This was announced by the head of the European Payment Initiative (EPI) Martina Weimert. The structure unites 16 European banks and companies providing financial services.
According to the European Central Bank (ECB), in 2022 Visa and Mastercard accounted for almost two-thirds of transactions in the eurozone, writes the Financial Times. At the same time, 13 member states have no national alternative to U.S. payment systems. However, even where there are domestic payment systems, their use is declining, the publication notes.
“Deep integration has created dependencies that can be abused when not all partners are allies,” warned former Italian prime minister and ex-ECB chief Mario Draghi. “Interdependence, once seen as a source of mutual deterrence, has become a source of leverage and control,” he added.
The ECB is also promoting the idea of a digital euro across the eurozone to strengthen the EU’s monetary sovereignty.
