The first regulator response to Libra came within minutes of the launch announcement, from French Finance Minister, Bruno Le Maire, who was being interviewed on French radio station Europe 1. He said that Libra could not be allowed to become a sovereign currency, and would require strong consumer protections. Le Maire then warned the French Parliament of his concerns about Libra and privacy, money laundering and terrorism finance. He called on the central bank governors of the Group of Seven to prepare a report on Facebook's plans. Bank of England governor Mark Carney said there was a need to keep an "open mind" about new technology for money transfers, but "anything that works in this world will become instantly systemic and will have to be subject to the highest standards of regulation." German MEP Markus Ferber warned that Facebook could become a shadow bank. His colleague MEP Stefan Berger sees Libra's power potential as a threat to the economic stability of the euro zone and its democracies: Libra could make Facebook its central bank. Berger argues in favor of the development of a European stablecoin in order to be able to offer a secure alternative to the Facebook currency. Berger will be in charge of the European report of Markets in Crypto-Assets (MiCA) which will serve as base for a regulatory framework for crypto-assets. On September 13, 2019, Le Maire stated that France would not allow development of Libra in the European Union, as would be a threat to the monetary sovereignty of states. He also spoke about the potential for abuse of marketing dominance and systemic financial risks as reasons for not allowing stablecoins to operate yet within the EU. According to a Reuters report, German Finance Minister Olaf Scholz said following a video conference of G7 finance ministers that Germany and Europe cannot accept Diem currency entry into the market while the regulatory risks are not adequately addressed. Scholz stated that he does not support private-sector digital currencies, and his remarks could be detrimental to Diem and JPMorgan Coin. Valdis Dombrovskis, Executive Vice-President of the European Commission for An Economy that Works for People, stated at the Digital Finance Outreach 2020 Closing Conference that the European Union is preparing a new cryptocurrency regime that may include stricter requirements for "global stablecoin" projects like Libra. In addition, Dombrovskis stated in his address that stablecoins that function on a global