'March to independence': Christine Lagarde wants EU to ditch Visa, Mastercard for own platform
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??? relevance to parent comment?
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But all of that is possible now. What exactly are we trying to change?
It's possible in principle now. But not actually. There's no button the ECB can press.
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This is a CBDC that she wants, something they have been talking about for years. Likely they want this because many European countries wont be able to survive higher interest rates caused by aging demographics, as the US high interest rates suck up global liquidity, which they cant afford due to debt load.
They will be able to slow inflation using the programmability of the money to prevent you from surpassing your allotted climate credits, as they are already forcing companies to measure their c02 usage in a system called the Corporate Sustainability Reporting Directive (CSRD). They will also be able to increase inflation via issuing expiring stimulus, which would allow them to do what they do now without worrying about the 18 month lag for interest rates to kick in.
What Europe also wanted was a global climate change system, where they collected revenue from carbon credits, which would be charged to foreign emitters. Trump recently front run this with his own tariff system.
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??? relevance to parent comment?
Overruled.
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California, Oregon, Washington and Hawaii would also like to request EU status and new non facist payment methods
You forgot New Jersey.
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Innovation and blockchain do not go in one sentence. Blockchain is a near dead technology. It has its use cases but if you want a fast moving money transactions option, you should look into UPI by India.
Oh, they can go in one sentence, if done right.
Nano offers fast transactions on a decentralized network while using very little energy.
Strictly speaking it's not just one blockchain, but one per account, which only the account owner can update (add blocks to it).
This asynchronous design is what makes Nano so fast, because there's no need to wait for others when updating one's own blockchain.
What it doesn't have (yet?) is a sufficiently large network effect, which it may never acquire.
But it is one example of an attempt at making digital money based on blockchain technology, which is not just a copycat, scam, rugpull or other malicious nonsense.
Monero comes to mind as well and maybe a handful others.
Sadly almost all around blockchain is not just not innovative, but outright evil. -
Humm, this will probably mean that the EU will need to look into if we need to setup a European mainframe manufacturer.
I am talking AS400/iSeries type stuff.
MasterCard and VISA process a huge number of transactions per second, and there can't be any risk of loosing a transaction in progress, so you need an extremely stable central processing node with very high redundancy.
At the moment I believe that only IBM and Fujistu makes mainframes these days, IBM is American which has now shown to not be an ideal long term trading partner, Fujistu is Japanese, with a strong presence in Europe, but they made the UK Post Office computer system, which makes me want to stay, far, far, far away from them.
Either one, whoever we pick will make it easy to get the system going, but to migrate away will be a nightmare.
I wonder if we could build something on open hardware like Risc-V, this make me wonder is Risc-V would even be suitable for this application
Lmao someone would be very incompetent to actually propose the idea to create a mainframe system to do this
It would be so stupid , it would be ancient slow and hard to maintain
Everything this century that's new is cloud, distributed, HA, real time, event driven, and fast low latency
Mainframe only has some of those features, plus really ancient legacy and other stuff that makes it not perform as well in certain areas
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For normal tasks, absolutely, and if we can do it without a mainframe while maintaining the stability and redundancy of a mainframe system, then we should look into alternatives.
However, mainframes have been in continous development since they were created, there are absolutely tasks they still do better these days.
I think this is just old style thinking
Cloud and modern technologies are far superior
There is a reason why the fastest most demanding data centers so NOT use any of that old technology
Also, "continuous development since they were created" is pretty much nonsense
It's technology, it's all always been in continuous development
Mainframe and other technologies have stagnated for the last several decades
It's all proprietary so it's less efficient, less innovative, less secure, too
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I can already send money instantly, for free, through SEPA without a singular private company earning a cut or tracking me.
A bank account is needed, but there are thousands to choose from, and in the EU by law they cannot refuse to open a basic account for a private EU citizen.
Why should we use Wero/Revolut/Venmo/whatever instead? Intercompatibility within just one network means another network effect, that does not look like a long term solution to me. Just like Telegram, though very convenient to use with a nice UI, is no solution to Whatsapp.
Wero seems to be solving the problem of copy-pasting our IBAN. What if any bank app would just recognise a standardised QR code with that data? Who would then subscribe to Wero with a phone number and email and risk getting scammed or blocked for any random reason?
SEPA is not instant. It's still one day as standard.
You can't use SEPA to pay in the grocery store, because the cash register has no way to confirm your payment until tomorrow.
That's the thing cards and various apps like WERO solve currently.Most of these apps are tied to a traditional card, but some are tied directly to the bank account and some can do both.
Anyway, the independence from American software is still far away, since most people will be using Android or iOS to use those apps..
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I think this is just old style thinking
Cloud and modern technologies are far superior
There is a reason why the fastest most demanding data centers so NOT use any of that old technology
Also, "continuous development since they were created" is pretty much nonsense
It's technology, it's all always been in continuous development
Mainframe and other technologies have stagnated for the last several decades
It's all proprietary so it's less efficient, less innovative, less secure, too
Oh no, not the fucking cloud.
Didn't we just talk about taking the data back?
Let's run our own servers and not a needless third party...
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Lmao someone would be very incompetent to actually propose the idea to create a mainframe system to do this
It would be so stupid , it would be ancient slow and hard to maintain
Everything this century that's new is cloud, distributed, HA, real time, event driven, and fast low latency
Mainframe only has some of those features, plus really ancient legacy and other stuff that makes it not perform as well in certain areas
What?
Mainframes are not slow?
You do know that VISA handles a their transactions on mainframes?
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Does using Google wallet give any fee to Google?
No but I stopped using apple/Google pay to stop giving them data. It's a choose your poison though they stop the stores from collecting data as your card keeps changing.
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I hate that there is not much societal change going on other then moving business around and rebranding.
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Aren't EU technically a Social Democracy ?
I wish.
You should look up "Parliament of the European Union" for more information, if you're actually interested. Currently the EVP (conservative party) is the largest, and overall there is a majority of centre-right to extremist right parties. The current President of the EU Comission (basically EU government) is Ursula von der Leyen, a member of the EVP.
It's been a long time since the EU was lead by social democrats, and even then, they were in a coalition with conservatives.
So no, the EU is neither technically nor actually a social democracy
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Finally!
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If you wonder why all the bureaucrats suddenly turned anti-globalist (while 20 years ago it wasn't so), that's because they saw how powerful a domestic centralized system makes their kind.
And 20 years ago it wasn't so, because they really had to kill all sprouts of such domestic systems.
It's the old Chinese\Roman\whatever game, where bureaucrats and troops were, for different events, moved further from their home provinces and old assignments or closer. Only what's happening is the opposite of the best course of action in that game, we have a weak emperor, no emperor in fact.
So - 20 years ago choosing American companies made European bureaucrats more powerful. Now they are powerful enough to prefer domestic suppliers of all these services, now they can control those new suppliers and become even more powerful.
The world is always in change.
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What I imagine that to contain:
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USA! USA! USA!
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Communism bad!
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See 1 and 2
Except if you’ve done any privacy work you’d know that GDPR and CCPA are accounted for simultaneously in almost every case, so they end up being equivalent in reality.
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Aren't EU technically a Social Democracy ?
The EU is a bureaucratic organization with some purely symbolic democratic rituals. Governments (not citizens) of member countries really affecting it are supposed to be democratic, but at this point they are just OK, mostly. Nothing good to compare with.
Anyway - all these names are as meaningless as flags. Every decision made defines a system. You might call something a social democracy, but through 1, 2, 3 decisions overnight it's suddenly something different, if there was a critical point.
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Yes please
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The EU is not a country.
Some countries in the EU currently have or have had Social Democratic governments, but mainly they have governments which are neoliberal, though a milder form than the US: generally the mainstream Rightwing around this parts has policies which are to the left of the Democrat Party in the US, though not by much, so for example nobody has a Healthcare system which is as bad as the US and even in the worst countries Public Transport is better than the in US.
Then again at least one country in the EU - Hungary - currently has Fascism whilst the other ones which are said to have Far-Right governments (such as Italy) politically sit between the US Democrats and Republicans.
In the things which are the responsibility of the EU (i.e. trade-related subjects), the EU is significantly more pro-consumer than the US, with for example the precautionary principle - i.e. proven safe before allowed, rather than the US' method of allowing until proven unsafe - being used for chemical substances which people tend to come in contact with, with consumers having way more rights than they have in the US, all across the EU (in the US it massively depends on the State) and stricter rules when it comes to pollution and more broadly Environmental damage.
I supposed that in the things which fall under the responsibility of the EU, it tends to be sort of half-way between Neoliberal and Social-Democrat, for example it's very Neoliberal when it comes to Finance, but it's Social Democrat when it comes to consumer protection, especially for things like food. I suspect this is a lot to do with what different countries care the most about and hence the politics of countries which care more about a specific subject getting more strongly imprinted in legislation at an EU level.
That said, Nordic countries (notoriously Finland) and France and Spain and Baltics have pretty right-wing national identities, not even speaking about Poland, and Italy, eh, has seemingly harmless morons on top. Greece too, but frankly neighboring with Turkey it's normal to be nationalist, having an example of a really inferior culture. Can't blame even Armenians for that (while in other regards their pride for a mountain village with crooks and thugs on top seems kinda too big.)
