Economics Advisory

Ousmène Jacques Mandeng

Financial innovations and international monetary affairs

ADBI RBWC Tokyo 2012
SAIS Washington 2014
KDI Seoul 2015
HWWI Hamburg 2017
Bank of Spain RBWC September 2019

Economics Advisory offers advisory, speaking, seminars and analysis on international monetary affairs and emerging markets capital markets with a focus on crypto-instruments and blockchain-based monetary applications, the IMF, history of the international monetary system and emerging markets currencies and capital markets developments.

Recent commentary

Covid-19 propels private currencies

22 May 2020

The announcement of 14 May of Singapore's Temasek joining the Libra Association may signal that private currencies may benefit from weakened official actors. The expected permanent adverse impact of the covid-19 induced economic crises in particular on official solvency will raise questions about trust and stability of official currencies. Like other severe economic crises in the past, covid-19 may lead to a rethink of currency arrangements. Temasek may just have revealed that this should involve private currencies. [...]

CBDC: The time to upgrade central bank money is now

5 May 2020

The covid-19 crisis has revealed significant deficiencies in the effective distribution of central bank liquidity both domestically and internationally. Central banks are looking towards central bank digital currencies (CBDC) to improve functionality and utility of central bank money. CBDC is about recalibrating the attractiveness of monies and will likely redefine scope and reach of central banks in financial transactions. [...]

Boosting covid-19 assistance: IMF needs to be more inventive

16 April 2020

The debate about how best to increase resources for external financial assistance to countries has been accompanying every global financial crisis. With covid-19, the IMF is again under pressure as its firepower is not deemed sufficient to meaningfully instil confidence that a credible global backstop is available. So far the IMF's measures seem too conventional and timid. Recent suggestions that a considerable allocation of Special Drawing Rights (SDR) would do the trick may overestimate the role of SDRs and underestimate the efforts required for a meaningful allocation. More diversified and flexible mechanisms need to be found. New IMF borrowing ought to be part of the discussion both from central banks and as a novel approach from financial markets. [...]

IMF borrowing in renminbi

2 April 2020

The International Monetary Fund (IMF) has not nearly enough resources. With a residual lending capacity of about US$800 billion (less than 1 percent of world GDP), the Fund will struggle to be a credible back-stop in the impending covid-19-induced international crisis. Borrowing is the only way the IMF can increase resources fast. China is not helping the IMF much at the moment and could offer the Fund to create a renminbi facility. It would affirm China's economic heft and the designation of the renminbi as a freely usable currency. It would help advance needed diversification of international liquidity. [...]

Emergency dollar liquidity for non-residents

30 March 2020

The covid-19 induced crisis has revealed the difficulties of the rest of the world to obtain liquidity in dollars when needed. Dollars are the most important monies and used extensively in international transactions. When dollars dry up there is a risk of severe financial disruptions. Non-residents are particularly affected amid the lack of an external contingency mechanisms. Siloed access has complicated distribution of dollars. The extension of the Federal Reserve swap lines may heighten the dollar liquidity divide. [...]

IMF SDR allocation: Interesting in theory

20 March 2020

The International Monetary Fund (IMF) is meant to help in times of financial distress. The covid-19-induced crisis has brought forward calls for the IMF to mobilise new resources to support a tormented international economy. In response to the global economic and financial crisis, the IMF made an allocation of new Special Drawing Rights (SDRs). SDRs are viewed as an effective way to increase international liquidity. However, existing provisions for SDR allocations and more importantly the fact that countries do not use SDRs seem to make this a futile approach. The SDR would have to change significantly to serve as a meaningful response to a crisis. [...]

Private currencies: What are they, why they may make sense and how to regulate them

Prepared remarks, Workshop on regulatory issues of stablecoins, Financial Stability Board (FSB)

Monetary Authority of Singapore, Singapore, 6 February 2020

[...] The topic of how to regulate private currencies is a critical and timely one. Not because there is a meaningful proliferation of private currencies as yet but greater regulatory clarity would help guide an orderly development of the sector. Libra has brought consideration for private currencies into the mainstream. The economic case for private currencies seems to be a strong one. Private currencies may resolve long-held monetary problems official currencies have failed to address. Successful private currencies are therefore most likely just a matter of time. I shall divide my brief remarks into: What are private currencies, why they may make sense and how to regulate them. [...]

The (R)evolution of money—Broader access to central bank money

Remarks delivered at Blockchain Centre, Distributed Finance Roundtable

Vilnius, 25 November 2019

[... ] I was asked to focus today on Accenture's recent publication the (R)evolution of Money 2 and in particular on the notion of broadening access to central bank money and its potential effect on financial markets developments. My argument shall rest on the assumption that more equitable access to central bank money would support more diversified, resilient and deeper financial markets helping in particular start-ups and small and medium sized enterprises to raise needed resources. I will claim that the best solution to offer broader access to central bank money while fostering innovation and preserving the existing banking infrastructure is a central bank digital currency in token format. [...]

International currencies and governance: Lessons from the SDR

World Economic Forum Conference

OECD, Paris, 22 October 2019

[...] Libra serves as a reminder that the case for international currencies is a strong one. The euro remains the most important contemporary regional currency. The SDR may have been the most ambitious though failed attempt to establish an international currency. My remarks will focus on the SDR to draw some possible lessons for libra or any other international currency project. While creating an international currency is relatively simple, making it work in practice is complicated. The SDR has faltered in large part because the governance structure guiding its design and issuance was inadequate. [...]

Central bank digital currencies

Conference—Global imbalances and capital flows in the era of new technologies

Bank of Spain, Madrid, 10-11 September 2019

[...] Central bank money has not seen much change since the proliferation of paper currencies during the nineteenth century. CBDC now promises to bring needed innovation to central bank money. At the same time, central banks have a historical opportunity to set new standards for digital currencies. [...]

More commentary



Strategic advisory work on monetary innovation, crypto-instruments and blockchain-based monetary applications and the international monetary system with a focus on public policies and the financial public sector.


Custom-made seminars on international monetary affairs and monetary history including on crypto-currencies, the International Monetary Fund, the gold standard, the Euro Area, emerging markets currencies. Seminars can be arranged in various formats including working dinners, classes, lectures, interviews.


Event and keynote addresses and panel discussions on crypto-instruments and international monetary themes.

Bretton Woods @70: Past, present and future

US Korea Institute at SAIS and Reinventing Bretton Woods Committee, Washington, D.C., 9 October 2014

Central banking and creating a stable value digital currency

Dialogue of Continents, Reinventing Bretton Woods Committee and Hamburg Institute of International Economics, Paris, 5 September 2018

The exorbitant privilege and the international monetary system

Presentation to a leading U.S. investment firm, New York, NY, 28 September 2018

Reinventing Bretton Woods Committee webinar: The world economy transformed

17 April 2020

Economics Commentary

International economics and monetary analysis and opinion


Two key publications by the Reinventing Bretton Woods Committeeon international monetary affairs are now available on Amazon:


Economics Advisory Ltd. is a London-based private limited company registered in England and Wales.

Ousmène Jacques Mandeng, Director, Economics Advisory Ltd, has worked more than 20 years in the financial sector and international organisations on international investment and economic policy analyses and now focuses on the linkages between financial innovation and monetary and payments developments. He is a Senior Advisor with Accenture in its Global Blockchain Technology Practice working with clients on digital currencies solutions.

Ousmène was a Managing Director at Prudential Financial and UBS Investment Bank leading coverage of official financial institutions globally. He worked at the International Monetary Fund, last as Deputy Division Chief coordinating work on IMF lending policies and use of IMF resources and on Latin America including as a Resident Representative. He has commented periodically in the financial press and presented in leading international forums on the international monetary system and emerging markets capital markets developments.

He is a Visiting Fellow at the Institute of Global Affairs at the London School of Economics and Political Science, a Fellow of the Reinvention Bretton Woods Committee and a Member of the Bretton Woods Committee and of Robert Triffin International. He is fluent in German, English, French and Spanish. He holds an MPhil in economics from the University of Cambridge and a PhD in economic history from the LSE.

All views expressed in this blog are those of Economics Advisory and not necessarily those of Accenture or other clients.



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