Interview with Benoît Cœuré, Member of the Executive Board of the ECB, conducted by Jean-Hervé Lorenzi, François-Xavier Albouy, Arnaud Chneiweiss, Pierre-Charles Pradier and Philippe Trainar, on 4 February 2019 and published on 2 April 2019
Is it true to say that we’re in a more risky world today than we were ten or fifteen years ago?
We’re in a period of political and technological change. This change is accelerating, especially in the field of technology, and market participants are probably underestimating it. In certain industries, including the financial industry, rapid technological change can lead create risks as well as opportunities. Political risk is also evolving; it’s moving into developed countries. I’ve just returned from meetings in South Africa with African central banks. My African colleagues were saying: “We Africans have always known that we had to manage economic and developmental challenges and challenges stemming from political transition. But that was in an environment where we had some stability and an overview of what was happening in Europe, the United States and China. But now the instability is coming from the United States and, to a certain extent, from Europe and China. So now we have to learn to become a pillar of stability ourselves.” That line of thinking, which is new for Africa, is one we in Europe have been following since 1957: how, with our own economic and political tools, can we become self-sufficient and a pillar of stability ourselves? (...)
Is it true to say that we’re in a more risky world today than we were ten or fifteen years ago?
We’re in a period of political and technological change. This change is accelerating, especially in the field of technology, and market participants are probably underestimating it. In certain industries, including the financial industry, rapid technological change can lead create risks as well as opportunities. Political risk is also evolving; it’s moving into developed countries. I’ve just returned from meetings in South Africa with African central banks. My African colleagues were saying: “We Africans have always known that we had to manage economic and developmental challenges and challenges stemming from political transition. But that was in an environment where we had some stability and an overview of what was happening in Europe, the United States and China. But now the instability is coming from the United States and, to a certain extent, from Europe and China. So now we have to learn to become a pillar of stability ourselves.” That line of thinking, which is new for Africa, is one we in Europe have been following since 1957: how, with our own economic and political tools, can we become self-sufficient and a pillar of stability ourselves? (...)
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