Creating a viable alternative to Visa and Mastercard requires “several billion euros” in investment, according to EPI’s own estimates. Low interchange fees under EU regulation make profitability difficult.

It remains to be seen how much political and economic power the European bourgeoise are actually willing to mobilise in order to cut dependence from the US. Can the liberals overcome the temptation for austerity and america worship? Every new project like this that comes along in europe has this giant asterisk attached to it.