Benoît Cœuré
@BCoeure
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Président de l’Autorité de la concurrence. Tweets personnels.
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Joined January 2015
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Pinned Tweet
Politique industrielle et concurrence : mon entretien ce matin sur
@bfmbusiness
🔴DIRECT VIDEO - Benoit Coeuré, Président de l'Autorité de la concurrence, est l'invité de Good Morning Business
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Important speech by C. Lagarde on digital payments. On central bank digital currency, the ECB President quotes the great Rudi Dornbusch: “in economics, things take longer to happen than you think they will, then happen faster than you thought they could.”
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Today 7 central banks and the BIS released a report on central bank digital currency (
#CBDC
). 1/4
What are the key pillars of a publically available central bank digital currency? A report from seven central banks and the BIS sets them out
#CBDC
@ECB
@bankofengland
@riksbanken
@Bank_of_Japan_e
@SNB_BNS_en
@federalreserve
@bankofcanada
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Cross border payments are slow, expensive, opaque and should be more inclusive. In an important new report, the CPMI identifies 19 building blocks for public and private action. G20 Finance Ministers and Governors to commit to a roadmap next October.
How can shortcomings in
#CrossBorderPayments
be tackled? The Committee on Payments and Market Infrastructures identifies necessary elements to make them faster, cheaper, more transparent and inclusive
@G20org
@bankofengland
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Excellent
@FT
Big Read on the future of Europe’s single market and why Mario Draghi and
@EnricoLetta
‘s incoming reports are so important.
Those who think that Europe’s competitiveness can be salvaged through state aid are wrong on multiple levels:
[1/3]
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“Digital solutions for direct cash transfers in emergencies”: how to leverage technology to support vulnerable households, as per the
#IMF
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In my interview with
@LauraNoonanFT
, I argued that time has come to take a global approach to crypto regulation
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While the highlight of today’s
#G7
finance ministers meeting was their historic agreement on a global minimum corporate tax rate, they also pledged to work together on central bank digital currency
#CBDC
:
#G7
Finance Ministers and
@SecYellen
have released a statement on agreements around building a strong, sustainable, balanced and inclusive global economic recovery.
Read the full text here:
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The People’s Bank of China and the Central Bank of the United Arab Emirates are joining today the Bank of Thailand and HKMA to develop the Multiple CBDC Bridge, one of of several cross-border payments projects supported by the
#BISInnovationHub
. A warm welcome!
#UAECentralBank
and the Digital Currency Institute of the People’s Bank of China join
@bankofthailand
and
@hkmagovhk
to work with
#BISInnovationHub
on a cross-border
#payments
project – m-CBDC Bridge
#CBDC
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OK I’m technically not a central banker, so let me give you my take.
@jeuasommenulle
@ecb
we should really get
@BCoeure
into this thread, he probably has all the answers
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My
@ecb
farewell eBook: “Monetary Policy, the Challenges Ahead” is out. Water has flowed under the bridge ... but insights from Mario Draghi, Mark Carney,
@JeanTirole
-and many others- remain valid
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The Central Bank of Russia is assessing prospects for issuing a digital ruble
Банк России проводит оценку возможностей и перспектив выпуска цифрового рубля. Сегодня мы опубликовали консультативный доклад и начинаем обсуждение с представителями финансового сектора, экспертами и всеми заинтересованными читателями:
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The US take a very significant step today towards acknowledging the significance of digital assets, towards building a comprehensive regulatory framework, and towards investigating a US CBDC (aka digital dollar). Also strong support to int’l cooperation 👏
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Mario Draghi: « We face a war against coronavirus and must mobilise accordingly »
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As I argued in 2012: “The euro is a currency with a state – but it’s a state whose branches of government are not yet clearly defined.” () Member States should rise up to the challenge. 5/5
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Can a group of sovereign nations sustain a single currency without a common polity? Can the euro be a currency without a state? I believe it cannot. Trust in the euro rests on the European rule of law as voted by the European Parliament, and on Member States respecting it 4/5
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Merci aux députés et aux sénateurs pour leur confiance. Je suis impatient de rencontrer les équipes de l’
@adlc_
, ses partenaires institutionnels et les acteurs économiques pour préparer les défis des 5 prochaines années.
Le Parlement a approuvé la proposition de nomination de Benoît Coeuré
@BCoeure
à la tête de l'Autorité, retrouvez les vidéos de ses auditions au
@Senat
() et à
@AssembleeNat
()
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On digital currencies, CBDC and stable coins - Join us on 11 June, 2pm London time
CEPR /
@LSEIGA
/
@LSEPublicPolicy
Webinar on 'Digital Currencies and Stable Coins as Crisis Management Tools'
⏰ 11 June 14:00 (London, BST)
Reg & Info:
Join
@BCoeure
@BIS_org
,
@NagyMohacsi
, Christina Segal-Knowles
@bankofengland
&
@R2Rsquared
@LSEEcon
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Honoré d’avoir été invité par
@EPhilippePM
à présider le comité de suivi et d’évaluation des mesures de soutien aux entreprises françaises face au
#COVID
ー19. Beaucoup de travail en perspective.
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At their virtual meeting today, G20 Finance Ministers and Central Bank Governors endorsed the G20 roadmap to enhance cross-border payments and welcomed the G20 TechSprint, a joint initiative with the
#BISInnovationHub
. Thanks to
#G20SaudiArabia
for an excellent cooperation.
#G20
Finance Ministers and Central Bank Governors concluded their virtual meeting on October 14, 2020, under the
#G20SaudiArabia
, with a joint Communiqué with consented international measures to achieve global
#EconomicRecovery
.
Communiqué:
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Our report on the mBridge project is out! The mBridge prototype is developed jointly with the central banks of 🇭🇰, 🇹🇭, 🇦🇪, and 🇨🇳. It is part of the
#BISInnovationHub
efforts to design multiple CBDC platforms delivering real-time, cheaper and safer cross-border payments.
#BISInnovationHub
Hong Kong,
@bankofthailand
,
@hkmagovhk
, the Digital Currency Institute of the People’s Bank of China, and Central Bank of the United Arab Emirates developed
#PRojectmBridge
, a prototype of multiple
#CBDC
#mCBDC
@UAEBF
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Check out this very nice
@BIS_org
visualization of cross-border bank exposures
Decoding
#InternationalBanking
can be a nightmare. That’s why we created a dreamcatcher – an interactive chart showing banks’ bilateral cross-border positions among selected countries. Check it out!
#DataVisualization
#BISStatistics
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Hot off the press! The new
@BIS_org
Annual Economic Report chapter on central bank digital currency is out. Read how CBDCs could form the backbone of a new digital payment system by enabling broad access and providing strong data governance and privacy standards.
The first, pre-released chapter of the
#BISAnnualEconReport
is now out and it’s about
#CBDCs
. To find out more, read here
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1/3 - I talked with
@LauraNoonanFT
about crypto and
#CBDC
. Short summary: 1/ time has come for the
@FinStbBoard
to draw up a global framework for crypto regulation. We risk a system that is inconsistent across products and jurisdictions.
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Today the
#BISInnovationHub
releases its work programme around 6 themes: suptech/regtech, next generation financial market infrastructures, central bank digital currency, open finance, cyber security, and green finance. ⤵️
#BISInnovationHub
centres in Singapore, Hong Kong SAR and Switzerland as well as new locations will focus on Suptech & Regtech, Next Generation Financial Market Infrastructures (FMIs), CBDCs, Open Finance, Cyber Security and Green Finance in 2021/2022
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Interoperability between payment systems is key to improve the cost and speed of cross-border payments, lower barriers to entry, and encourage innovation. A new
@BIS_org
Bulletin dissects the key attributes of interoperability. 1/2
To achieve
#Interoperability
between payments systems will take technical and business compatibility
#BISBulletin
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Today the
#BISInnovationHub
,
@banquedefrance
and
@SNB_BNS_en
launch Project Jura - a new experiment on cross-border settlement using central bank digital currency
#CBDC
. 1/2
#BISInnovationHub
@banquedefrance
and the Swiss National Bank launch
#ProjectJura
– a collaborative experiment into wholesale
#CBDC
@SNB_BNS_en
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📚 The G7 just issued a report on “Public Policy Principles for Retail Central Bank Digital Currencies“
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Un ami fidèle et généreux, un professeur brillant et un intellectuel engagé dans la vie de la cité, Philippe était tout cela et aurait du l’être pendant longtemps encore.
Sciences Po a la grande douleur de faire part du décès de Philippe Martin.
Économiste brillant et reconnu, doyen de l'
@EAPScPo
depuis février 2022, il fut une figure éminente de notre institution, dont il était diplômé et à laquelle il consacra une partie de sa carrière.
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The first female US VP swearing in the first female US Treasury Secretary. So inspiring!
@Jordanfabian
VP Kamala Harris swears in Janet Yellen as Treasury Secretary — the first women to ever hold either post.
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ECB releases report on “digital euro”
(THREAD) As technological changes are transforming how we pay, a digital euro could offer a universally accepted, risk-free and trusted means of payment to complement cash. We’ve analysed its possible benefits and challenges in our report 1/3
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Do you want to make the global financial system a better place? The
@BIS_org
Innovation Hub is looking for a
#DLT
#Blockchain
expert based in Switzerland or Hong Kong to work on
#CBDC
, tokenisation and other projects. Applications ⤵️
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Why central banks will team up to study innovation and digital currencies
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Comprehensive
@IMFNews
review on the legal aspects of central bank digital currency, distinguishing between central bank law (the ability to issue CBDC) and monetary law (currency status of CBDC) - the latter being more challenging.
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Yesterday the notion that the EU is a “federation of nation states” was called for what it is: an oxymoron 3/5
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A major step taken by the ECB to support global euro liquidity - hence the international role of the euro
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Beyond monetary policy, this is a discussion on whether the EU is a group of sovereign nations deferring competences to common institutions, or a partial federation. The
@BVerfG
takes the former view. The
@EUCourtpress
and most Member States take the latter. 2/5
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As many others, let me regret the continued prosecution of Andreas Georgiou, the man who uncovered the true state of Greek public finances in 2010. Ending it would be another proof that Greece has turned the corner.
Greek Tragedy 2011-2020. Nine years ago the political attacks on Andreas Geogiou began. The Greek judicial system should end this saga on September 24. See
#JusticeforGeorgiou
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“Mario Draghi urges Europe to use soaring debt for productive purposes”
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On my way to Geneva - not virtually! - to speak tonight to the International Center for Monetary and Banking Studies about how technology disrupts all aspects of finance, and how it can remain a force for good. Watch this space.
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What’s up in the payment world? What should central banks do? How does CBDC fit in? A brand new chapter from the BIS Annual Economic Report is out today.
Central banks and payments in the digital era – the special chapter of the BIS Annual Economic Report is now available
#DigitalPayments
#Payments
#CentralBanks
#CBDC
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Federal Reserve highlights research, experimentation and cooperation with other central banks on CBDC
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G7 Finance Ministers and Central Bank Governors’ Statement on Central Bank Digital Currencies (CBDCs) and Digital Payments
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Why stability of the global financial system requires central bank money... and why central bank money may have to evolve. My talk with
@MartinSoong
and
@cnbcSri
in Singapore this morning
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New
@BIS_org
facts on market-based finance ⤵️
- Cross-border claims on non-bank financial institutions up 63% in 5y, highly concentrated
- Bank reliance on NBFIs for liquidity creates new vulnerabilities, evidenced in the market turmoil last March.
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Today the
@BIS_org
announces the expansion of the
#BISInnovationHub
to four new centres and a strategic partnership over the next two years:
The
#BISInnovationHub
is expanding with four new centers and a strategic partnership across Europe and North America over the next two years in collaboration with local central banks
@bankofcanada
@ecb
@bankofengland
@riksbanken
@NewYorkFed
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« Pour que l'Union européenne fonctionne, il faut la compétition qui stimule, la solidarité qui unit et la coopération qui renforce. »
Hommage à Jacques Delors, 1925-2023.
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Today the
#BISInnovationHub
and the Saudi G20 Presidency launch
#G20TechSprint
, a RegTech/SupTech competition open to global innovators
The innovative
#G20TechSprint
project creates a way for central banks to work together through technological platforms to find market-oriented solutions for common problems
#BISInnovationHub
#G20SaudiArabia
@G20org
,
@MAS_sg
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Tomorrow 10.05 EST
Watch the conversation at the
#DCFintechWeek2020
on central banks, CBDCs and cryptoeconomics with
@ChrisBrummerDr
@giancarloMKTS
, Cecilia Skingsley
@riksbanken
and Jon Cunliffe
@bankofengland
, Monday October 19 at 10.05am EST ⤵️
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I will have the pleasure to speak about central banks and digital innovation at the Latvijas Banka Economic Conference on “Money and public security”, 25.9.2020 at 11.45 CET
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Want to know more about the legal aspects of digital currencies? We’ve posted a summary of the
#BISInnovationHub
and FInancial Stability Institute webinar.
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Evening colours on the Dieppe shoreline: 2022 is off to a good start. A happy new year to all!
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Excellent BIS primer on monetary responses to
#COVID
ー19 in advanced econs. Central bank focus has shifted to 1️⃣ keeping markets open (as opposed to providing liquidity to banks) and 2️⃣ supporting the flow of credit to households and corporates.
Compared to the Great Financial Crisis, central banks’ credit support during the
#Covid19
pandemic has been more direct and far-reaching, while liquidity provision to the financial sector has played a more limited role
#BISBulletin
#CentralBanks
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Très grande tristesse. Daniel Cohen était un intellectuel exceptionnellement brillant, un ami fidèle, un observateur passionné du théâtre du monde. Sa curiosité, sa clarté, sa soif de partage, sa volonté de changer le monde nous manqueront. Toutes mes pensées vont à sa famille.
Nous avons la tristesse de vous faire part du décès aujourd'hui de Daniel Cohen, qui était également directeur du Cepremap. Parmi ses nombreux apports à a recherche économique, il a su donner un nouvel élan au Cepremap.
Toutes nos pensées vont à sa famille et à ses proches.
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The People’s Bank of China just released a progress report on the e-CNY. The report mentions the m-CBDC Bridge, a joint work on a multiple CBDC platform between PBOC, the
#BISInnovationHub
,
@hkmagovhk
,
@bankofthailand
and the CB of the UAE.
▶️
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La 5ème édition française est en librairie !
Comment passe-t-on de la théorie à la décision et à l’évaluation ? Les économistes sont-ils arrogants, complaisants, aveugles à la réalité ? Lire notre avant-propos ➡️
@agnesbq1
@pisaniferry
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The
@BIS_org
launches a new series on crisis-related topics. Today: how the Covid-19 crisis has pushed up the cost of dollar funding, and what can be done about it. More to come shortly. Watch this space!
Introducing a new BIS series: BIS Bulletins feature short, topical notes written by our in-house experts on current market developments and economic trends
#BISBulletin
#DollarFunding
#FinancialMarkets
#Coronavirus
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Stay tuned!
CEPR /
@LSEIGA
/
@LSEPublicPolicy
Webinar on 'Digital Currencies and Stable Coins as Crisis Management Tools'
⏰ Tomorrow 14:00 (London, BST)
Reg & Info:
Join
@BCoeure
@BIS_org
,
@NagyMohacsi
, Christina Segal-Knowles
@bankofengland
&
@R2Rsquared
@LSEEcon
1
10
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25
76
Panel on payments
@bundesbank
@banquedefrance
- a nuanced discussion on the pros and cons of CBDC
- J. Weidmann makes the case for an international settlement infrastructure for small value payments (e.g.remittances)
Video on demand now available: Jens
#Weidmann
, François Villeroy de Galhau and
@HyunSongShin
discussed the opportunities and risks of the introduction of a
#CentralBankDigitalCurrency
at the Bundesbanks virtual autumn conference.
@banquedefrance
@BIS_org
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I explained why central banks are stepping up cooperation on
#cbdc
at the Bund Summit 2020 外滩金融峰会 2020
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My piece for
@CoinDesk
on central bank digital currency, at the occasion of the
#DCFintechWeek2020
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28
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New CPMI and
@WorldBank
contribution on financial inclusion in payments
Joint Committee on Payments and Market Infrastructures and
@WorldBank
report helps national authorities apply the Payment aspects of financial inclusion (PAFI) guidance for expanding access to
#PaymentServices
()
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👁 Building a multi CBDC platform for international payments: watch
#BISInnovationHub
Bénédicte Nolens present Project mBridge at the Hong Kong FinTech Week 2021
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New CPMI data shows higher concentration in cross-border payment flows: fewer active correspondent banks but the volume and value of payments continues to grow
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Helvetia Phase II is the last
#BISInnovationHub
project completed under my watch. Together with
@SNB_BNS_en
, I’m proud that we could take wholesale CBDC to a new level, and show the feasibility and benefits of settling on-chain in central bank money.
Integrating wholesale
#CBDC
into banks’ existing systems is complex, but a key prerequisite for future issuance.
#BISInnovationHub
,
@SNB_BNS_en
and
@sixgroup
teamed with
@Citi
,
@GoldmanSachs
,
@Credit
Suisse,
@UBS
and
@HypiLenzburg
to prove it can be done
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18
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Mon entretien avec le Monde ce soir sur les nouveaux moyens de paiement, les banques centrales et la monnaie numérique
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The
@FinStbBoard
has delivered its roadmap to the G20 to enhance cross-border payments. The
#BISInnovationHub
will co-lead two building blocks of the action plan, together with the CPMI: 1/2
FSB delivers roadmap to
#G20
to enhance cross-border payments. CPMI Chair &
@bankofengland
Dep Gov Jon Cunliffe &
@Banxico
Gov Alejandro Díaz de León set out concrete actions to make cross-border
#payments
faster, cheaper, more transparent & inclusive
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28
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“New money: Central banks lay out operating manual for digital cash“ via Reuters
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Powerful comparison by
@lwintermeyer
- “Making payments solely through a bank account is starting to feel as anachronistic as conducting long-distance calls through a fixed land line telephone with the use of the operator to solicit who will pay the charges to connect the call.”
"Money is entering a format war" – how crypto and blockchain startups transform the global payment industry: by
@lwintermeyer
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Excited to announce Project Genesis, a key milestone in the
#BISInnovationHub
green finance journey. Together with
@hkmagovhk
and private tech firms, we’ll build a prototype, DLT-based platform to issue and distribute retail green bonds, and report on their environmental impact.
Genesis, the
#BISInnovationHub
first green finance project, jointly with
@hkmagovhk
and private tech firms, will explore the use of
#blockchain
and
#IoT
to improve the transparency of green investments and make them more accessible to small investors.
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26
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Reminder! Application deadline 7.10.2020
Daydreaming about creating your own currency? Join the
#BISInnovationHub
, and make it happen
#blockchainjobs
#cryptojobs
#CBDCs
#blockchain
#DLT
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24
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Today the
#BISInnovationHub
and the Hong Kong Monetary Authority
@hkmagovhk
invite firms to develop innovative solutions for trade finance 1/3
#BISInnovationHub
and HKMA invite firms to develop solutions to specific trade finance issues by 31 August; financial sponsorship will be offered to pursue the most promising responses
@hkmagovhk
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Central bank money is the safest settlement asset because its supply is infinitely elastic and its issuer cannot default. Today, large payment systems and financial market infrastructures are required to settle in central bank money, …
Strong words from Fabio Panetta equating the crypto market to gambling. What I cannot understand is the reference to the need for a "dependable digital settlement asset". Is the current settlement via reserves not dependable? In which way? 1/2
@dandolfa
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New
@BIS_org
research on the different types of stablecoins, the scope for “embedding” supervision into stablecoin architectures, and the relative merits of global stablecoins vs fast payments and central bank digital currency.
#Stablecoins
– cryptocurrencies with values tied to traditional fiat currencies or other assets – are being developed rapidly. What is their potential, what are the risks and how should authorities regulate them?
#crypto
#fintech
#digitalmoney
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The Bank of Thailand announces a prototype development project of Central Bank Digital Currency (CBDC)
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…and worst,
- they will turn industrial policy into a fiscal contest, a discussion we know has always been toxic for Europe. [3/3]
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...using satellites to track emissions, mobilising digital money and smart contracts - and why rewiring our economy for the digital transformation and for the sustainable transformation should go hand in hand. 📺 Join us at 10.00 CET, EDT and PDT at the
#BISInnovationSummit
.
2/2
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See p. 74-76 of the report recommendations to clarify the legal framework applicable in Europe and leverage the benefits of digital assets and tokens
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The
@BIS_org
seeks to appoint 4 centre heads for its new
#BISInnovationHub
locations in Frankfurt/Paris, London, Stockholm, and Toronto. A unique opportunity to become a leader in digital innovation and foster international collaboration! Vacancy notice ⤵️
4
19
60
The
@FinStbBoard
just published a trove of new data on non-bank financial intermediation (“NBFI”, formerly known as “market-based finance”, formerly known as “shadow banking”). NBFI assets amounted to $404 trillion in 2019, nearly half of the global financial system.
FSB publishes Global Monitoring Report on Non-Bank Financial Intermediation 2020. Narrow measure of NBFI grew by 11.1% in 2019, to $57.1trn
#financialstability
#nonbankfinance
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3
27
61
Big day for
#BISInnovationHub
:
@Bis_org
and
@bankofengland
join forces to launch our 4th centre in London. Watch my panel with BoE’s Jon Cunliffe, HMT’s Katharine Braddick, Monzo’s Sujata Bhatia and MasterCard’s
@AnnMCairns
at 9:30 London Time, 10.30 CET
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#BISInnovationHub
's Project Dunbar will develop prototype shared platforms for cross-border transactions using multiple CBDCs. Read more ⤵️
4
25
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🧵[1/7] Le débat sur les profits des entreprises et l’inflation prend de l’ampleur et mérite une discussion nuancée. Non, l’inflation n’est pas entièrement causée par les superprofits … mais c’est un enjeu sérieux pour la politique économique.
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