Comment by kaffekaka
13 hours ago
I am just speculating, but Europe has let itself be very dependent on USA for many things - military/defence, technology etc. "We don't need weapons, USA builds them for us". There has been no need to try and compete.
This is changing now. So maybe the incentives will now appear more clearly.
You don’t have to, this ja the reason. There were multiple successful EU alternatives that were killed by the loads of money the US companies could muster to kill or hobble them. And Europe decided it was fine.
There isn’t even an European card brand that operates across the whole continent, the just accepted to use visa and Mastercard for everything. I hope they change it.
And several European countries had their own card systems. The banks have just decided that letting US companies do the work is more lucrative. It was definitely cheaper and it was necessary if they want to be part of US hegemony network and trade with Asian countries since many of them had bad relationships due to colonialism.