The European Union is planning a major shift in its financial infrastructure. The EU wants to free itself from the grip of global financial giants like Visa, Mastercard, PayPal, and AliPay. Christine Lagarde, President of the European Central Bank (ECB), has made it clear that Europe must develop its own independent payment platform to secure its financial sovereignty.
According to Business Today, Currently, the majority of Europe’s digital payment infrastructure is dominated by foreign players, with Visa, Mastercard, PayPal, and AliPay holding significant control.
Christine Lagarde has pointed out that these platforms are “controlled by American or Chinese companies,” which presents a clear vulnerability for Europe. As she noted on The Pat Kenny Show, “We should make sure there is a European offer.”
