[32] Any private initiative operating in the EU will have to comply with this regulation. The future shape of the international monetary and financial system All this means that digitalisation may significantly change the way currencies compete with each other. It also means that it will become much more difficult to predict the future contours of the international monetary and financial system.
Several equilibria are conceivable. I would like to briefly discuss three of them, each with very different implications for the future shape of our international monetary and financial system. Preserving the status quo A first possible equilibrium may simply be the status quo. Concerns expressed about Libra in large parts of the world, including in the United States, has been considerable.