Europe exposed to economic coercion via payment schemes, ECB warns

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Philip Lane said the prevalence of electronic payments using Apple Pay, Google Pay and PayPal "exposes Europe to risks of economic pressure and coercion."

Europe exposed to economic coercion via payment schemes, ECB warns

FRANKFURT (Reuters) -Europe’s dependence on American payment providers leaves it open to economic coercion, European Central Bank chief economist Philip Lane said on Thursday, outlining a key risk in the deteriorating relationship between Europe and the U.S. Europe has been reevaluating its ties with the U.S. since President Donald Trump said the EU had been “formed to screw” his country and promised a host of retaliatory measures. A key worry i…

Europe's dependence on American payment systems is a major economic risk and if the USA...

Digital Euro Needed to Protect Europe’s Financial Sovereignty, Says ECB Expert

Europe needs to embrace a digital version of its currency (or a digital euro) to stand strong against the rising popularity of stablecoins and the widespread use of payment systems from the United States. That’s the message from Philip Lane, the Chief Economist at the European Central Bank (ECB). According to a report, Lane believes that this move is vital for Europe to maintain its financial independence as the geopolitical landscape becomes mo…