Europe is under pressure to secure its financial future as its reliance on U.S. and Chinese payment giants grows. A member of Germany's central bank, Burkhard Balz, highlighted the importance of the digital euro in ensuring Europe's financial autonomy. He expressed concerns about Europe's dependence on non-European payment providers like Mastercard and Paypal, emphasizing the need for Europe to establish its own payment infrastructure. Balz also acknowledged China's progress in developing its own digital currency and the potential competitive edge it could gain. He stressed the urgency for Europe to assert control over its financial systems and protect its sovereignty. The digital euro is seen as a way to create a resilient, autonomous European payment framework that can withstand global competition.



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