Independence from US payment systems: today’s vote on the digital euro
Today, the Parliament’s Economic and Monetary Affairs Committee voted on its position to adopt a digital euro. The vote is a decisive step towards Europe’s financial sovereignty.
Context. According to the ECB, two American companies, Visa and Mastercard, handle 70% of European card payments. 20% of payments are handled by national systems that don’t work in other EU countries. The remaining 10% are handled by card systems such as Discover or American Express—again, US companies.
Gilles Boyer (Horizons/France), our negotiator on the file, says: “Payment systems are not neutral; they are instruments of power. We, Europeans, have had many wake-up calls about our dependence on the US. We’re fully awake now, but we’re not always acting. Today’s vote on the digital euro is making a sovereign, pan-European payment solution a reality.”
He adds that this vote on the digital euro will also mean an easier way for Europeans to pay abroad: “The digital euro will allow you to make safe, reliable payments online and offline, wherever you are in the Euro Area, as you do at home.”
Gilles BoyerRenew Europe MEP, France, Horizons
Note. The digital euro is in no way substituting cash. Both the digital euro and coins and banknotes will continue to co-exist, just as credit cards did not prevent payments in cash but offered consumers and businesses more choice.
Next steps. The committee vote will be confirmed during the July plenary. Negotiations with the Council will start after the summer, with hopes to finalise a deal before the end of the year.