ECB’s Mersch attacks Facebook over ‘cartel-like’ libra structure


Yves Mersch

Yves Mersch: “Why bank on a proxy when one can put one’s trust in the genuine article?”

A senior European Central Bank official has attacked US tech company Facebook’s proposed digital currency for being organised like a cartel,and making “treacherous promises”.

ECB executive board member Yves Mersch used unusually strong language in his September 2 speech on libra, which Facebook is due to release in the first half of 2020.

He said libra would be released by “the very same people who had to explain themselves in front of legislators in the US and the European Union on the

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