Letta: Europe is a ‘financial colony’ of the US

The Italian technocrat also warned that member states’ refusal to relinquish control of their domestic banking sectors risks exacerbating Europe’s financial subservience vis-à-vis the US.
The United States’ ownership of European citizens’ banking data and domination of global payment systems mean that the European Union is increasingly becoming a “financial colony” of the US, former Italian Prime Minister Enrico Letta said on Wednesday (2 October).