Shaping the Future of Central Banking
Sida Özler current Banking and Finance Law LLM Postgraduate Student and Student Representative reports on the Bank of England event in collaboration with Queen Mary University of London.
On 7 May 2025, the Bank of England (Bank), in collaboration with the Centre for Commercial Law Studies (CCLS) at Queen Mary University of London (QMUL), hosted a panel event titled “Shaping the Future of Central Banking.” Co-organised by Sonya Branch (General Counsel, Bank) and Professor Dr. Rosa M. Lastra (Chair of the Institute of Banking and Finance Law at the CCLS, QMUL), the event convened leading legal scholars, central bank practitioners, and policy experts to reflect on the evolving role of central banks in the digital age.
This is what Sida Özler (Postgraduate Student and Student Representative, Banking and Finance Law LLM, 2025) said about her impression of the event: "The panel offered a timely and thought-provoking discussion on the future of central banking, with a particular focus on navigating digitalisation and evolving mandates. It was especially enriching to hear from both academics and practitioners from diverse jurisdictions and backgrounds, which brought real depth and dimension to the conversation."
The event opened with remarks from Sonya Branch (General Counsel, Bank) and concluded with reflections from Rob Price (Deputy General Counsel, Prudential Regulation at the Bank).
1st Panel – Divergent Approaches to Digitalisation
Chair: David Geen (Senior Technical Advisor, Bank)
The first panel examined how central banks are responding to the digitalisation of money, including the legal and regulatory implications of new technologies such as distributed ledger systems and CBDCs. David Geen introduced the panel with an overview of the transformative role of DLT and cryptography in creating new forms of digital assets. Professor Corinne Zellweger-Gutknecht presented the Neue digitale Franken study from Switzerland, emphasising the need for legal frameworks that support freedom of choice and competitive coexistence between new and legacy forms of money. She called for structural reforms in financial infrastructure and regulatory approaches that go beyond the “same risks, same rules” principle. Professor Dr Saule Omarova raised critical questions around the design and institutional logic of CBDCs, noting the importance of preserving the two-tiered banking system and considering broader systemic impacts rather than focusing only on micro-transactional use cases. Sophie Louise Nippel discussed the development of the Digital Euro, highlighting key legal and policy considerations. Dr Scott Farrell shared comparative perspectives from jurisdictions across Asia-Pacific, particularly Singapore and Australia, where policy debates around digital money remain in early stages.
2nd Panel – Central Bank Mandates: Aligning Objectives and Functions
Chair: Professor Rosa M. Lastra (Chair of the Institute of Banking and Finance Law at the CCLS, QMUL)
The second panel addressed the legal frameworks that govern central bank mandates, with a focus on the alignment (and tension) between monetary policy goals and broader economic objectives. Michael Salib and Mesha Ghazaleh presented their paper on the Bank of England’s statutory mandate, discussing the historical evolution of the monetary policy framework under the 1998 Act. They explored the significance of the Bank’s secondary objective to support government economic policy, particularly in light of net-zero commitments, and the balance between legal flexibility and accountability. Dr Alessandro Gullo examined the institutional design of central banks, highlighting the challenges of ensuring transparency and judicial review in the face of multiple, and sometimes competing, policy goals. Dr Daniele D’Alvia compared the Bank of England and the ECB, referencing Professor Dr. Rosa M. Lastra’s characterisation of the ECB as a “stateless central bank” to explore questions of legitimacy and legal identity. Jorge Luis Romero Charles offered insights from the Central Bank of Mexico, contributing to the comparative dialogue on mandate formulation and operational independence.
The event concluded with remarks by Rob Price (Deputy General Counsel, Prudential Regulation at the Bank), who reflected on the institutional resilience and adaptability required of central banks amid rapid technological change and evolving policy expectations.
The chairs and panellists were:
- David Geen (Senior Technical Advisor, Bank) – Chair of the 1st panel
- Prof. Dr. Rosa M. Lastra (Chair of the Institute of Banking and Finance Law at the CCLS, QMUL) – Chair of the 2nd panel
- Prof. Corinne Zellweger-Gutknecht (University of Basel)
- Prof. Dr. Saule Omarova (University of Pennsylvania)
- Dr. Alessandro Gullo (Assistant General Counsel, IMF)
- Dr. Daniele D’Alvia (Deputy Chair of the Institute of Banking and Finance Law at the CCLS, QMUL)
- Dr. Scott Farrell (King & Wood Mallesons)
- Michael Salib (Deputy Secretary, Bank)
- Mesha Ghazaleh (Senior Legal Counsel, Bank)
- Sophie Louise Nippel (PhD Student, QMUL)
- Jorge Luis Romero Charles (LLM Student, QMUL)