EU ministers pursue digital euro to reduce reliance on Visa and Mastercard

EU finance ministers are seeking agreement on a digital euro to reduce reliance on U.S. payment providers like Visa and Mastercard. The push for an independent digital payment system is driven by the EU's desire for greater strategic autonomy in key sectors, including finance. Discussions have been ongoing for six years, with the European Parliament needing to pass legislation before the digital euro can be launched, a process expected to take several more years.