the current monetary system in which banks are replaced by a peer-to-peer system to issue and transfer digital money: the Bitcoin. While Bitcoin has attracted a substantial investment volume, the system has not achieved the status of a viable alternative monetary system. However, the distributed ledger technology (DLT) underlying the payment system is being applied successfully by financial institutions and is likely to have important implications for the future of money and banking. In this paper we therefore focus on the most advanced distributed ledger application in the financial industry: R3 Corda. This paper is structured as follows. In the first section, we relate the debate about systems of money creation to the rise of Bitcoin. Next, the development of R3 Corda is discussed and the lessons learned for monetary reform. We conclude with an assessment of the scope and likelihood of monetary reform as a consequence of DLT applications by central banks.
