Time to rethink Central Bank Money (Part 1) Biagio BossoneMassimo Costa January 08, 2026 This page in: English © 2026 The World Bank Group.

https://blogs.worldbank.org/en/allaboutfinance/time-to-rethink-central-bank-money--part-1- In most jurisdictions today, two legacy conventions cause significant misperceptions of central bank money—the backbone of modern monetary systems. First, it is still commonly treated as a liability on central bank balance sheets. Second, its creation is not explicitly recognized in the law: central bank legislation authorizes lending, open market operations, and currency issuance, but the reserve-creation function remains implicit. © 2026 The World Bank Group.