Benoît Coeuré
| Benoît Cœuré | |
|---|---|
| Born |
17 March 1969 Grenoble, France |
| Education | École Polytechnique |
| Occupation | Member of the Executive Board of the European Central Bank |
Benoît Cœuré (born 17 March 1969) is a French economist who was appointed to the Executive Board of the European Central Bank (ECB) in 2011.
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.
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 on 1 January 2012.
Cœuré was named to manage ECB market operations as of March 2012, succeeding José Manuel González Paramo, as well as payment systems and market infrastructures, and economic research.
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.
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