On the 7th of February 2026, the Warwick Economics Summit (WES) had the honour of welcoming Ulrik Nødgaard (Danmarks Nationalbank), Jasmina Selimović (Central Bank of Bosnia and Herzegovina) and Lesetja Kganyago (South African Reserve Bank) for a panel discussion on Speakers in Conversation: Central Banks Across Borders, moderated by Elettra Ardissino (Reporter, Monetary Policy Radar).
A focus of the discussion was the rapid rise of stablecoins. Whilst acknowledging potential reductions in friction and cost of cross-border payments, Governor Kganyago stated that dollar-backed stablecoins are prevalent where foreign exchange is scarce or exchange rates are bypassed. The panellist stated that these instruments can create “an illusion” of stability and may fracture under stress, leading to risk to financial stability. Governor Kganyago argued that for central banks, the priority remains to protect the “oneness of money” and prevent fragmentation of national currency systems. Governor Selimović suggested that Bosnia and Herzegovina would not be inclined to pursue a digital currency due to the costs involved and relative lack of benefit.
“The one thing that central banks should do is to protect the oneness of money, and the accessibility of money to the public” – Governor Kganyago
The panel spoke about public trust in central banks with Governor Nødgaard speaking on the issue of central bank independence saying the “model has shown to be worked quite well during this inflation period.
” On the topic of trust more broadly, Governor Selimović shared insights on building trust post-war, recounting challenges like having four currencies in one country and overcoming the scars of hyperinflation. She also highlighted the role of strict adherence to a currency board arrangement and a clear mandate in restoring confidence.
“Having a very young institution, after the war, was extremely challenging to build the confidence of the public” she noted, emphasising that the bank’s discipline and consistency were central to success.
“Inevitable conditions for the successful central banking”- Governor Selimović on central bank independence
Reflecting on post-2008, Governor Kganyago argued policies such as quantitative easing had drawn central banks into distributional decisions previously decided by elected governments. He warned that when central banks are seen as “the only game in town”, public expectations can become inflated. Governor Kganyago also cautioned that trust cannot simply be declared, saying that “it is earned through your conduct, through your behaviour, your transparency and through accountability.”
Regarding heightened geopolitical uncertainty and trade disruption, Governor Nødgaard reflected on the growing “policy volatility” facing central banks, noting that rapid tariff changes and geopolitical shocks have required institutions to adapt forecasting frameworks and modelling tools. Referencing recent global trade tensions, he observed that while projections initially turned sharply downward, “the world doesn’t move as fast as we think,” underscoring the importance of measured, data-driven responses over reactive policymaking.
“We need to distinguish between noise and lasting things”
– Governor NødgaardGovernor Kganyago expanded on this, describing how central banks must supplement traditional forecasts with now-casting and scenario analysis to manage uncertainty. Referring to trade policy, he stated that “unorthodox policies lead to very orthodox outcomes,” arguing that measures such as tariffs ultimately generate predictable inflationary and growth consequences. The speaker did however suggest that excluding countries from international financial infrastructure, while even well-intentioned, can incentivise the creation of parallel systems and accelerate fragmentation weakening the global monetary system.
