Europe takes a big step towards a post-dollar world
3 months ago
- #geopolitics
- #technology
- #finance
- Europe is moving towards a post-dollar world by creating its own payment system to bypass Visa/Mastercard.
- The US dollar's dominance in global commerce is being challenged due to its weaponization for geopolitical gains.
- Trump's administration has exacerbated concerns by using Visa/Mastercard as tools for political and economic control.
- The European Payments Initiative (EPI) launched Wero, a payment system now expanding across Europe.
- EuroPA, a new alliance of 13 European countries, aims to facilitate transactions without relying on American or Chinese processors.
- The Digital Euro, a Central Bank Digital Currency (CBDC), is being developed to offer a public payment option.
- Network effects have historically favored Visa/Mastercard, but European efforts are overcoming these challenges.
- Geopolitical threats, like Trump's actions, have accelerated European initiatives to reduce dependency on US systems.
- The EU's rapid progress in solar energy adoption shows its ability to pivot quickly in response to crises.
- Crises, such as those precipitated by Trump, are driving significant changes in global financial systems.