The world’s wealthiest nations are demonstrating a “surge of solidarity” with those most vulnerable to climate change, said Cécile Duflot, president of the NGO Oxfam. Some 50 heads of state and government, representatives from international financial institutions, members of the private sector, climate experts and members of civil society will be attending the summit in Paris hosted by French President Emmanuel Macron on June 22 and 23. The objective of this ambitious conference is to “build a new contract between [the global] North and South”, according to the Élysée Palace.

Macron announced his intention to host this summit at the end of COP27 back in November, 2022. Environmentalists were not satisfied with how the climate negotiations had concluded. But in the final hours, a historic agreement was reached providing for the establishment of a fund to compensate for the effects of climate change suffered by developing countries. The initial aim of this week’s Summit for a New Global Financial Pact was to establish concrete measures to finance this fund. “From now on, the battle against poverty, the decarbonisation of our economy and the fight for biodiversity will be very closely linked,” Macron said at the time.

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Source: https://www.france24.com/en/environment/20230621-paris-summit-aims-to-overhaul-global-financial-system-for-more-climate-solidarity-with-south

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German Finance Minister Olaf Scholz stated that policymakers cannot accept parallel currencies such as Facebook’s proposed Libra stablecoin.

Prevent stablecoins from becoming alternative currencies

As reported by Reuters, on Sept. 17, German Vice-Chancellor and Finance Minister Olaf Scholz said during a panel discussion in Berlin that Facebook’s planned crypto coin Libra will be clearly rejected. He said:

According to a document seen by Reuters, German regulators are working closely with their European and international allies to make sure stablecoins will not become alternatives to traditional currencies. The document reportedly read:

“The Federal Government will work at European and international level to ensure that stablecoins will not become an alternative to official currencies”

The German government has spoken out against Facebook’s Libra project before. On Sept. 13, German parliamentarian Thomas Heilmann stated that the government will block projects like Libra, claiming that the authorities are not planning to allow any market-relevant private stablecoins, following in France’s footsteps.

Libra is no threat to the global financial system

Meanwhile, David Marcus, head of Calibra, was attempting to defuse Libra’s perceived threat to the global financial system yesterday.

Marcus pointed out during a meeting between Libra founders and 26 global central banks in Basel that Libra’s cryptocurrency project does not intend to form a new currency but rather build a “better payment network and system running on top of existing currencies” to deliver meaningful value to users over the globe. He emphasized that there is no new money creation, which will “strictly remain the province of sovereign Nations.”

Source: https://cointelegraph.com/news/german-finance-minister-says-govt-must-reject-facebooks-libra-coin

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