Benoît Cœuré

Drove early institutional research and multilateral experimentation on how central bank digital currencies and tokenised settlement could be architected for interoperable markets. Work emphasized practical prototypes, the role of intermediaries, and the need for standards that allow euro-denominated digital instruments to interact with existing payment rails and regulated entities. The resulting frameworks influenced technical expectations for reserve custody, settlement finality, and messaging standards used by market participants. Engagements with central banks and industry consortia helped translate theoretical CBDC models into operational guidance that private issuers and infrastructure providers could reference. That translation narrowed the gap between policy objectives and technical feasibility, shaping issuer governance models and marketplace trust assumptions.