By Janos Barberis, OECD on the Level
On 18 June 2019, Facebook announced the launch of Libra, a decentralised digital currency, or stablecoin. Borderless, it has the ambition to be used by 2 billion people. Policy makers’ reaction was swift but ultimately their efforts amount to only slowing down a more significant trend: the entrance of BigTech in finance. Indeed, to maintain their user growth and share price, tech companies are after the next two big B’s. The next Billion customers they can serve and the next Billion dollars of market capitalisation they can capture. Finance has both.
The last decade has shown us the risk of the financialisation of the economy. Policy makers’ focus since the global financial crisis (GFC) of 2008-09 has been about rebalancing the power gained by big finance. New capital reserves for systemically important financial institutions (SIFI) and personal liability regimes have been introduced in this respect to control firms that have become “Too-Big-To-Fail”.
Featured News
Subscribers Defend $4.7 Billion Antitrust Verdict Against NFL in Court Filings
Jul 19, 2024 by
CPI
Von der Leyen Calls for Competition Policy to Boost EU Companies’ Growth
Jul 19, 2024 by
CPI
Vermont AG Sues Pharmacy Benefit Managers Over Drug Prices
Jul 18, 2024 by
CPI
Australians Face Increased Stamp Prices Following ACCC Approval
Jul 18, 2024 by
CPI
Live Nation Seeks Dismissal of DOJ Antitrust Allegations
Jul 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Private Equity Roll-Up Schemes
Jun 28, 2024 by
CPI
The FTC’s Focus on Private Equity is Warranted
Jun 28, 2024 by
CPI
Unraveling the Roll-Up: Private Equity’s Misunderstood Investment Strategy
Jun 28, 2024 by
CPI
Antitrust Focus on Private Equity Funds and Serial Acquisitions
Jun 28, 2024 by
CPI
Private Equity Roll-Ups Amidst Heightened Antitrust Enforcement
Jun 28, 2024 by
CPI