From Yahoo Finance: 2025-03-20 08:16:00

Europe’s reliance on American payment providers leaves it vulnerable to economic coercion, warns ECB chief economist. Concerns arise as Visa and Mastercard process two-thirds of euro zone card payments, limiting strategic autonomy. Proposed digital euro aims to counter risks and ensure control over financial future, providing direct retail payments without intermediaries like Visa or Mastercard. ECB aims to decide on next phase of preparations by end of 2025.

Read more: Europe exposed to economic coercion via payment schemes, ECB warns