European Parliament committee approves digital euro to reduce reliance on US payment systems
By
Eleonora Vasques
Summary
The European Parliament's Economic and Monetary Affairs Committee has approved the digital euro, a central bank digital currency (CBDC) aimed at reducing Europe's reliance on US-dominated payment systems like Visa and Mastercard, which handle 61% of card payments in the euro area. The move is driven by growing geopolitical tensions and concerns over European financial sovereignty. The digital euro is expected to launch by 2029.
Source
bskyEuropean Parliament committee approves digital euro to reduce reliance on US payment systemseuronews.comKey quotes
· 3 pulledUS payment giants Visa and Mastercard account for 61% of card payments in the euro area and almost all cross-border card transactions.
The debate over Europe's financial sovereignty has gained momentum amid growing geopolitical tensions and concerns about the bloc's dependence on foreign payment infrastructure.
The digital euro is one of the measures put forward to bolster European autonomy in payments away from the dominance of the US dollar.
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