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EU Lawmaker Raises Alarms Over Bloc Dependency on US Payment Systems
(MENAFN) A senior European Union financial official issued an urgent alert Wednesday about the continent's dangerous dependency on American payment infrastructure, warning of immediate vulnerability to US political coercion.
Aurore Lalucq, who chairs the European Parliament's economic and monetary affairs committee, raised alarms that critical weaknesses in Europe's financial architecture remain unaddressed despite recent high-level discussions.
"I must admit that I am concerned when I hear the president's speech," Lalucq stated, referencing comments from European Commission President Ursula von der Leyen.
The French lawmaker criticized a glaring oversight in strategic planning, pointing to the absence of digital infrastructure and payment technology from leadership conversations.
"But that is where our fragility lies today," she said. "Almost all of our payment systems today are American."
Lalucq emphasized the existential threat posed by US President Donald Trump's authority to sever European access to these critical financial networks with minimal warning.
"Donald Trump can cut them off overnight. He has already done so," Lalucq said, citing pressure previously exerted on the International Criminal Court judges and rule of law.
The committee chair pressed for immediate mobilization, revealing she had submitted urgent demands to the European Commission for emergency action.
"I urgently request that you organize a meeting in the coming weeks, next week, to create an Airbus of payment systems," she said, arguing that such a project would not be costly.
Lalucq dismissed any notion of unpreparedness as inexcusable given repeated warnings.
"We can't say we weren't warned," Lalucq added, saying distributors, retailers and judges were all concerned.
She concluded with a stark assessment of what's at stake beyond economics.
"It costs nothing, it saves our economy, it saves our democracy," she concluded.
Aurore Lalucq, who chairs the European Parliament's economic and monetary affairs committee, raised alarms that critical weaknesses in Europe's financial architecture remain unaddressed despite recent high-level discussions.
"I must admit that I am concerned when I hear the president's speech," Lalucq stated, referencing comments from European Commission President Ursula von der Leyen.
The French lawmaker criticized a glaring oversight in strategic planning, pointing to the absence of digital infrastructure and payment technology from leadership conversations.
"But that is where our fragility lies today," she said. "Almost all of our payment systems today are American."
Lalucq emphasized the existential threat posed by US President Donald Trump's authority to sever European access to these critical financial networks with minimal warning.
"Donald Trump can cut them off overnight. He has already done so," Lalucq said, citing pressure previously exerted on the International Criminal Court judges and rule of law.
The committee chair pressed for immediate mobilization, revealing she had submitted urgent demands to the European Commission for emergency action.
"I urgently request that you organize a meeting in the coming weeks, next week, to create an Airbus of payment systems," she said, arguing that such a project would not be costly.
Lalucq dismissed any notion of unpreparedness as inexcusable given repeated warnings.
"We can't say we weren't warned," Lalucq added, saying distributors, retailers and judges were all concerned.
She concluded with a stark assessment of what's at stake beyond economics.
"It costs nothing, it saves our economy, it saves our democracy," she concluded.
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