{"id":58192,"date":"2026-02-09T09:06:15","date_gmt":"2026-02-09T08:06:15","guid":{"rendered":"https:\/\/ihedn.fr\/?p=58192"},"modified":"2026-02-09T09:06:15","modified_gmt":"2026-02-09T08:06:15","slug":"guerre-des-monnaies-lessor-des-crypto-actifs-pose-un-reel-defi-aux-etats","status":"publish","type":"post","link":"https:\/\/ihedn.fr\/en\/lundis-de-lihedn\/guerre-des-monnaies-lessor-des-crypto-actifs-pose-un-reel-defi-aux-etats\/","title":{"rendered":"Currency wars: \u00abThe rise of crypto-assets poses a real challenge to governments\u00bb.\u00bb"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"58192\" class=\"elementor elementor-58192\" data-elementor-post-type=\"post\">\n\t\t\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-996fc96 e-flex e-con-boxed e-con e-parent\" data-id=\"996fc96\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-be8755d elementor-widget elementor-widget-heading\" data-id=\"be8755d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">IHEDN Mondays are now available in audio format!<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-12bc3a6 elementor-widget elementor-widget-text-editor\" data-id=\"12bc3a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Click below to listen:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-191a3b6 elementor-widget elementor-widget-html\" data-id=\"191a3b6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<style>\n.player-container-1 {\n  width: 100%;\n  padding: 10px;\n  border-radius: 20px;\n  backdrop-filter: blur(15px);\n  background: rgba(255,255,255,0.15);\n  box-shadow: 0 3px 30px rgba(0,0,0,0.2);\n  display: flex;\n  flex-direction: inline;\n  align-items: flex-start;\n  color: #fff;\n  margin: 0 auto;\n  background-color: #053973;\n}\n\n#waveform-1 {\n  width: 100%;\n  height: 50px;\n  margin-bottom: 20px;\n}\n\n.controls-1 {\n  display: flex;\n  flex-direction: column;\n  align-items: center;\n  gap: 5px;\n}\n\n#playPause-1 {\n  width: 45px;\n  height: 45px;\n  border: none;\n  background: rgba(255,255,255,0.3);\n  backdrop-filter: blur(5px);\n  border-radius: 50%;\n  cursor: pointer;\n  display: flex;\n  justify-content: center;\n  align-items: center;\n  transition: background 0.2s;\n  padding: 0;\n}\n\n#playPause-1:hover {\n  background: rgba(255,255,255,0.5);\n}\n\n#playPause-1 svg {\n  width: 20px;\n  height: 20px;\n  fill: #fff;\n}\n\n#time-1 {\n  font-size: 16px;\n  text-align: center;\n  min-width: 80px;\n}\n\n.top-controls-1 {\n  width: 100%;\n  display: flex;\n  justify-content: space-between; 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In this rigorous essay, accessible to a wide readership, the two authors analyse the new developments in the currency war, from the emergence of private crypto-assets to the desire for \u00abde-dollarisation\u00bb, via the possible future of \u00abcash\u00bb and the long-awaited central bank digital currencies (CBDCs).<\/p><p>Professor emeritus at the University of Paris-I-Panth\u00e9on-Sorbonne, Christian de Boissieu is vice-chairman of the Cercle des \u00e9conomistes, a member of the Acad\u00e9mie des technologies, the Acad\u00e9mie des sciences d'outre-mer and the Acad\u00e9mie royale de Belgique, and former chairman of the Conseil d'analyse \u00e9conomique reporting to the Prime Minister.<\/p><p>Marc Schwartz is a senior advisor to the Cour des Comptes and has been CEO of La Monnaie de Paris since 2018. He has held various positions in the French government (Ministry of the Economy and Finance, Ministry of Culture) and in the corporate world (France T\u00e9l\u00e9visions, Forvis Mazars). He teaches media economics at Sciences Po Paris.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-34f6859 e-con-full e-flex e-con e-parent\" data-id=\"34f6859\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-47a0236 elementor-widget elementor-widget-heading\" data-id=\"47a0236\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">THE TERM \u00abCURRENCY WAR\u00bb IS AN OLD ONE, BUT IT SEEMS TO BE TAKING ON AN UNPRECEDENTED DIMENSION TODAY. HOW WOULD YOU DEFINE THIS WAR IN 2026? IS IT A WAR OF VALUES (EXCHANGE RATES) OR A WAR OF INFLUENCE (AREAS OF POWER)?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1b02bcd elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1b02bcd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-03142eb e-con-full e-flex e-con e-child\" data-id=\"03142eb\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2b8bbe6 elementor-widget elementor-widget-text-editor\" data-id=\"2b8bbe6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Christian de Boissieu and Marc Schwartz :<\/strong> Historically, currency wars were first mentioned to describe a situation in which each country, in order to improve its competitiveness, sought to lower its currency at the expense of the others. If everyone starts playing the (not very funny...) game of competitive devaluations (or depreciations), in the end, as in the 1930s, there are only losers.<\/p><p>Today's currency wars also involve two other aspects:<\/p><ol><li>Competition between reserve currencies, i.e. between the dollar, the euro, the Chinese yuan... with major geopolitical issues at stake.<\/li><li>Competition between official public currencies and crypto-assets (including, of course, bitcoin), the latter not being currencies today.<\/li><\/ol><p>\u00a0<\/p><p>In today's world, these three dimensions of the currency war coexist, including in the first sense of the expression, since Donald Trump's United States and China want, in a structural way, to drive down the dollar and the yuan respectively. The distinction between the war of values and the war of power is limited in scope, because the different dimensions of the currency war are interconnected.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-09ebcd3 e-con-full e-flex e-con e-parent\" data-id=\"09ebcd3\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f359ef9 elementor-widget elementor-widget-heading\" data-id=\"f359ef9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">CHRISTIAN DE BOISSIEU, HOW DID MONEY GO FROM BEING A SIMPLE TOOL OF EXCHANGE TO AN INSTRUMENT OF INTERNATIONAL COERCION (SANCTIONS, EXTRATERRITORIALITY)?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-887cac3 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"887cac3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-094d652 e-con-full e-flex e-con e-child\" data-id=\"094d652\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-837d8c0 elementor-widget elementor-widget-text-editor\" data-id=\"837d8c0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>CB :<\/strong> Money has always been more than an instrument of exchange, even if that is its central and specific function (compared with other assets) in a monetary economy. The notions of power, influence and sovereignty have long been associated with money. I am reminded of the words of US President Andrew Jackson in 1835, which sum up many of the issues involved: \u00ab\u00a0<em>Money is power<\/em>\u00a0\".<\/p><p>More recently, when General de Gaulle, on the advice of the economist and senior civil servant Jacques Rueff, denounced the privileges of the dollar as exorbitant, he was placing the monetary debate at its true level: beyond the technical aspects, there are very quickly considerations of general policy and geopolitics, with the prevalence of hierarchies, effects of domination and asymmetries.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-0a3b581 e-con-full e-flex e-con e-parent\" data-id=\"0a3b581\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-229cd9b elementor-widget elementor-widget-heading\" data-id=\"229cd9b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">MARC SCHWARTZ, AS THE GUARANTOR OF PHYSICAL CURRENCY AND ITS HISTORY, HOW DO YOU SEE THIS TENSION BETWEEN CURRENCY AS A SYMBOL OF NATIONAL TRUST AND ITS USE AS A TOOL OF POWER?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0de59c4 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"0de59c4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-e0bfa39 e-con-full e-flex e-con e-child\" data-id=\"e0bfa39\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-467e955 elementor-widget elementor-widget-text-editor\" data-id=\"467e955\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>MS :<\/strong> If I may wink, I would say that these two dimensions are the obverse and the reverse of the same coin. Confidence in the currency stems from both economic considerations (price stability, respect for major macro-economic balances) and political considerations (confidence in institutions, a nation's international role).<\/p><p>Economic domination has always gone hand in hand with political influence and monetary domination: this was the case for the United Kingdom in the 19th century.<sup>th<\/sup> century with the pound sterling and the United States in the XX<sup>th<\/sup> century with the dollar. This is what is at stake today with the erosion of confidence in the American currency, because the influence of the United States is being called into question by the antics of its president.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-a0bdf87 e-con-full e-flex e-con e-parent\" data-id=\"a0bdf87\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2dda8c2 elementor-widget elementor-widget-heading\" data-id=\"2dda8c2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">IN IRAN, THE COLLAPSE OF THE RIAL IS AT THE HEART OF THE CURRENT SOCIAL PROTESTS. CAN YOU GIVE US A TECHNICAL EXPLANATION OF HOW THE COLLAPSE OF A CURRENCY BECOMES A LEVER FOR INTERNAL DESTABILISATION AND A CHALLENGE TO NATIONAL SECURITY?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d3ce34b elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"d3ce34b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-52b8dd5 e-con-full e-flex e-con e-child\" data-id=\"52b8dd5\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-db5c7cb elementor-widget elementor-widget-text-editor\" data-id=\"db5c7cb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>CB :<\/strong> The collapse of the Iranian national currency is both a cause of the country's general impoverishment and the source of a major inflationary process. Impoverishment because all the values of the Iranian economy, including GDP, fall when expressed in dollars. In this respect, Iran is reminiscent of what has been happening in Lebanon over the last few years.<\/p><p>What's more, the collapse of the rial is driving up the cost of imports, leading to major domestic inflation which is eroding purchasing power and providing the economic and social backdrop to the recent dramatic events.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-3148232 e-con-full e-flex e-con e-parent\" data-id=\"3148232\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8b18821 elementor-widget elementor-widget-heading\" data-id=\"8b18821\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">WITH THE RETURN OF A VERY AGGRESSIVE US POLICY CENTRED ON A \u00abSTRONG DOLLAR\u00bb OR PROTECTIONISM, IS THE RISK OF MONETARY FRAGMENTATION AT ITS HIGHEST?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d9c5a8c elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"d9c5a8c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-ec602d7 e-con-full e-flex e-con e-child\" data-id=\"ec602d7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3adb741 elementor-widget elementor-widget-text-editor\" data-id=\"3adb741\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>CB :<\/strong> Donald Trump wants the dollar to fall further, even though it has already lost almost 15% against the euro by 2025. It is for this reason (but not the only one) that he is attacking Fed Chairman Jerome Powell, criticising him for not cutting the central bank's rates fast enough and hard enough.<\/p><p>In today's world, fragmentation is taking hold<em> economic<\/em> with the tariff war unleashed by Trump. There is no monetary or financial fragmentation: the international mobility of capital is not called into question, nor is the worldwide interconnection of financial markets that characterises financial globalisation.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-e6d3292 e-con-full e-flex e-con e-parent\" data-id=\"e6d3292\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cb35f6a elementor-widget elementor-widget-heading\" data-id=\"cb35f6a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">DO ATTEMPTS BY CHINA AND THE BRICS TO \u00abDE-DOLLARISE\u00bb THE WORLD CONSTITUTE A REAL THREAT TO GLOBAL FINANCIAL STABILITY?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3210e83 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"3210e83\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-78c89d0 e-con-full e-flex e-con e-child\" data-id=\"78c89d0\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-43db8e1 elementor-widget elementor-widget-text-editor\" data-id=\"43db8e1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>CB :<\/strong> With this question, we are not looking at exchange rates, which fluctuate daily because floating exchange rates have prevailed worldwide since 1973, but at the market shares of the main reserve currencies, which are changing slowly. \u00a0<\/p><p>The dollar continues to lead by a long way, even though its market share has been gradually but steadily declining over the last twenty years. The euro is in second place, and the Chinese yuan is still a long way off because it is not fully convertible. The global South, and in particular the BRICS, is challenging American power and the dominance of the dollar. They are trying to do without it, and the sanctions against Russia have strengthened the BRICS' motivation on this issue.<\/p><p>But de-dollarisation is now more of a watchword than a financial reality. Even the BRICS, at the end of the day, have to go back to the dollar to plug into global finance. In ten years' time, the reserve currency war will pit the dollar, which is still there, the euro and the yuan, which has great potential for winning market share, against each other.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-80dcfa3 e-con-full e-flex e-con e-parent\" data-id=\"80dcfa3\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5617648 elementor-widget elementor-widget-heading\" data-id=\"5617648\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">HOW CAN FRANCE AND EUROPE PROTECT THE EURO'S SOVEREIGNTY? CAN CENTRAL BANK DIGITAL CURRENCIES (MNBC) BE THE NEW BATTLESHIPS IN THIS CURRENCY WAR?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5cec7b1 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5cec7b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-106bec3 e-con-full e-flex e-con e-child\" data-id=\"106bec3\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e71d6d5 elementor-widget elementor-widget-text-editor\" data-id=\"e71d6d5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>MS :<\/strong> Currency has always been an attribute of sovereignty, and the power to mint money a mark of sovereign power, whatever form that power may have taken: empire, monarchy, republic, etc. The battle being waged today on a global scale with digital currency is therefore first and foremost a battle of sovereignty.<\/p><p>But the United States is way ahead of Europe. Although it has blocked the development of the digital dollar by the Federal Reserve, because Trump is wary of anything federal, it is speeding up the process with dollar \u00abstablecoins\u00bb, which are developing rapidly and are also making it easier to finance the US budget deficit!<\/p><p>If it is not to be marginalised, Europe too will have to speed up: in the implementation of the digital euro issued by the ECB (we are now only talking about 2029) but also in the euro stablecoins issued by commercial banks. We must not forget the issue of payment infrastructures, which are largely dominated by American players, whether in the field of payment cards (Amex, Visa, Mastercard) or digital players (PayPal, Google Pay, Apple Pay). Europe must also ensure its strategic autonomy by developing payment infrastructures that are not dependent on non-European players.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-05ef851 e-con-full e-flex e-con e-parent\" data-id=\"05ef851\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-250853c elementor-widget elementor-widget-heading\" data-id=\"250853c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">IS THERE A RISK THAT PRIVATE CURRENCIES AND CRYPTOCURRENCIES WILL PERMANENTLY WEAKEN THE ABILITY OF GOVERNMENTS TO MINT MONEY?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4eb5e6d elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"4eb5e6d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-e572971 e-con-full e-flex e-con e-child\" data-id=\"e572971\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-732a47b elementor-widget elementor-widget-text-editor\" data-id=\"732a47b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>CB :<\/strong> The rise of crypto-assets poses a real challenge to governments and central banks, opening up essential debates. How should we define money and the money supply today? What are the new challenges for the control of money, the conduct of monetary policy and the exercise of monetary sovereignty? We are just at the beginning of major reflections on these issues.<\/p><p>In addition, the arrival of central bank digital currencies raises another issue of disintermediation: banks fear losing deposits that would go to the central bank (for us, to the digital euro), especially during periods of stress and financial crises. And the ECB is doing its best to reassure everyone, for example by setting a ceiling on the amount of digital euros that can be held individually.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-dd31da5 e-con-full e-flex e-con e-parent\" data-id=\"dd31da5\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-80a7d0c elementor-widget elementor-widget-heading\" data-id=\"80a7d0c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">IS CITIZENS' CONFIDENCE IN THEIR CURRENCY THE FIRST BULWARK OF A NATION'S RESILIENCE? WHAT HAPPENS WHEN THIS CONFIDENCE IS ERODED IN FAVOUR OF FOREIGN CURRENCIES?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a97388 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1a97388\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-d296469 e-con-full e-flex e-con e-child\" data-id=\"d296469\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4532a71 elementor-widget elementor-widget-text-editor\" data-id=\"4532a71\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>MS : <\/strong>Confidence in money depends on a number of factors, including the ability of the financial system to give everyone easy access to liquidity, particularly in times of crisis. This is the case for commercial banks, which must be able to access the central bank's balance sheet in the event of financial tensions, but also for citizens, who rush to cash dispensers in difficult times.<\/p><p>The European Central Bank showed this again recently in a study nicely entitled: \u00ab\u00a0<em>Keep Calm and Carry Cash<\/em>\u00a0\u00bb(\u00abStay calm and keep your cash\u00bb). In countries where this confidence is damaged, a negative spiral can be set in motion, leading to an accelerated slide in the value of the currency: hyperinflation, repeated devaluations, collapse of confidence. In this case, economic agents turn to an international currency, such as the dollar, which is considered to be more solid.<\/p><p>More recently, some countries have turned to cryptos (bitcoin) as a form of protection against inflation. But this is an illusion, because bitcoin's volatility distances it from what lies at the heart of confidence in money: the stability of its value over time. The lesson is clear: it's better to keep your own house in order, and thus ensure the stability of your own currency!<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-ccf1e32 e-con-full e-flex e-con e-parent\" data-id=\"ccf1e32\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3967fd9 elementor-widget elementor-widget-heading\" data-id=\"3967fd9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">FROM THE PERSPECTIVE OF A SUSTAINABLE WAR ECONOMY, HOW CAN DEFENCE FUNDING BE MANAGED WITHOUT TRIGGERING AN INFLATIONARY SPIRAL THAT WOULD WEAKEN THE CURRENCY?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-83f084e elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"83f084e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-eb7db8a e-con-full e-flex e-con e-child\" data-id=\"eb7db8a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-859f4fd elementor-widget elementor-widget-text-editor\" data-id=\"859f4fd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>CB : <\/strong>To finance the essential defence effort, we will need to combine several levers. Not central banks: it would be absurd and counterproductive to finance all this by unbridled money creation. We have a lot of private savings in Europe, particularly in France. We need to use financial products and appropriate taxation to attract a significant proportion of these savings towards the long-term financing required for both defence and the ecological transition. Some of this will have to come from European funding.<\/p><p>As for domestic financing, we need to rely on a combination of public and private financing, with government guarantee mechanisms at the core. Savings products collected by banks and other financial intermediaries can only play a supporting role. In this respect, the prudential rules applicable to banks (Basel III international agreements) and insurance companies (European Solvency II regulations) will probably have to be adapted a little, in order to mobilise both a little more.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>The book \u00abLa nouvelle guerre des monnaies\u00bb (The new currency war) by Christian de Boissieu and Marc Schwartz has just been awarded a prize by the Association des auditeurs de l'IHEDN. In this interview, the economist and the CEO of the Monnaie de Paris decipher the current issues in monetary geopolitics: the role of government, digitisation, de-dollarisation, the defence industry, etc.<\/p>","protected":false},"author":14,"featured_media":58194,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41,171],"tags":[],"class_list":["post-58192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lundis-de-lihedn","category-notre-selection"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Guerre des monnaies : \u00ab L\u2019essor des crypto-actifs pose un r\u00e9el d\u00e9fi aux \u00c9tats \u00bb - L&#039;IHEDN : Institut des hautes \u00e9tudes de d\u00e9fense nationale<\/title>\n<meta name=\"description\" content=\"Deux semaines apr\u00e8s la capture de Nicol\u00e1s Maduro, le chercheur Thomas Posado, sp\u00e9cialiste de la r\u00e9publique bolivarienne et de Cuba, analyse le contexte et les cons\u00e9quences possibles de l\u2019op\u00e9ration ordonn\u00e9e par Donald Trump, qui pourrait \u00ab aggraver les difficult\u00e9s et nourrir les axes migratoires qu\u2019il d\u00e9nonce \u00bb.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ihedn.fr\/en\/lundis-de-lihedn\/guerre-des-monnaies-lessor-des-crypto-actifs-pose-un-reel-defi-aux-etats\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Guerre des monnaies : \u00ab L\u2019essor des crypto-actifs pose un r\u00e9el d\u00e9fi aux \u00c9tats \u00bb\" \/>\n<meta property=\"og:description\" content=\"Deux semaines apr\u00e8s la capture de Nicol\u00e1s Maduro, le chercheur Thomas 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