The top E.U. bank official calls on European tech companies to create alternative systems to Visa, MasterCard, and PayPal.

European Central Bank President Christine Lagarde has warned that Europe must reduce its dependence on foreign technologies, particularly in the realm of digital payments, as tensions rise ahead of new U.S. trade measures.

Speaking just hours before Donald Trump announced tariffs on all E.U. imports to the United States, Lagarde described the need for greater self-sufficiency as a “march towards independence.” She pointed to the dominance of non-European firms in digital payment systems as a key vulnerability.

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“When you think of it at the moment, a lot of our digital payment – e-commerce or when you use your card or your phone – you always rely on non-European infrastructure,” Lagarde told The Pat Kenny Show.

“Whether you use a card or a phone, typically it goes through Visa, MasterCard, PayPal, Alipay – where are all those coming from? Either the U.S. or China; the whole infrastructure mechanism that allows for payments, credit and debit, is not a European solution.”

According to Lagarde, the European Union should ensure it has its own offer on the table to reduce dependence. “Although these companies operate in accordance with European regulations, Brussels should still make sure that there is a European offer, just in case,” she stated.

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