The European Union faces a geopolitical vulnerability because daily digital payments rely heavily on non-European providers like international card networks and online payment platforms.
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This dependence has pushed EU policymakers and banks to think more seriously about financial sovereignty: the ability to keep core financial systems running during political tension.
One response is the European Banking Union, a public policy project launched after the eurozone crisis. Its goal is to make banks safer and more consistent across participating EU countries. It does this through common supervision of major banks, shared rules for handling bank failures, and, in theory, a future European system to protect deposits. The idea is to reduce the link between banks and national governments, so that banking crises are managed at the European level rather than becoming national emergencies.
Another, more recent response is ‘Wero’, a private initiative led by European banks to build a home-grown digital payment system. Wero would allow consumers to send money, pay in shops, and make online purchases through a single European platform, rather than relying on foreign card schemes or payment apps.
Can these efforts help the EU become more integrated and less dependent on others in the financial sector?
Our poll is anonymous and takes just a few seconds to complete. The results will feature across the EU. XL coverage -in videos, articles, and newsletters- and will help shape our reporting as we explore how Europe can secure its place in the age of artificial intelligence.
