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We’re undergoing a global transformation marked by competition for resources, value chain shifts, geopolitical tensions, humanitarian crises, climate change and demographic challenges. This shifting landscape is forcing EU leaders and businesses to rethink their strategies.
The Letta and Draghi reports in particular urged the EU and its Member States to act – rethink governance, remove barriers to innovation, address productivity gaps, simplify legislation and ease compliance burdens.
But if the EU wants to face to these new challenges and emerge stronger, its financial sector needs to be resilient and competitive – and the retail payments system is a crucial part of the financial sector. It underpins economic activity, facilitates cross-border transactions and supports financial stability. In short, it’s one of the foundations of Europe’s digital and economic sovereignty.
Recently, the payments sector has experienced significant transformation driven by digitalisation, rapid technological changes and evolving consumer expectations. That’s why it’s essential to take a forward-looking approach and fully take advantage of the ‘payments revolution’.
The good news is that Europe’s payments landscape is dynamic well-functioning, and increasingly innovative and competitive. Yet it has started to lose ground in terms of reach and scalability, as some key players only operate within their national borders rather than EU-wide. This means that Europe could remain fragmented in a world where scale, speed and technological leadership define success.
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