“Inflation and cryptocurrencies, first challenges for central banks"
Posted on 05/31/2022In the daily newspaper l'Opinion, dated 03/30/2022, Jean-François Serval published a column on the current challenges of the return of inflation. Jean-François Serval, in this short article, shows that inflation can in no way be a valid answer to the problem of debt. For the president of Groupe Audit, only the increase in production, therefore the increase in the wealth produced, can be an effective response to the debt crisis. For this, he calls for a renewal of the role of central banks: The latter, he argues, must regain their role as safeguards of the monetary system, while throughout the last decades the evolution of the financial economy, driven by massive securitization transforming assets into financial instruments, created money out of bounds. The stakes are all the greater, he points out, as central bank policy fundamentals are challenged more than ever by the recent cryptocurrency boom.