Europe is stepping up its push for payment sovereignty amid rising geopolitical tensions and fears of external intervention. Martina Weimert, CEO of the European Payments Initiative (EPI), warned that the EU's heavy reliance on Visa, Mastercard and other American payment firms has reached a “dangerous level,” noting that 13 EU member states lack any domestic alternative. “We are highly dependent on international payment solutions. We have nice national assets but nothing cross-border. If independence is so crucial, and we all know it's a timing issue, we need action urgently,” Weimert stated.
Wero: A Pilot with Limited Reach
EPI has proposed Wero as a homegrown solution, enabling instant peer-to-peer payments through European infrastructure. However, the service is currently available only in Belgium, France, and Germany. Plans to expand to more countries remain in progress, but for now, the majority of EU nations still lack access to a sovereign payment alternative.
Digital Euro: The ECB's Long-Term Play
The European Central Bank (ECB) is also accelerating the digital euro project. ECB Executive Board member Piero Cipollone highlighted that in countries like Cyprus—which rely entirely on foreign payment processing—such dependence creates “vulnerabilities we cannot afford to ignore.” He argued that the digital euro would “allow Europe to regain ownership of the rails on which its payment system runs, thereby strengthening our autonomy.”
Yet the digital euro is still expected to be at least two years away from full launch. Weimert cautioned that if geopolitical tensions escalate, the digital euro might arrive “a little bit out of time,” leaving the EU exposed to payment infrastructure attacks. She urged public-private collaboration to deploy cross-border alternatives like Wero before the CBDC goes live.
Geopolitical Shadow: Potential U.S. Intervention
The push for payment sovereignty is driven by fears that the U.S. could use payment systems as a geopolitical weapon. History shows that Washington has leveraged SWIFT disconnections and card network restrictions to sanction adversaries. If a similar conflict touches Europe, financial institutions and consumers would be paralyzed. Private banking groups warn that the EU must build its own payment sovereignty now to fend off potential financial coercion.
Analysts note that Europe's payment independence drive is not just a tech upgrade but a critical line of economic defense. If Wero and the digital euro proceed in parallel and expand coverage quickly, Europe could significantly reduce its exposure to foreign payment risks within two years. Without urgent action, however, the European financial system remains vulnerable to sudden disruption.