CEPR：2026年巴塞罗那数字货币报告-8（英文版）

The eighth report in The Future of Banking series, part of the Banking Initiative at IESE Business School, examines the challenges digital technology poses to the framework governing money creation. Cash is disappearing from daily payments, private digital liabilities are expanding domestically and internationally, and public authorities are reevaluating the role of sovereign money. The report shifts attention from technological novelty to the institutional arrangements that make money reliab