Enrico Letta: è tempo per una carta di credito europea ed è anche tempo di completare il mercato unico. Inviamo una quantità abbagliante di risparmi negli Stati Uniti ogni anno
https://www.france24.com/en/tv-shows/talking-europe/20250207-enrico-letta-to-europe-now-is-the-time-to-act?utm_slink=go.france24.com%2FkFP&utm_term=France24_en&utm_campaign=twitter&utm_source=nonli&utm_medium=social
di SnowyMountainTops
32 commenti
>Letta said, estimating that some $300 billion a year in European **savings** are going into the US financial market, to a US company.
Hmmm… maybe Letta is confusing ‘savings’ with ‘transactions’?
*Which are coming back to the European seller of the goods.*
Visa and Mastercard do need additional competition. There’s no reason why European payments should rely so much on American companies.
Sadly, national governments will keep torpedoing the completion of the Single Market, unwilling to compromise in pan-Europeans rules, regulatory bodies, conditions etc. fully substituting the national ones (which is what Single Market should mean, a company shouldn’t have to comply with multiple different regulations and regulatory bodies but a single one while operating in any of the 27 EU members).
It’s also funny how Letta and Draghi have mostly good ideas and are very vocal about it, and Italians were like nope, none of that, we want Meloni, Salvini and 5 Stars for most of the last decade.
And an european alternative to SWIFT would be great too.
Single market is highly debatable, because different countries have different level of development, and an unregulated, or poorly regulated single market would just simply eradicate a very significant portion of the local economies in lesser developed countries. Also known as neo-colonisation…
However, the other idea is long overdue. I cannot possible fathom how and why europeans only realize this NOW…
Go back to cash when possible. Cash is freedom. Cash is privacy. Cash doesn’t allow Big Tech to snoop on everyone’s spending and behavior. Germans and Austrians have it right — I love how some Austrians want to write the Right! To! Pay With Cash! into their constitution.
To the idiots downmodding me, see my response below. As long as EU has places like Slovakia and Hungary, it needs cash. Slovak or Serbian style mass protests and general strikes would be next to impossible in a cashless society.
In AT, DE they have national debit cards. In HU they have 2P2 payments without cards.
Yes, it’s ridiculous and not without risks
Credit cards means absolutely zero without integrated banking, integrated budget and integrated defence.
Let’s do this!
Poland has a BLIK system which is extremely popular and has different functionalities, including NFC payments instead of Apple Pay/Google Pay.
The problem is that we have plenty of stuff in the EU, but payment systems seem to scale poorly.
There was Eurocard, but in 2002 was sold to Mastercard. So yes, we need an alternative that is outside of US control.
Don’t forget your own armed forces too.
That’s it, complete the federalization of EU, now it’s the time. Remember Toto Cutugno, Insieme!
We all know he’ll be remembered for his eyes…
Worth mentioning that ECB says that Visa, Mastercard and PayPal are all American. However we actually had Wirecard AG in Europe.
Wirecard AG is an insolvent German payment processor and financial services provider whose former CEO, COO, two board members, and other executives have been arrested or otherwise implicated in criminal proceedings. In June 2020, the company announced that €1.9 billion in cash was missing. It owed €3.2 billion in debt.
Yes, go europe
Yup, I’d be very glad to replace my Visa with something European ASAP.
Yes! But we need this for literally everything. Its wild we’ve just let America do all these things without a viable alternative for decades.
Yes please
There’s Adyen and revolut
Great idea. India did it by building RuPay as an alternative to Visa and MasterCard and it has been successful.
Especially the capital markets union is of utmost importance. The one main advantage US companies have over their European competition is scalability and access to capital. For both, we need to “complete” the Single Market, indeed, creating a huge unified capital market.
Revolut is back
Yes, please!
In India and china you just pay with QR codes, no charges, all free, from street food vendors to large purchases, you also receive government payments through the same banking app making sure money reaches the correct people quickly. I don’t know why our new system needs to be based on some outdated visa system
Maybe we can build a similar tech ecosystem to be worth it for Europeans to invest and see the same growth…
WERO anyone? Hope it becomes more popular
Europe doesn’t need an economy built on private debt like the American one. We need the digital euro to fight the European plagues of financial crimes and tax evasion, with a nice side bonus of European sovereignty on digital payments (since it will be usable online too). But fuck credit card companies and consumerism no matter where they come from.
Eu limits the interest rates and interchange rages
Also Europe
Why can’t we compete in credit cards ?
Stop giving money to the bankers altogether. Regardless if they are USAians or Europeans
I’d be more than happy to switch.