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ECB’s Weidmann Urges Euro-Area Banks to Battle Facebook’s Libra

Jens Weidmann
Jens WeidmannPhotographer: Alex Kraus/Bloomberg

European Central Bank policy maker Jens Weidmann called on banks to come up with cheaper and faster systems for transferring money to combat alternatives such as Facebook Inc.’s Libra, and said there’s no pressing reason yet for the ECB to develop its own digital currency.

“I’m not in favor of always immediately calling on the state” to come up with solutions, Weidmann said in an interview with German newspaper Handelsblatt published Thursday. “In a market economy, it’s up to companies to develop products that meet customer demands.”