EU Countries Call for Stronger European Payments Systems

The European Union’s economic heavyweights are urging the bloc to reduce its dependency on foreign payments systems and accelerate the digital euro’s rollout as they seek to boost Europe’s productivity and growth.

“Given the urgency of sovereignty issues in the field of payments, we strongly call the commission to prepare and swiftly issue an ambitious and encompassing EU-strategy promoting strategic autonomy and reducing EU dependencies in retail, wholesale and business payments,” finance ministers for the EU’s six largest economies, including Germany and France, said in a letter on Wednesday.