European Central Bank President Christine Lagarde has called for the European Union to reduce its reliance on American and Chinese payment platforms such as Visa, Mastercard, PayPal, and Alipay. She emphasized the need for Europe to develop its own digital payment infrastructure to achieve financial sovereignty, describing it as a 'march to independence' and a digital payment revolution. Lagarde also mentioned the potential launch of the EU's CBDC by October.
Lagarde's comments come amid discussions on the Capital Markets Union (CMU), an EU initiative aimed at creating a single capital market across member states. She suggested that a fully unified capital market could pave the way for deeper fiscal integration, potentially adding up to €3 trillion annually to the European economy. She stressed the importance of reducing dependence on foreign payment platforms and establishing European control over digital payments.
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