Germany, France, the USA and other major economic powers warn of a digital currency of the Internet giant Facebook.
The Finance Ministers and Central bankers from the G7 industrial countries would all have “serious concerns” against the Libra, said Finance Minister Olaf Scholz (SPD) during a Meeting of the G7 Finance Ministers and Central Bank governors on Wednesday in Chantilly, near Paris. “I am firmly convinced that now must be,” urged the Vice-Chancellor.
Facebook founder Mark Zuckerberg had announced in June the launch of its own Internet currency. With stable currencies such as US dollars or euros you should be able to buy them starting in 2020. With this virtual currency then purchases could be paid for on the Internet. In addition, it is aimed at people who want to transfer across borders of money and yet high fees to pay.
“Libra is all the rage,” says Scholz about the digital currency. Although the Bank would need to ensure systems that TRANS-national payments are cheaper and faster. “But that is with the activities of today’s Central banks.” You must not establish a new additional currency, the sun of democratic control.
His French counterpart Bruno Le Maire also expressed strong reservations. “We don’t want that private companies have the opportunity to create a sovereign currency.” He stressed that there is need for strict rules and obligations. Libra does not meet the necessary requirements currently.
Minister of Finance Scholz stressed until everything is clarified, is not allowed to Libra at the Start. “I am sure that we will have with the major currencies – the Dollar and the Euro, a stable financial system.” His US-colleague Steven Mnuchin had commented previously critical of the proposed crypto-currency.
A point of contention between the economic powers, however, is the increased taxation of Internet giants like Google, Amazon, Facebook or Apple. France had recently introduced in the digital tax on a national level. The US government subsequently announced that to check against measures such as tariffs and trade restrictions. Many of the tax companies concerned have their headquarters in the United States. Le Maire stressed that despite the threats of Sanctions on the tax record. He knew that the negotiations with the US would be difficult.
Scholz held back, rather, There is a consensus that they wanted to have in the question of company taxation in progress. “And all want to achieve that next year we shall have a common regulatory framework.”
The most important industrial and emerging countries (G20) had already agreed a few weeks ago in Japan that by the end of next year, a global minimum tax must be determined. You should solve the Problem that large Internet companies are recorded with the applicable tax rules hardly. This minimum tax will, however, apply also for other large corporations.
At the EU level had failed, the introduction of a digital tax for Online giants in March. Germany had shown in the past, the issue often reluctant, even out of fear of retaliatory measures by US President Donald Trump against German car companies.
“the Finance Minister, Olaf Scholz, has denied France from rabbit agility, the European solidarity in the digital expensive. He was afraid of US punitive tariffs on Germany’s excessive export surpluses,” said the group Vice of the Left in the Bundestag, Fabio De Masi. It’s over there was no way that corporations pay tax on the billions in profits they generate in the EU, also in the EU. “Clear edge is the only language that the Trump understands.”
Trump has broken a whole series of trade conflicts from the fence, including one with the European Union. In mid-may, the US President had threatened to special duties on car imports from the EU would be exposed to meet the German manufacturer for a year and a half. In this time, to be negotiated on a trade agreement.
On the sidelines of the Ministerial meeting of the North of Paris, it was also a question of who leads the future of the International monetary Fund (IMF) headquartered in Washington. IMF Chief Christine Lagarde is to go to the top of the European Central Bank (ECB). The EU Finance Ministers agreed that their office should be of a Europeans occupied. Scholz expects that the Europeans proposed very quickly a common candidate. There were a number of candidates with very good qualifications name he called, however. “At the beginning of September, the proposals must be on the table.”
In the main cities, first names are circulating. Luxembourg Finance Minister Pierre Gramegna had referred to the former Euro group chief Jeroen Dijsselbloem as a good occupation. Also the head of the British Central Bank, Mark Carney, to be given opportunities.
The G7 group of major Western economic powers, the UK, Italy, Canada and Japan to include the United States, France and Germany. In August, the heads of state and government meeting in the French seaside resort of Biarritz to the annual summit.
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