Market news
26.11.2019, 09:45

Europe must wean itself off global payment card schemes - ECB

A European Central Bank board member has said Europe must overcome its reliance on international payment providers - but that it is not the central bank's job to come to the rescue and crowd out private sector initiatives.

More than two-thirds of non-cash payments are made with overseas cards as most competing European providers tend to be focused domestically or regionally, Benoit Coeure told a conference. He said this put the euro zone at a competitive disadvantage.

"Europe is at risk of losing its economic edge," Coeure said. "Country-specific solutions lack the necessary size and scale, and national fragmentation has paralysed competition and stifled innovation on the pan-European level."

The ECB is now studying the option of introducing a digital currency, but this would have broader consequences for the banks. Coeure warned against the central bank crowding out private-sector players.

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location