Benoît Cœuré

From Wikispooks
Jump to navigation Jump to search

Person.png Benoît Cœuré  Rdf-entity.pngRdf-icon.png
( economist,  central banker)
Benoît Cœuré.jpg
Born17 March 1969
 Grenoble,  France
Nationality French
Alma mater •  École Polytechnique
•  Ensae
•  EHESS
•  Paris Diderot University
Tri-Bilderberg member of the Executive Board of the European Central Bank. Worked on planning "green finance" and central bank digital currencies for the BIS.

Benoît Georges Cœuré is a French economist who was a member of the Executive Board of the European Central Bank from 2012 to 2019 when he attended three Bilderberg meetings, in 2014, 2015 and 2016. Between 2020 and 2021, Cœuré co-chaired a working group on central bank digital currency (CBDC) for the Bank of International Settlements.

Education

Benoît Cœuré graduated from Ecole Polytechnique (X 1987) and the National School of Statistics and Economic Administration (Ensae). He also holds a Master of Advanced Studies (DEA) in economic analysis and policy from the School for Advanced Studies in the Social Sciences (EHESS) and a B.A. in Japanese from University Paris 7.

Early career

Cœuré taught economics at l'Ecole Polytechnique[1] and was chief economist, No. 2 official,[2] head of multilateral affairs and development, and head of France's debt-management office in the country's finance ministry.[3]

From 2007 to 2009, Cœuré was also co-chair of the Paris Club of official creditors. In addition, he co-chaired the G20 Working Group on Reforming the World Bank and the Other Multilateral Development Banks (2009) and of the G20 Sub-Working Group on Global Liquidity Management (2011).

European Central Bank (2012–2019)

In late November 2011, Cœuré was nominated to the ECB executive board to replace Italy's Lorenzo Bini Smaghi, as a replacement for former ECB President Jean-Claude Trichet on the six-member board. France had insisted, as a condition for approving Italian Mario Draghi as Trichet's replacement earlier in the year, on Bini Smaghi's early resignation so a new French member could be appointed.[2]

In confirmation hearings in December, in line with a position already stated by Draghi, Cœuré said the bank maybe would have to increase its purchases of member-country sovereign debt as part of the effort to combat the European sovereign debt crisis.[3] He stated, however, that any increase in bond buying would have to obey the ECB's primary goal of ensuring price stability. He was confirmed in mid-December[4] and began his 8-year term on 1 January 2012.

Cœuré was named to manage ECB market operations as of March 2012, as well as payment systems and market infrastructures, and for a brief period of time, IT and economic research.[5] He was in charge of international relations and European affairs from 2014, when his German colleague Jörg Asmussen left the ECB,  until 2019. In this capacity, he was a member of the EU Economic and Financial Committee and Euro Working Group and took part in negotiations on financial "support" to Ireland, Portugal, Cyprus and Greece.

Cœuré is a supporter of the monetary policy of the ECB, which includes the use of unconventional measures. He repeatedly noted that the economic situation since the outbreak of the crisis warrants low ECB interest rates.[6] He warned, however, that the monetary policy response of the ECB to the crises carries risks. It shields, he says, governments and other market participants from the disciplinary force of the markets and could make it easier for them to postpone painful reform.[7][8]

He urged governments not to be complacent, because the rates will not stay that low forever. “With our decisions we gave them time. It is important that they use this time and prepare themselves and become more resilient”.[9] Already in 2005 he had called for structural reforms and a more sustainable fiscal policy in Europe.[10] He argued repeatedly that for the euro area to be resilient, it would need three lines of defence:[11] flexible and integrated markets, sound national fiscal policies, and a common fiscal capacity.

Cœuré argued that central banks actions can generate moral hazard in the banking system and risk. He warned that "support that is considered as appropriate during the crisis might have perverse effects on the incentives of banks at a later stage.[12]” He also argued in favour of the ECB being tasked with banking supervision, but with a strict separation between the monetary policy and bank supervision functions of the ECB [13]

Together with his German ECB colleague Jörg Asmussen, Cœuré supported the publication of the minutes of monthly ECB meetings.[14] In a speech delivered in November 2018,[15] he also pioneered the discussion on the role of monetary for "climate change"[15][16]

In his farewell speech from the ECB,[17] in December 2019, he argued against overreliance in capital markets to transmit monetary policy, and concluded that “If monetary policy remains a conversation between central banks and financial markets, we shouldn’t be surprised if people don’t trust us.”

In October 2013 Cœuré was appointed chair of the Bank for International Settlements’ Committee on Payment and Settlement Systems,[18] a standard setting body for payment, clearing and securities settlement systems, which he headed for six years. In 2014, the Committee became the Committee on Payments and Market Infrastructures (CPMI). Under his direction, the Committee tackled different topics, such as the resilience and recovery of central counterparties,[19] cyber resilience for financial market infrastructures,[20] and the emergence of crypto assets and tech giants in financial services. The CPMI published the first international report on central bank digital currencies in 2018.[21]

In May 2015, in an evening non-public speech with simultaneous release added but then delayed due to "an internal procedural error" at ECB, Cœuré apparently moved markets the next day in the Euro currency and European stocks and bonds with the announcement that the bank's bond-buying program would be "moderately front-load[ed]" before the summer trading lull. The speech was originally scheduled to take place under the so-called Chatham House Rule.[22][23]

In 2019, Cœuré chaired a Group of Seven working group on global stablecoins.[24]

In March 2020, the French Prime Minister asked him to chair the committee responsible for evaluating aid to businesses during "Covid" and then the recovery plan. he also was selected a member of the high-level advisory group on post-Covid challenges to the European Commissioner for Economic Affairs Paolo Gentiloni.[25]

Bank for International Settlements

In November 2019, Cœuré was appointed by the board of directors of the Bank for International Settlements (BIS) as Head of the new BIS Innovation Hub, established to foster international collaboration among central banks on innovative financial technology.[26][27] In 2020–21, the BIS Innovation Hub was deployed in Hong Kong, Singapore, Switzerland, London and Stockholm in partnership with local central banks, and built a portfolio of proofs of concept and prototypes across five strategic themes: central bank digital currency, next generation financial market infrastructures, open finance, regtech and suptech, cybersecurity, and green finance.[28]

Between 2020 and 2021, Cœuré co-chaired with Bank of England Deputy Governor Sir Jon Cunliffe a working group on central bank digital currency (CBDC) set up by seven central banks and the BIS, which published in September 2021 reports on user needs and adoption, system design and interoperability and financial stability implications.[29] He warned against regulation of digital assets and decentralised finance being developed along different tracks and urged discussions on a global regulatory framework.[30]

Autorité de la concurrence

In 2021, the French government proposed Cœuré to succeed Isabelle de Silva as the new head of the Autorité de la concurrence, the French antitrust agency.[31] [32] He took office on 22 January 2022 for a five-year term.

Other activities


 

Events Participated in

EventStartEndLocation(s)Description
Bilderberg/201429 May 20141 June 2014Denmark
Copenhagen
Marriott Hotel		The 62nd Bilderberg, with 136 guests, held in Copenhagen
Bilderberg/201511 June 201514 June 2015Austria
Telfs-Buchen		The 63rd meeting, 128 Bilderbergers met in Austria
Bilderberg/20169 June 201612 June 2016Germany
Dresden		The 2016 Bilderberg meeting took place in Dresden, Germany.
Jackson Hole/Meeting/201724 August 201726 August 2017The 2017 Jackson Hole Economic Policy Symposium
Jackson Hole/Meeting/201922 August 201924 August 2019US
Wyoming		A central banker gathering preparing for an economic reset that happened during Covid; and the introduction of CBDCs.
WEF/Annual Meeting/201521 January 201524 January 2015Switzerland
WEF		Attended by a lot of people. This page lists only the 260 "Public Figures".
WEF/Annual Meeting/201620 January 201623 January 2016Switzerland
WEF		Attended by over 2500 people, both leaders and followers, who were explained how the Fourth Industrial Revolution would changed everything, including being a "revolution of values".
WEF/Annual Meeting/201717 January 201720 January 2017Switzerland
WEF		2952 known participants, including prominently Bill Gates. "Offers a platform for the most effective and engaged leaders to achieve common goals for greater societal leadership."
WEF/Annual Meeting/202021 January 202024 January 2020Switzerland
WEF		This mega-summit of the world's ruling class and their political and media appendages happens every year, but 2020 was special, as the continuous corporate media coverage of COVID-19 started more or less from one day to the next on 20/21 January 2020, coinciding with the start of the meeting.
Many thanks to our Patrons who cover ~2/3 of our hosting bill. Please join them if you can.


References

  1. ↑ https://web.archive.org/web/20131204101751/http://www.ecb.europa.eu/ecb/orga/decisions/html/cvcoeure.en.html
  2. ↑ a b https://web.archive.org/web/20160307210617/https://www.bloomberg.com/news/articles/2011-11-24/france-nominates-benoit-coeure-for-ecb-boar
  3. ↑ a b https://web.archive.org/web/20160308041141/https://www.bloomberg.com/news/articles/2011-12-12/france-s-coeure-says-ecb-may-have-to-step-up-its-sovereign-bond-purchases
  4. ↑ "New E.C.B. Official May Be Open to Bond-Buying", NYTimes.com, 15 December 2011. Retrieved via topsy.com 10 April 2012.
  5. ↑ "ECB confirms Belgian Praet receives economics portfolio", Reuters, 3 January 2012. Retrieved 10 April 2012.
  6. ↑ "ECB's Coeure : Crisis to Blame for Low Rates, not ECB -Report",4-traders, 11 November 2013.
  7. ↑ "ECB’s Coeure says low interest rates risk delay of reforms", forexlive, 11 July 2013.
  8. ↑ "Reviving credit growth in the euro area", 11 July 2013
  9. ↑ https://www.ecb.europa.eu/press/key/date/2013/html/sp130918.en.html
  10. ↑ "Fiscal Policy in Emu: Towards a Sustainability and Growth Pact?", "Oxford Review of Economic Policy vol. 21", 2005
  11. ↑ https://www.ecb.europa.eu/press/key/date/2018/html/ecb.sp180202.en.html
  12. ↑ "ECB Liquidity Can’t Be Capital Lack Substitute: Coeure", "Bloomberg", October 3, 2013.
  13. ↑ "Symposium: “Central Banking: Where Are We Headed?” in honour of Stefan Gerlach’s contribution to the Institute for Monetary and Financial Stability", 7 February 2013.
  14. ↑ "Zentralbanker: EZB soll Protokolle veröffentlichen", Focus, 20 July 2013
  15. ↑ a b https://www.ecb.europa.eu/press/key/date/2018/html/ecb.sp181108.en.html
  16. ↑ =https://www.ft.com/content/18426d8a-e36c-11e8-a6e5-792428919cee
  17. ↑ https://www.ecb.europa.eu/press/key/date/2019/html/ecb.sp191218~12a0385d3b.en.html
  18. ↑ "About the Committee on Payments and Market Infrastructures (CPMI)", bis.org, updated 13 May 2015.
  19. ↑ https://www.bis.org/cpmi/publ/d149.pdf
  20. ↑ https://www.bis.org/press/p160629.htm
  21. ↑ https://www.bis.org/cpmi/publ/d174.htm
  22. ↑ Buell, Todd, and Josie Cox, "ECB to Front-Load on Bond Purchases Ahead of Summer Liquidity Lull" (photo included; access may be subscription)-required, The Wall Street Journal, 19 May 2015. Retrieved 19 May 2015.
  23. ↑ Spence, Peter, "Hedge funds got early access to information that prompted euro slide", The Telegraph, 19 May 2015. Retrieved 26 May 2015.
  24. ↑ https://www.bis.org/cpmi/publ/d187.htm
  25. ↑ https://www.oecd-events.org/e/competition-open-day-2023/speaker/200ef2ce-c291-ed11-9d7a-6045bd8894c2/benoit-coeure
  26. ↑ Benoît Cœuré appointed to head BIS Innovation Hub Bank for International Settlements (BIS), press release of 11 November 2019.
  27. ↑ Balazs Koranyi (11 November 2019), ECB's Coeure to head BIS Innovation Hub from Jan. 15 Reuters.
  28. ↑ https://www.bis.org/topic/fintech/hub/programme.htm
  29. ↑ https://www.bis.org/publ/othp42.htm
  30. ↑ https://www.ft.com/content/7c6b2573-7a8e-48c3-8fd9-2f5d5d524772
  31. ↑ Sandra Auger and Leigh Thomas (16 December 2021), French antitrust watchdog -Elysee Reuters.
  32. ↑ https://videos.senat.fr/video.2697284_61dcc12d3beb3.autorite-de-la-concurrence---audition-controle-article-13
  33. ↑ Europe Policy Group World Economic Forum.
  34. ↑ Members Cercle des économistes.
  35. ↑ Advisory Board Jacques Delors Centre at Hertie School.
Wikipedia.png This page imported content from Wikipedia on 02.02.2026.
Wikipedia is not affiliated with Wikispooks.   Original page source here
Retrieved from "https://wikispooks.com/w/index.php?title=Benoît_Cœuré&oldid=324924"