Zentralbankgeldsysteme

Zentralbankgeldsysteme describe the framework within which a central bank manages the money supply and payment systems of a country or currency union. At its core, a central bank is the issuer of the national currency, often referred to as central bank money. This money exists in two forms: physical cash in circulation and digital balances held by commercial banks at the central bank.

Commercial banks maintain accounts with the central bank, and it is these accounts that constitute the ultimate form of central bank money for financial institutions. When commercial banks make payments to each other, they often do so by transferring funds between their accounts at the central bank. This process is facilitated by the central bank's payment systems, which ensure the smooth and secure settlement of interbank transactions.

Central banks play a crucial role in maintaining the stability of these systems. They can influence the amount of central bank money available in the economy through monetary policy tools, such as open market operations, reserve requirements, and lending facilities. By controlling the supply of central bank money, central banks aim to achieve macroeconomic objectives like price stability, full employment, and economic growth. The structure and operation of these systems are fundamental to the functioning of modern financial markets and the broader economy.