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The European Union is exposed to geopolitical risks due to the significant dependence on non-European entities for everyday digital transactions, including global card networks and online payment services.

This reliance has prompted EU officials and banks to take financial independence more seriously: the capacity to maintain essential financial systems operational amid political conflicts.

One reaction is the European Banking Union, a public initiative introduced following the eurozone crisis. The objective is to enhance the safety and uniformity of banking systems among EU nations that take part. This is achieved by implementing unified oversight for significant banks, standardized regulations for dealing with bank collapses, and, in principle, a future European mechanism for safeguarding deposits. The aim is to minimize the connection between banks and individual national governments, ensuring that banking crises are addressed on a European scale instead of escalating into national issues.

A more recent alternative is “Wero,” a private project initiated by European banks aimed at developing an indigenous digital payment system. Wero would enable users to transfer funds, pay in stores, and conduct online transactions via a unified European platform, instead of depending on international card networks or payment applications.

Can these initiatives enable the EU to achieve greater unity and reduce its reliance on external entities within the financial industry?

Our survey is confidential and can be finished in just a few seconds. The findings will be showcased throughout the EU. XL coverage -in videos, articles, and newsletters- and will assist in guiding our journalism as we examine how Europe can maintain its position in the era of artificial intelligence.