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41. A Digital Euro in Search of an Identity

Author:
Franco Passacantando
Publication Date:
02-2022
Content Type:
Commentary and Analysis
Institution:
Istituto Affari Internazionali
Abstract:
The recent proliferation of crypto assets and other digital currencies is rapidly transforming the financial industry and the very concept of money. In response to these developments, many central banks are considering the possibility of introducing a central bank digital currency (CBDC), to be used as an alternative to cash. These trends have led to a lively debate on the role that a new sovereign digital currency could play in the monetary system. Some claim that the creation of a CBDC looks like a solution in search of problem because the private sector is already responding to the needs of faster and cheaper payment services.[1] The opposite view is that, if nothing is done, central banks could eventually lose the capacity to conduct monetary policy, to preserve financial stability and to ensure the proper functioning of the payment system. While the European Central Bank (ECB) has yet to make a final decision, in July 2021 it announced the start of a two-year “investigation phase” on the possible introduction of a euro CBDC, in which the views of prospective users and of those who will distribute the new currency will be sought.
Topic:
European Union, Finance, Currency, and Digital Policy
Political Geography:
Europe

42. Growing stronger together: Towards an EU–ASEAN digital partnership?

Author:
Maaike Okano-Heijmans and Brigitte Dekker
Publication Date:
02-2022
Content Type:
Special Report
Institution:
Clingendael Netherlands Institute of International Relations
Abstract:
In December 2021, the EU and Singapore launched talks towards a digital partnership agreement that could prove a building block for broader EU–ASEAN cooperation. This Report assesses the strategic value of increased cooperation in the field of digital connectivity, also acknowledged in the EU’s Indo-Pacific strategy of September 2021, and considers the practical challenges and opportunities of stronger ties between the two blocs and their member states in this increasingly important realm. The authors argue that three domains could form the basis of a future, shared, EU–ASEAN approach to digital connectivity: (1) digital infrastructure; (2) data governance and digital trade regulation; and (3) the digital economy and financial technologies (fintech). A bloc-to-bloc approach should run in parallel with strengthened ties by the EU and its member states with specific ASEAN member states. Together, these building blocks will serve EU and ASEAN long-term interests, promoting economic competitiveness and inclusive growth, as well as openness, transparency and freedom in the digital realm.
Topic:
European Union, Partnerships, ASEAN, and Digital Policy
Political Geography:
Europe, Asia, and Singapore

43. Public and Private Money Can Coexist in the Digital Age

Author:
Tobias Adrian and Tommaso Mancini-Griffoli
Publication Date:
06-2021
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
a card, waving a phone, or clicking a mouse. Or we might hand over notes and coins, though in many countries increasingly less often. Today’s world is characterized by a dual monetary system, involving privately issued money — by banks of all types, telecom companies, or specialized payment providers — built upon a foundation of publicly issued money — by central banks. While not perfect, this system offers significant advantages, including innovation and product diversity, mostly provided by the private sector, and stability and efficiency, ensured by the public sector. These objectives — innovation and diversity on the one hand, and stability and efficiency on the other — are related. More of one usually means less of the other. A tradeoff exists that countries — central banks especially — have to navigate. How much of the private sector to rely upon, versus how much to innovate themselves? Much depends on preferences, available technology, and the efficiency of regulation. So it is natural, when a new technology emerges, to ask how today’s dual monetary system will evolve. If digitalized cash — called central bank digital currency — does emerge, will it displace privately issued money or allow it to flourish? The first is always possible, by way of more stringent regulation. We argue that the second remains possible, by extending the logic of today’s dual monetary system. Importantly, central banks should not face a choice between either offering central bank digital currency, or encouraging the private sector to provide its own digital variant. The two can coincide and complement each other — to the extent central banks make certain design choices and refresh their regulatory frameworks.
Topic:
Monetary Policy, Banks, Money, Digital Policy, and Digital Currency
Political Geography:
Global Focus

44. Gen Z's Role in Shaping the Digital Economy

Author:
Oxford Economics
Publication Date:
03-2021
Content Type:
Special Report
Institution:
Oxford Economics
Abstract:
A new report by Oxford Economics for Snap Inc. shows how members of Generation Z are poised to play a major role in the economy and labour market over the coming decade across six leading markets: Australia, France, Germany, the Netherlands, the UK, and the US. While the outbreak of the coronavirus pandemic and the deep global recession triggered by measures to contain its spread have impacted younger workers, the accelerated shift towards a more digital economy will serve to the long-term advantage of Gen Z. Gen Z’s income from work will balloon from $440 billion to more than $3.5 trillion by 2030. We estimate their total consumer spending will be $3.0 trillion - equivalent to 11% of total household spending across the six economies. We developed a digital competence index measure. Pooling responses across our survey, Gen Z’s average competence score was 2.5% higher than Millennials and over 8% higher than Gen X. Beyond digital aptitude, our research has highlighted three Gen Z traits that we think are likely to serve them well in the future workplace
Topic:
Digital Economy, Youth, Digital Policy, Consumerism, and Generation Z
Political Geography:
Global Focus

45. Digital government services. Building for peak demand.

Author:
Tom Uren
Publication Date:
07-2021
Content Type:
Special Report
Institution:
Australian Strategic Policy Institute (ASPI)
Abstract:
Early in the Covid-19 pandemic, the myGov website was overwhelmed by a demand surge from citizens seeking to rapidly access digital services. In 2016, the online Census (eCensus) suffered a series of relatively small distributed denial-of-service (DDoS) attacks. While they didn’t overwhelm the platform, the attacks ultimately resulted in the eCensus being taken offline. What do these two examples have in common, and what lessons should we learn to ensure more robust digital government services? To answer those questions, this paper will examine five points: The nature of the DDoS attacks The CIA (confidentiality, integrity and availability) triad model for digital security How to predict demand How to respond to unpredictable demand The structure of reliable data systems
Topic:
Government, National Security, Science and Technology, Cybersecurity, and Digital Policy
Political Geography:
Global Focus

46. Europe’s Quest for Digital Sovereignty: GAIA-X as a Case Study

Author:
Simona Autolitano and Agnieszka Pawlowska
Publication Date:
03-2021
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
There is currently much discussion about “digital sovereignty” in Europe. While the term encompasses very diverse connotations, it refers to a broad concept involving data, technological, regulatory and political elements. Cloud computing represents one example of the concrete materialisation of the European Union’s quest for “digital sovereignty” – especially through the development of its GAIA-X project. It is too early to assess whether or not GAIA-X will definitively help the Union to achieve this much-desired goal; however, some challenges have already emerged along the way. Looking to the future, if the EU wants to achieve “digital sovereignty”, a different strategy to the one currently under discussion will be needed.
Topic:
Politics, Science and Technology, Sovereignty, European Union, and Digital Policy
Political Geography:
Europe, France, and Germany

47. “Too Big to Care” or “Too Big to Share”: The Digital Services Act and the Consequences of Reforming Intermediary Liability Rules

Author:
Fredrik Erixon
Publication Date:
04-2021
Content Type:
Policy Brief
Institution:
European Centre for International Political Economy (ECIPE)
Abstract:
This paper reviews the Digital Services Act (DSA), a package of new rules for platforms proposed by the European Commission late last year. The paper takes stock of current and future situations for rules on content moderation and takedowns, and discusses how the DSA addresses the balance between the desired culture of openness online, on the one hand, and more pressures to take down not just illegal but harmful and objectionable content, on the other hand. The DSA introduces a few new transparency rules that follow previous codes of conduct: they are straightforward and desirable. However, it also brings in new know-your-customer rules and exacerbate the ambiguity surrounding the definition of illegal content. These types of rules will most likely have the effect that platforms will minimize risk even more by taking down more content that is legal. Moreover, there is a risk that the DSA will create new access barriers to platforms – with the result of making it difficult for smaller sellers to engage in contracts on platforms. New regulatory demands to monitor and address “systemic risks” will likely have the same effect: platforms will reduce their exposure to penalty risks by taking down and denying access for content that is legal but associated with risks. The DSA’s differentiation between large platforms and very large platforms is disingenuous and contradicts the purpose of many DSA rules. Obviously, exposing some platforms to harder rules will lead to content offshoring – a trend that is already big. Objectionable content – not to mention illegal content – will move from some platforms to others and lead extremists and others to build online environments where there is much mess content moderation. Furthermore, the new regulatory risks that come with being a very large platform will likely become an incentive for some large platforms to stay large – and not become very large. While the DSA is often billed as a package of regulations that will reduce the power of big platforms, it is more likely to lead to the exact opposite. Very large platforms have all the resources needed to comply with the new regulation while many other platforms don’t. As a result, the incumbency advantages of very large platforms are likely to get stronger.
Topic:
Culture, Digital Economy, Internet, and Digital Policy
Political Geography:
Europe

48. Digital Futures for Europe

Author:
Meelis Kitsing
Publication Date:
03-2021
Content Type:
Policy Brief
Institution:
European Centre for International Political Economy (ECIPE)
Abstract:
There isn’t one model for success in the digital future; there are many. Europe is now debating what policies that could help to power entrepreneurship and growth in Europe’s economy, and some are arguing that Europe should make itself technologically sovereign – independent from the big platforms from the US. This is not the right approach – partly because there cannot be just one model applied in Europe if it is to become more successful in technology and competitiveness. This briefing paper argues that is far more important for Europe to create a better environment for companies to experiment and discover with new business models, and to learn from the past platform success while they do so. That requires a much greater space for entrepreneurship and that the EU and national governments stay away from excessive regulations that strain new business growth. Europe can be a powerful region that shapes rules and standards globally – “the Brussels effect”. But that isn’t the future for Europe if it ensnares entrepreneurs in red tape – “the Brussels defect”.
Topic:
International Political Economy, Digital Economy, Entrepreneurship, Economic Growth, and Digital Policy
Political Geography:
United States and Europe

49. International Information Security Threats as Side Effects of Modern Technologies

Author:
Sergey Boiko
Publication Date:
05-2021
Content Type:
Journal Article
Journal:
International Affairs: A Russian Journal of World Politics, Diplomacy and International Relations
Institution:
East View Information Services
Abstract:
INFORMATION and communication technologies (ICTs) provide humankind with unprecedented opportunities. Mass communication technologies, the Internet of Things, artificial intelligence, cloud computing, blockchain, big data, e-government, digital medicine, and cryptocurrencies have become part and parcel of our life. But at the same time, new ICT achievements bring new threats and challenges – primarily to international peace, security and stability, and the sovereignty and territorial integrity of states. The first international warning about those threats came from the Shanghai Cooperation Organization (SCO). It was issued in the Agreement among the Governments of the SCO Member on Cooperation in the Field of Ensuring International Information Security of June 16, 2009.1 The main threats, the agreement says, are the “development and use of information weapons” and the “preparation and waging of information war.”
Topic:
Science and Technology, International Security, Communications, Cybersecurity, Cryptocurrencies, Blockchain, Digital Policy, Internet of Things, and Information Technology
Political Geography:
China and Global Focus

50. Tracking the Digital Component of the BRI in Central Asia, Part One: Exporting “Safe Cities” to Uzbekistan

Author:
Sergey Sukhankin
Publication Date:
02-2021
Content Type:
Policy Brief
Institution:
The Jamestown Foundation
Abstract:
Following the 2013 announcement of the Belt and Road Initiative (BRI) at a speech given by People’s Republic of China President Xi Jinping during visit to Kazakhstan, Central Asia has been a key regional priority and an indispensable element for the success of the BRI as a whole (PRC Ministry of Foreign Affairs, September 7, 2013). Over the years, the BRI—nebulously defined from the start—has come to be associated with a variety of policy and investment programs. A previous series of articles has covered security-related developments associated with the BRI aimed at maintaining stability and protecting economic investments across the region (China Brief July 15; October 19; August 12).China has also begun to expand its export of digital infrastructure and surveillance technology under the umbrella of the BRI. The digitalization strategy—ostensibly aimed at promoting the international integration of technology with infrastructure and finance as well as spreading digital innovation abroad—is often referred to as the Digital Silk Road (DSR, 数字丝绸之路, shuzi sichou zhi lu). The high-level emphasis on promoting the DSR has only grown under the COVID-19 pandemic (CGTN, June 10, 2020). Across Central Asia, the DSR has been primarily represented by efforts to export China’s Smart/Safe City programs, which allow governments to collect, store, process and analyze vast amounts of personal information. The promotion of the so-called “informatization” of society (信息化, xinxi hua) and data commodification are yet more driving forces behind China’s DSR ambitions in Central Asia.
Topic:
Science and Technology, Surveillance, Belt and Road Initiative (BRI), and Digital Policy
Political Geography:
China, Central Asia, Asia, and Uzbekistan