Ep 85 - Advancing the Impact Investing Framework + The Social Dimension of CBDCs
Wed Dec 24 2025
Featuring Professor Dirk Zetzsche, Marian Unterstell, and Dr. Lucien van Romburg 🎧
In this episode, Regulatory Ramblings explores two major themes shaping the future of financial regulation: retail CBDCs and their social dimensions, and the EU’s evolving impact investing landscape.
The conversation begins with Dr. Lucien van Romburg, who unpacks his latest co‑authored research on why central banks must look beyond monetary policy when evaluating retail CBDCs. He explains how social needs, public engagement, and broader policy goals - from financial inclusion to technological innovation - must shape CBDC design. The discussion also examines international case studies, contrasting Australia, Europe, the US, and China, while highlighting why cash, education, and public trust remain central to any CBDC rollout.
Later, Professor Dirk Zetzsche and Marian Unterstell discuss their proposal for a more effective EU impact investing framework. They explain why Europe’s current sustainability rules overemphasize compliance and input‑based metrics instead of incentivizing proven impact. The segment highlights the need for materiality, simplified reporting, proportionality for smaller managers, and a shift from exclusionary ESG strategies toward outcome‑driven investment models that genuinely improve environmental and social conditions.
Topics discussed include:
Why CBDC decisions must consider societal impacts, not just monetary policyGlobal contrasts: US prohibitions, EU digital euro, China’s digital currency strategyCash usage, public engagement, and the limits of existing payment systemsWhy exclusionary ESG investing achieves little in practiceThe case for shifting EU sustainable finance rules toward verified impactThe operational realities and costs of impact investingMateriality, data burdens, and smarter regulatory designAbout Our Guests:
Professor Dirk Zetzsche is a professor of financial law, the ADA Chair in Financial Law (Inclusive Finance), and co-lead at the University of Luxembourg’s National Centre of Excellence in Financial Technology Research & Innovation. He is also coordinator of the House of Sustainable Governance & Markets, and a member of the University’s Faculty of Law, Economics and Finance, as well as head of its Law Department.
Marian Unterstell is a doctoral researcher, ADA Chair in Financial Law (Inclusive Finance), and a member of the University of Luxembourg’s Faculty of Law, Economics and Finance.
Dr. Lucien van Romburg is a postdoctoral research fellow at the School of Private and Commercial Law and a member of the Faculty of Law & Justice at UNSW-Sydney.
Regulatory Ramblings is brought to you by The University of Hong Kong’s Reg/Tech Lab, HKU‑SCF FinTech Academy, Asia Global Institute, and the HKU‑edX Professional Certificate in FinTech, with support from HKU Faculty of Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani.
Learn more at hkufintech.com/rr.
HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.
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Featuring Professor Dirk Zetzsche, Marian Unterstell, and Dr. Lucien van Romburg 🎧 In this episode, Regulatory Ramblings explores two major themes shaping the future of financial regulation: retail CBDCs and their social dimensions, and the EU’s evolving impact investing landscape. The conversation begins with Dr. Lucien van Romburg, who unpacks his latest co‑authored research on why central banks must look beyond monetary policy when evaluating retail CBDCs. He explains how social needs, public engagement, and broader policy goals - from financial inclusion to technological innovation - must shape CBDC design. The discussion also examines international case studies, contrasting Australia, Europe, the US, and China, while highlighting why cash, education, and public trust remain central to any CBDC rollout. Later, Professor Dirk Zetzsche and Marian Unterstell discuss their proposal for a more effective EU impact investing framework. They explain why Europe’s current sustainability rules overemphasize compliance and input‑based metrics instead of incentivizing proven impact. The segment highlights the need for materiality, simplified reporting, proportionality for smaller managers, and a shift from exclusionary ESG strategies toward outcome‑driven investment models that genuinely improve environmental and social conditions. Topics discussed include: Why CBDC decisions must consider societal impacts, not just monetary policyGlobal contrasts: US prohibitions, EU digital euro, China’s digital currency strategyCash usage, public engagement, and the limits of existing payment systemsWhy exclusionary ESG investing achieves little in practiceThe case for shifting EU sustainable finance rules toward verified impactThe operational realities and costs of impact investingMateriality, data burdens, and smarter regulatory designAbout Our Guests: Professor Dirk Zetzsche is a professor of financial law, the ADA Chair in Financial Law (Inclusive Finance), and co-lead at the University of Luxembourg’s National Centre of Excellence in Financial Technology Research & Innovation. He is also coordinator of the House of Sustainable Governance & Markets, and a member of the University’s Faculty of Law, Economics and Finance, as well as head of its Law Department. Marian Unterstell is a doctoral researcher, ADA Chair in Financial Law (Inclusive Finance), and a member of the University of Luxembourg’s Faculty of Law, Economics and Finance. Dr. Lucien van Romburg is a postdoctoral research fellow at the School of Private and Commercial Law and a member of the Faculty of Law & Justice at UNSW-Sydney. Regulatory Ramblings is brought to you by The University of Hong Kong’s Reg/Tech Lab, HKU‑SCF FinTech Academy, Asia Global Institute, and the HKU‑edX Professional Certificate in FinTech, with support from HKU Faculty of Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani. Learn more at hkufintech.com/rr. HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.