Partly in response to these concerns, a working group has been mandated by G7 finance ministers and central bank governors to examine global "stablecoins" in more detail. He is a member of the Bank's Executive Committee. This requires further analysis and action.The ECB will also continue to monitor how new technologies change payment behaviour in the euro area, for example through a reduced demand for cash. From 2013 to 2019, he chaired the BIS's Committee on Payments and Market Infrastructures. Economic Policy: Theory and Practice (with A Bénassy-Quéré, P Jacquet and J Pisani-Ferry), Oxford University Press, New York, 2010, second edition December 2018. Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the CEPII 40th Anniversary Conference, Paris, 12 April 2018Perhaps the biggest mystery facing policymakers today – and especially central bankers – is what is happening on the supply side of the economy. Among younger people in particular, there is a willingness and curiosity to use new technologies and try new providers.Relying exclusively on non-European and new ecosystems presents two risks, however.The first relates to the untested nature of some initiatives.
Scale will drive consumer adoption and trust, which is pivotal in e-commerce.A European retail payments solution will only be accepted if it fully addresses user needs and demands. Where a "stablecoin" acts as a substitute for fiat currency, there may be the risk of the monetary sovereignty of countries being infringed. We will explore how, and to which extent, central banks would need to adapt their policies and instruments to face challenges to consumer protection and monetary policy transmission that could arise from such changes.For example, a central bank digital currency could ensure that citizens remain able to use central bank money even if cash is eventually no longer used. Dig deeper into the ECB’s activities and discover key topics in simple words and through multimedia. Significant work and further engagement with the public and authorities will be required before we can expect any potential global "stablecoin" arrangements to be approved by the relevant authorities (BIS, 2019). Indeed, Benoît's tenure at the ECB coincided with an incredible turnaround in unemployment and output growth. It should provide the highest levels of fraud prevention and offer consumer protection with robust complaint and refund procedures.A common brand and logo should be adopted to foster European identity. In the European Union, for example, it is the role of the European Commission, together with Member States, the ECB and relevant authorities, to review whether the current framework is fit for purpose. 25/11/2019. 2 official, head of multilateral affairs and development, and head of France’s debt-management office in the country's finance ministry.
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the CEPII 40th Anniversary Conference, Paris, 12 April 2018Perhaps the biggest mystery facing policymakers today – and especially central bankers – is what is happening on the supply side of the economy. SEPA allows payments to be processed across borders at the same cost, and as efficiently and safely, as national payments.More recently, the Eurosystem has also introduced TARGET Instant Payment Settlement, or TIPS.
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