GENEVA– Europe’s reliance on US-controlled payment systems leaves the bloc exposed to political pressure and economic disruption, the chair of the European Parliament’s economic and monetary affairs committee warned Wednesday.
“I must admit that I am concerned when I hear the president’s speech,” Aurore Lalucq said, referring to remarks by European Commission President Ursula von der Leyen.
Lalucq said key vulnerabilities were being overlooked, arguing that digital technology and payment systems were absent from the discussion.
“But that is where our fragility lies today,” she said. “Almost all of our payment systems today are American.”
She warned that US President Donald Trump could cut Europe off from those systems at short notice.
“Donald Trump can cut them off overnight. He has already done so,” Lalucq said, citing pressure previously exerted on the International Criminal Court judges and rule of law.
Calling for immediate action, Lalucq said she had made a “very specific request” to the European Commission.
“I urgently request that you organize a meeting in the coming weeks, next week, to create an Airbus of payment systems,” she said, arguing that such a project would not be costly.
“We can’t say we weren’t warned,” Lalucq added, saying distributors, retailers and judges were all concerned.
“It costs nothing, it saves our economy, it saves our democracy,” she concluded.
Source: AA
