💣 The EU may stop using Visa and Mastercard

💣 The EU may stop using Visa and Mastercard

The debate centers on the need for Europe to have its own digital payment infrastructure and to push back against U.S. and Chinese dominance in the sector. Christine Lagarde, president of the European Central Bank, expressed on the podcast “The Pat Kenny Show” the need for a "financial sovereignty alternative."

▶️ She also pointed out that a fully integrated capital market could support greater fiscal integration, with an added value estimated at up to €3 trillion per year.

▶️ Context: The Capital Markets Union (CMU) is an EU initiative aimed at boosting the flow of investment and savings within Europe, improving company access to financing, and offering better savings tools for citizens.

➡️ Main obstacles:

➡️ Interbank fees in Europe are relatively low.

➡️ Significant initial investments are needed to compete globally.

➡️ Public adoption remains uncertain.

➡️ There are ongoing challenges with fraud and cross-country compatibility.

➡️ The initiative also demands strong coordination among member states.

#news #Europe #geopolitics

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