If you want to have a sovereign currency,
it’s up to the states – and only to the states – to be responsible for a sovereign
currency. It’s not the role and it should not be the role of a private
company to try to get a sovereign currency like a sovereign state. So
that’s why I made very clear from the very beginning that we should not accept
to have Libra being developed on the European territory. We have to give some
clear responses to the challenges posed by the fact that there are some
financial transactions that are too costly, that there is a question for the
efficiency of those financial transactions and we need to put some
concrete proposals on the table, concrete responses to those challenges.
But we do not want a private company to create a sovereign currency. Because I
strongly believe that it would be a risk for the sovereignty of the states. There
are also risks linked to the possibility of having money laundering through this
currency, the possibility of funding terrorism through this currency. But
these are technical challenges and political challenges that we could
address. But there is one challenge that we would not be able to address if we open the door to Libra – which is the question of sovereignty! A currency is a question of sovereignty. And sovereignty should remain in the hands of the states.