Europe is conducting a reform of its financial system

November 28, 2019 by Océane

Heavily dependent on the United States in the field of payment services, instant, Europe would today get more autonomy and to get rid of the grip of the platforms foreign, in order to fight your way in the financial world.

Europe wants to put all the chances on his side

Despite the existence of a system of instant payment serving the european network, Europe envisageraitit to create your own, since the TIPS or the payment by instant payment target has not had a significant impact on the economy until now.
According to the announcement of Valdis Dombrovskis, the vice-president of the european Commission, this pan-european system will be set up by the end of the year 2021.

“At that time, all citizens and businesses of the european Union should be able to perform payment transactions instant national and cross-border in all cases of payment “, he said.

Europe has considered other alternatives, such as digital currencies, including the Libra Facebook.

Get rid of america’s dependence on

Benoit Coeure, a member of the board of directors of the european central Bank, has not failed to respond to this new decision. He argued that it is high time for Europe to find her own path and to erect a well-known name in the international, like Visa, MasterCard, Amazon, Apple and PayPal.
According to him, ” Europe is in danger of losing its economic advantage. Specific solutions lack the size and scale needed, and national fragmentation has crippled the competition and stifled innovation at pan-european level “.
What’s more, the u.s. federal Reserve, the Fed, has recently announced its intention to develop a new system of payment and settlement in real time.
Do you think that the Europeans are willing to drop the payment systems of the u.s. they are currently using to adopt the one proposed by the central Bank ? Let us know your opinion in the comment section below.
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Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.

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