European Central Bank (ECB) President Christine Lagarde has called for the European Union to create its own digital payment platform, reducing dependence on global payment giants like Visa, Mastercard, PayPal, and Alipay. Speaking on The Pat Kenny Show, Lagarde emphasized the need for a “European offer” to ensure the EU’s financial sovereignty, stressing that the current reliance on U.S. and Chinese firms poses risks.
This push is tied to the broader goals of the Capital Markets Union (CMU), which aims to unify capital markets across EU member states. Lagarde argued that such integration could unlock €3 trillion in annual economic value and contribute over €2.8 trillion to the EU’s GDP by 2032.
In parallel, the ECB is working on preparations for the digital euro, with plans to finalize its development by October 2025. This initiative could be a key part of the EU’s push for greater financial autonomy and fiscal integration.
The move signals a significant step towards strengthening the EU’s financial independence and fostering more unified economic policies.
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