• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

IMF chief says Europe can avoid debt crisis, hard to think of Bitcoin as money

October 5, 2021 by David Barret Leave a Comment

October 5, 2021

WASHINGTON (Reuters) – Medium-term fiscal consolidation and growth will put Europe on a sound footing to avoid another sovereign debt crisis despite rising debt levels caused by the COVID-19 pandemic, the head of the International Monetary Fund said on Tuesday.

Managing Director Kristalina Georgieva, speaking remotely to an event hosted by Bocconi University in Italy, said she regards digital currencies backed by central banks to be the most reliable form of digital money and that it is difficult to think of Bitcoin and other crypto assets as money.

Georgieva said that Europe was more fit to avoid another debt crisis such as the one faced by Greece in the aftermath of the global financial crisis of 2007–08.

But she said countries would have to plan carefully how to shift course to medium-term fiscal consolidation to erase the increased pandemic-related debt burden.

Georgieva said that 110 countries among the IMF membership are at some stage of looking into central bank digital currencies, and a key challenge was how to guarantee interoperability of digital currencies.

“De-facto assets” like Bitcoin are not backed by assets that hold their value stable and can rise and fall sharply, Georgieva said, adding: “In the history of money, it is difficult to think of them as money.”

She said the top consideration for policymakers exploring digital currencies is whether they can be a means of exchange that the public can trust. Other considerations are whether the digital currencies contribute to domestic economic stability and how they fit into international regulatory frameworks, such as those being developed by the Bank for International Settlements.

It is “very impressive how much the international community, the central banks, institutions like ours are now actively engaged to make sure that in this fast moving world of digitalization, money is a source of confidence and helps the economy function rather than (being) a risk.”

(Reporting by Andrea Shalal and David Lawder; Editing by Giles Elgood)

Source Link IMF chief says Europe can avoid debt crisis, hard to think of Bitcoin as money

David Barret
David Barret

Related posts:

  1. Tape It launches an A.I.-powered music recording app for iPhone
  2. COVID-19 sends northern Chinese city into semi-shutdown
  3. Aussie perks up as Evergrande relief lifts investor sentiment
  4. Swiss Re estimates Hurricane Ida claims at $750 million, Europe flooding at $520 million

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Asteroid Day At 10: How The World Is More Prepared Than Ever To Face Celestial Threats
  • What Happened When A New Zealand Man Fell Butt-First Onto A Powerful Air Hose
  • Ancient DNA Confirms Women’s Unexpected Status In One Of The Oldest Known Neolithic Settlements
  • Earth’s Weather Satellites Catch Cloud Changes… On Venus
  • Scientists Find Common Factors In People Who Have “Out-Of-Body” Experiences
  • Shocking Photos Reveal Extent Of Overfishing’s Impact On “Shrinking” Cod
  • Direct Fusion Drive Could Take Us To Sedna During Its Closest Approach In 11,000 Years
  • Earth’s Energy Imbalance Is More Than Double What It Should Be – And We Don’t Know Why
  • We May Have Misjudged A Fundamental Fact About The Cambrian Explosion
  • The Shoebill Is A Bird So Bizarre That Some People Don’t Even Believe It’s Real
  • Colossal’s “Dire Wolves” Are Now 6 Months Old – And They’ve Doubled In Size
  • How To Fake A Fossil: Find Out More In Issue 36 Of CURIOUS – Out Now
  • Is It True Earth Used To Take 420 Days To Orbit The Sun?
  • One Of The Ocean’s “Most Valuable Habitats” Grows The Only Flowers Known To Bloom In Seawater
  • World’s Largest Digital Camera Snaps 2,104 New Asteroids In 10 Hours, Mice With 2 Dads Father Their Own Offspring, And Much More This Week
  • Simplest Explanation For “Anomalous” Signals Coming From Underneath Antarctica Ruled Out
  • “Lizard Shampoo” And Pagan Texts Suggest “Dark Age” Medicine Wasn’t So Dark After All
  • Japanese Macaques May Mourn Their Dead – As Long As They’re Not Maggot-Infested
  • This Is What You’d Hear If You Listened To Voyager’s Golden Record NASA Sent To Interstellar Space
  • RFK Jr’s New Vaccine Advisors Just Recommended Fall Flu Vaccines – But There’s A Catch
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version