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The Future of Money: Meet CERGE-EI's New Faculty Member Maxi Guennewig

22 October, 2026

Can regulations designed to protect banks actually make them less safe? And what happens when private companies start issuing their own money? These are among the questions explored by Maxi Guennewig, a new faculty member at CERGE-EI.

Before joining CERGE-EI, Maxi worked as a research economist at the European Central Bank (ECB), where he gained insights into the challenges facing central banks as financial technologies evolve. His interest in the future of money was sparked by the financial crises of the late 2000s and further shaped by Facebook's 2019 announcement of its proposed digital currency, Libra.

Today, his research explores how new forms of money, including stablecoins and digital central bank money, could transform financial systems and the institutions behind them. In the full introductory interview, Maxi also explains his approach to economic theory, and shares what attracted him to CERGE-EI and Prague.

When Banking Regulations Backfire

One surprising finding from Maxi's research concerns the unintended consequences of banking regulation. In a recent paper, he examines how deposit insurance and rules governing bank failures can interact in ways that undermine their original objectives.

The research suggests that these policies can encourage banks to rely more heavily on deposits that can be withdrawn at short notice, potentially increasing financial fragility and leaving taxpayers exposed to losses.

As Maxi explains:

"The broader lesson is that policies need to be considered together. Changing one without adjusting the other can backfire."

Who Will Shape the Future of Money?

Another focus of his research is the growing role of private companies in issuing money. Digital currencies created by businesses could offer consumers new benefits, but they also raise questions about financial stability, incentives, and the protection of users.

At the heart of these developments lies a fundamental challenge: keeping track of who owns what and who has paid whom. Financial institutions are exploring new technologies, including blockchain and shared digital records, to manage this information more efficiently. Central banks are also investigating how their own money can be used safely within these emerging systems.

Maxi points out that while companies have incentives to make their currencies attractive, their commercial interests may not always align with those of consumers.

His work explores these trade-offs and what they could mean for the future of payments and financial institutions.

Looking ahead, Maxi expects the evolution of money to remain central to his research agenda:

"The question of the future of money will certainly stay with me for a while."

We are delighted to welcome Maxi to the CERGE-EI faculty and look forward to the fresh perspectives and rigorous, thought-provoking research he will bring to our academic community.

Read the full interview with Maxi Guennewig to discover more about his research, the future of money, and his new chapter at CERGE-EI.