This extra scrutiny is a sensible practice that should be regularized and expanded across our supervisory portfolios. With respect to prospectively assessing future guidance, the key goals here would include reassessing the scope of key guidance documents, removing inappropriate bright lines from guidance, and removing any mandatory language from guidance. I will discuss each of these goals in turn.
One way would be to require national custody of a share of the Libra Reserve funds equivalent to the amount of Libra in circulation in any given EU Member State. But there may be other ways to ensure effective public control over Libra and its network, and these are worth exploring.