T Skevington and M Bacina
Bank for International Settlements appoints Benoît Cœuré as head of Innovation Hub
The Bank for International Settlements (BIS) recently appointed Benoît Cœuré (member of the European Central Bank Board) as Head of the new BIS Innovation Hub for an initial 5 year term.
This appointment comes after Cœuré led the Group of Seven working group on global stablecoins, which published its most recent paper on 18 October 2019. He has also chaired the Committee on Payments and Market Infrastructures since 2013, and was previously Deputy Director General of the French Treasury.
Commenting on his appointment, Cœuré said:
I am very happy to be joining the BIS. I look forward to bringing my expertise to the global central banking community at this time of rapid technological change. We must make the best use of innovation to support financial stability and promote financial inclusion.
Cœuré has previously provided a more reserved response to Libra and stablecoin projects generally than other central bankers, commenting in October 2019 that:
In the case of Europe, neither the Commission nor the ECB [European Central Bank] intend to make Europe a no-fly zone for stablecoins. But stablecoins will have to meet the highest regulatory standards and adhere to broader public policy goals
The BIS established the Innovation Hub on 30 June 2019 to encourage further international collaboration on innovative financial technology within the central banking community. While the Innovation Hub's remit includes various fields beyond the analysis of cryptocurrencies, stablecoins and the token economy, this has been a significant focus since Libra was announced.