17 March 1969 |
|Occupation||Member of the Executive Board of the European Central Bank|
Cœuré taught economics at l'Ecole Polytechnique and was chief economist, No. 2 official, head of multilateral affairs and development, and head of France’s debt-management office in the country's finance ministry. From 2007 to 2009, he was also co-chair of the Paris Club of official creditors.
European Central Bank
In late November, 2011, Cœuré was nominated to the ECB executive board to replace Italy’s Lorenzo Bini Smaghi. He was, in a respect, a replacement for former ECB President Jean-Claude Trichet on the six-member board. France had reportedly 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. 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. 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 and began his term January 1, 2012.
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. 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.
He urged governments not to be complacent, because the rates won’t 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”. Already in 2005 he had called for structural reforms and a more sustainable fiscal policy in Europe.
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.” He also argued in favour of a strict separation between the monetary policy and bank supervision functions of the ECB 
He supported the controversial decision on OMTs, but was in strong favor of the introduced conditionalities to mitigate negative side effects. He argued that “under OMTs, governments will have to continue their reform efforts as required by the respective ESM programme and by IMF involvement. Otherwise, they would simply become ineligible for OMTs. Hence, no reforms, no OMTs.". Therefore, he is perceived in the market to be more on the hawkish side of the Governing Council of the ECB.
In September 2013, he was appointed Chair of the Bank for International Settlements’ Committee on Payment and Settlement Systems, a standard setting body for payment, clearing and securities settlement systems.
- "Central banks and the challenges of the zero lower bound", at meeting hosted by the Initiative on Global Markets (University of Chicago Booth School of Business), Miami, 19 February 2012; at ECB website. Via Ralph Atkins, "Cœuré, the ECB and zero interest rates", ft.com blog, February 24, 2012.
- "The monetary policy of the European Central Bank", at Barclays’ European Conference, Tokyo, 26 March 2012. Via Bank for International Settlements web site.
- "Why the euro needs a banking union", Frankfurt am Main, 8 October 2012.
- "Reviving credit growth in the euro area", at the Paris Europlace International Financial Forum “Growth and Investment Opportunities in Europe” in Paris, France; July 11, 2013
- (9. september 2014): Learning about negative interest rates
- (14. november 2014): The global and European aspects of policy coordination
- (2. february 2015): Lamfalussy was right: independence and interdependence in a monetary union (remark: Alexandre Lamfalussy (* 1929))
- "Benoit Coeuré". European Central Bank. Retrieved 2013-11-29.
- Deen, Mark, and Alan Katz, "France Nominates Treasury Official Benoit Coeure for ECB’s Executive Board", Bloomberg, November 25, 2011. Retrieved 2012-01-12.
- Deen, Mark, and Jonathan Stearns, "France’s Coeure Says ECB May Have to Step Up Its Sovereign Bond Purchases", Bloomberg, December 13, 2011. Retrieved 2012-01-12.
- "New E.C.B. Official May Be Open to Bond-Buying", NYTimes.com, December 15, 2011. Retrieved via topsy.com 2012-04-10.
- "ECB confirms Belgian Praet receives economics portfolio", Reuters, January 3, 2012. Retrieved 2012-04-10.
- "ECB's Coeure : Crisis to Blame for Low Rates, not ECB -Report",4-traders, November 11, 2013.
- "ECB’s Coeure says low interest rates risk delay of reforms", forexlive, July 11, 2013.
- "Reviving credit growth in the euro area", July 11, 2013
- "Joint interview of Benoît Cœuré, Member of the Executive Board of the ECB, and Joachim Nagel, Member of the Executive Board of the Deutsche Bundesbank, conducted by Mark Schrörs of Börsen-Zeitung on 12 September 2013 and published on 18 September 2013"
- "Fiscal Policy in Emu: Towards a Sustainability and Growth Pact?", "Oxford Review of Economic Policy vol. 21", 2005
- "ECB Liquidity Can’t Be Capital Lack Substitute: Coeure", "Bloomberg", October 3, 2013.
- "Symposium: “Central Banking: Where Are We Headed?” in honour of Stefan Gerlach’s contribution to the Institute for Monetary and Financial Stability", February 7, 2013.
- "Outright Monetary Transactions, one year on", September 2, 2013.
- "ECB Coeure: OMT A Monetary Policy Necessity ECB Is Prepared To Use", "eFXnews", September 2, 2013
- "ECB Reference Guide", "Credit Suisse"
- "Zentralbanker: EZB soll Protokolle veröffentlichen", Focus, July 20, 2013