Given these outcomes – that shocks tend to affect domestic prices upwards and domestic output downwards, simultaneously – we have to rethink the appropriate measure of inflation and how to target or contain it.
According to current plans, users across the globe should be able to make payments not in euro or US dollars, but in Libra. We will need to carefully monitor how this will affect competition, because a lack of competition can impair the efficiency and quality of services in the long term, to the detriment of consumers.