In an FT article, the French Economic and Finance Minister said the Libra project is “unacceptable,”.
He went on to say that usurping the sovereign right of states to issue their own currencies, which will have dramatic and unforeseen repercussions.
The Euro was put together in 1999 and member nations surrendered aspects of their sovereignty to a greater European project. To allow Facebook and other Libra Association members to issue private money would undermine this effort, he said.
“Do we really want to give private interests such power, given the consequences it would have on trade and financial stability?”
“The monetary sovereignty of states is underpinned by their citizens’ freedom of choice.”
These are some really strong words from the French Finance Minister and it seems that the Deputy Governor of the Bank of France feels somewhat similar,
The French seem to feel very strongly about Libra and alongside their European counterparts, Germany have opposed the project.
In his defence like Bank of England Governor Mark Carney, Le Maire said the development of Libra was an “innovative national and cross-border payment method,”. He then added, “We cannot let China be the only player in this field,”. Insinuating that the EU may have a plan of their own.
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