Europe’s $24 Trillion Breakup With Visa and Mastercard Has Begun
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@Beep@lemmus.org I'm surprised that nobody's mentioning the elephant in the room.
In the case of a EU-US split what happens to SWIFT? Will SEPA completely overtake it - at least on a continental scale? How likely is either side of the pond to try and pull the nuclear option on SWIFT (which is hosted in Belgium but has a huge participation of American banks too), with the assured mutual destruction that ensues?
By all means, I think that it's worth to consider a world where the constraints of SWIFT are finally overcome, but let's think of all the wider consequences (and response to potential retaliation on either side) that this may cause. All while trying to make sure that in case of nuclear options Europe doesn't have to rebuild overnight its inter-continental payments networks.
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