Lagarde Urges EU to Develop Rivals to Visa and Mastercard to Reduce US Reliance
The European Central Bank President seeks to lower dependence on the American financial system by establishing a sovereign European payment alternative.
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Terms & Concepts
European Central Bank (ECB): The central bank responsible for monetary policy of the Eurozone member countries and the supervision of significant banks.
Payment System: An operational network used to settle financial transactions, currently dominated globally by US firms like Visa and Mastercard.