As central banks, we also have to face the competition: with Libra, Facebook plans to introduce a product into the market that could call our role into question. We intentionally do not refer to Libra as a currency since in Germany, as in the euro area, the only currency in the meaning of legal tender is the euro.
Moreover, competent authorities or Member States may decide to impose similar measures also on some smaller banks, or exempt some qualifying banks from the requirement if these banks can demonstrate that they do not compromise the objectives of the Regulation or threaten financial stability.