Three Ways the EU’s Payment Sovereignty Strategy Undermines European Consumers

Three Ways the EU’s Payment Sovereignty Strategy Undermines European Consumers

The Chair of the European Parliament’s Committee on Economic and Monetary Affairs, Aurore Lalucq, delivered a speech this week lamenting that “almost all our payment systems today are American,” worrying that President Trump might suddenly “cut off” Europe, and urging the creation of “an Airbus of payment systems.” Her call for Europe to wean itself off Visa and Mastercard would be a misguided policy for at least three reasons. First, there is n…