Time to rethink Central Bank Money (Part 2) Biagio BossoneMassimo Costa January 09, 2026 This page in: English © 2026 The World Bank Group.

https://blogs.worldbank.org/en/allaboutfinance/time-to-rethink-central-bank-money--part-2- Part 1 of this blog post noted that, under the Accounting View of Money (AVM), the central bank’s balance sheet should show money issuance—whether reserves, banknotes, or digital currency—as equity. This form of equity differs from the corporate meaning of shareholder ownership. Rather, it reflects the state’s sovereign power to create monetary value and consists of the revenue income (accumulated and undistributed) generated by the injection of this purchasing power into the economy. © 2026 The World Bank Group.