La Libra, Facebook's digital currency, announced for 2021 in reduced format

The launch of Facebook's digital currency, Libra , could take place in 2021. The project may benefit from favorable factors in the global economy, but regulators will have to be convinced first.  Facebook could launch Libra, its digital currency in 2021, we learn from the British media Financial Times, which quotes people close to the process. The product is expected to arrive in a limited version, after the project has met with great aversion from regulators, including in the United States, the country where the headquarters of the social media management company are located. The stakeholder association behind this digital currency project is now planning to launch a single version of Libra that will itself be pegged to the dollar, at the rate of one unit of US currency for each Facebook digital currency . “The other forms of currencies will be deployed at a later stage,” the FT source added. The exact launch date will depend on when the project

The European Union's plan to protect our industry from China's appetites

The European Commission will create new tools to better cope with the appetites of foreign predators, especially Chinese and American, while its industry is struggling. Brussels also wants to protect our industry from the unfair competition from subsidized foreign companies.

The European Union's plan to protect our industry from China's appetites

While the health and economic crisis has devastated the industry of the European Union, Brussels is spinning its arms to prevent it from being the victim of distorted competition from subsidized foreign companies or the appetite of foreign predators, eager to take advantage of the fragility of many European players. "Europe is an open economy and closely interconnected with the rest of the world. For this to remain a strength, we must be vigilant," said executive vice-president of the European Commission in charge of competition, Margrethe Vestager, quoted. in a press release.

No more naivety. "We need the right tools to ensure that subsidized foreign companies do not distort competition in the European market, just as we already do by controlling national state aid to EU companies," added the former Danish Minister of Economy. With the European Commissioner for the Internal Market, Thierry Breton, she presented in Brussels "a white paper", which should be followed in 2021 by a legislative proposal.



A public consultation will be launched until September 23, to help the Commission prepare these new instruments. In its white paper, the European executive already details a number of solutions envisaged. First: if a subsidized foreign company is found to have an adverse effect on competition in the European market, the national competition authorities or the Commission could impose measures. This would, for example, involve demanding compensatory payments.

Second: the Commission wants to prevent foreign companies, largely funded by states, from buying fragile European companies or acquiring a significant stake in their capital. Above a certain amount, the threshold of which is not mentioned in the press release, foreign companies must notify their acquisition to the Commission. If the latter considers the competition in danger, it could prohibit this acquisition.




Thirdly, the European executive also intends to intervene when a widely subsidized foreign company risks winning a tender for a public contract in the EU in the face of European companies, by offering much more advantageous prices. Brussels proposes that these foreign companies notify upstream the aid they receive from their state. And if it is found that this aid distorts competition, the foreign company could be excluded from the invitation to tender.