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23 September 2019

Facebook's Libra Pushes Back at Claims Project Is Threat to Financial Stability

Facebook's Libra Pushes Back at Claims Project Is Threat to Financial Stability


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In interview with French daily Les Echos on Thursday, Bertrand Perez, the association’s general director, played down concerns over potential disruption to the monetary policies of central banks with currencies included in the Libra reserve – a basket of fiat currencies and government bonds that will back up the Libra digital currency.

Such claims “do not seem to us to be justified,” he said. “It is their monetary policies that will influence the Libra through the basket and not the other way around.”.

The reserve, he said, will be invested in the basket currencies and in “very short-term” government debt (of less than a year) of the countries of those currencies.

The Libra Association chief also spoke of what might happen if there was a crash in one of the currencies included in the basket.

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