Lael Brainard: Update on digital currencies, stablecoins, and the challenges ahead

Speech by Ms Lael Brainard, Member of the Board of Governors of the Federal Reserve System, on the Monetary Policy, Technology, and Globalisation Panel, at the ECB colloquium on "Monetary policy: the challenges ahead" in honour of Benoît Coeuré, member of the European Central Bank Executive Board, Frankfurt am Main, 18 December 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

I am honored to be here today to celebrate Benoît Coeuré's tenure at the European Central Bank (ECB). I have been working with Benoît now for a decade-starting at our respective Treasuries where we both were drafted as financial firefighters, migrating to our respective central banks to help with stabilization, recovery, and normalization, and most recently preparing for the challenges that lie ahead. Over the course of that decade, I have developed deep admiration for Benoît's keen insights and outstanding judgment.

Equally important, Benoît always has a plan. Generally, it is the right plan addressed to the right problem, and he executes it with exceptional efficacy and strong support. That is a rare and invaluable combination in public service. Indeed, Benoît's tenure at the ECB coincided with an incredible turnaround in unemployment and output growth. Both the euro area and the global economy have benefited greatly from Benoît Coeuré's outstanding public service.