Yes, this reflects recent statements and sentiments expressed by Christine Lagarde, President of the European Central Bank (ECB).
As of April 8, 2025, Lagarde has publicly advocated for the European Union to reduce its reliance on foreign payment systems, including American platforms like Visa, Mastercard, and PayPal, as well as China’s Alipay. Her comments are part of a broader push for financial sovereignty and independence within the EU.
EU on US Financial Services
Lagarde has emphasized the need for Europe to develop its own payment infrastructure, arguing that dependence on non-European systems poses risks to the region’s economic autonomy. She has linked this initiative to the long-standing goal of creating a Capital Markets Union (CMU), which aims to unify financial markets across EU member states. During an interview on The Pat Kenny Show, reported widely on April 5-7, 2025, she highlighted that these platforms are controlled by American or Chinese companies and called for a “European offering” to secure the bloc’s financial future.
She described this shift as a “march towards independence,” suggesting it could generate significant economic value—potentially up to €3 trillion annually—though more conservative estimates from official sources like the European Parliamentary Research Service peg the figure closer to €2.8 trillion by 2032.
Digital payments
This isn’t a sudden policy shift but builds on existing EU efforts to bolster its financial infrastructure. The idea has gained traction amid geopolitical tensions, including trade uncertainties with the U.S. and concerns over digital payment vulnerabilities. However, no concrete timeline or fully developed alternative has been implemented as of now—Lagarde’s statements are more of a call to action than an announcement of an immediate abandonment. Developing a viable European payment system to rival these global giants would face significant technical, regulatory, and market challenges.
So, while the EU isn’t abandoning these systems today, Lagarde’s remarks signal a clear intent to move in that direction, aligning with broader strategic goals. The sentiment has been echoed across various news outlets and social media posts in the past few days, reflecting both support and speculation about the implications.
