FILE PHOTO: Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017. REUTERS/Kai Pfaffenbach/File Photo

HELSINKI (Reuters) - European Union regulators will set a high bar on regulatory approvals for virtual currency projects in Europe, including Facebook’s Libra, European Central Bank board member Benoit Coeure said on Friday.

He told a news conference after a meeting of euro zone finance ministers that there was agreement among ministers that common rules were needed to regulate cryptocurrencies as they raise concerns about financial stability.