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June 23, 2026

Media Availability: France-Canada Chamber of commerce and Paris Europlace

The global financial system — Governor Tiff Macklem takes questions from reporters following his remarks (10:50 (ET) approx.)

June 23, 2026

Speech: France-Canada Chamber of commerce and Paris Europlace

The global financial system — Governor Tiff Macklem speaks before the France-Canada Chamber of commerce and Paris Europlace (9:40 (ET) approx.).

Data Externalities, Market Power, and the Optimal Design of Central Bank Digital Currencies

This paper studies how a central bank should design a CBDC when private payment providers collect and monetize transaction data. It characterizes the optimal CBDC’s pricing and data policy, and shows how its effects on private payment use and total data depend on market power and data externalities.
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