The COVID-19 pandemic has served both as an x-ray onto existing vulnerabilities in the global financial system, and as an accelerator for destabilizing tendencies, including higher sovereign and consumer debt in emerging markets. At an online meeting of the Central Bank Governors' Club, hosted this week by Bank of Russia Governor Elvira Nabiullina, representatives were unanimous in their expectations of the far-reaching consequences of the current crisis.
At the meeting, the 26 central bank representatives that convened from Central Asia, the Black Sea region, the Balkan countries and beyond, also noted the pandemic-induced expansion of e-commerce, as well as digital settlement technologies. From the perspective of central banks, these trends are spurring financial regulators to take central bank digital currencies more seriously than ever before.
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