“Sanctions are hugely detrimental to Europe”
The negative consequences of the geopolitical tug-of-war between the great global powers, spurred on by the conflict in Ukraine, are evident. Can we do anything from Catalonia to be relevant in this new multipolar world? How can the decentralisation of finance help us to have our own voice? Xavi Viñolas, Content Manager of 11Onze, explains it in a new episode of Estat de la Nació.
The conflict in Ukraine has shown how geopolitical adventurism among the world’s superpowers can have very negative effects on our economy. The European Union’s economic power should give it a bargaining power on a par with that of the United States and China, but is this really the case? Viñolas questions: “The EU is a global power that could talk on equal terms with China and the United States, but it is not doing so“.
Economic sanctions imposed by the US on Russia, Iran, and China in recent decades have had negative consequences for the economies of EU member states. Likewise, the latest economic retaliation against Russia calls into question the ‘cui bono’ behind the economic interests of the actors involved in this conflict.
As Viñolas points out, “these economic sanctions greatly benefit the United States and greatly harm Europe. Theoretically, we are allies of the United States, but in practice we are client states“.
Technological sovereignty and decentralisation of finances
Despite the European Commission’s efforts to establish a strategic plan to achieve Europe’s digital sovereignty, the old continent continues to be subordinated to the two technological giants, the United States, and China. The revolution of new technologies applied to the financial world is decentralising a sector that seemed immutable. Embedded finance has made it possible for non-banking companies and brands to offer financial services to a generally young public that is tired of the abuses of traditional banking.
Catalonia, as the main start-up hub in Southern Europe, can play a key role in financial decentralisation and exploit this potential to get its head out on the geopolitical chessboard. As Viñolas says, “We are a technological hub for start-ups, and maybe we could take advantage of it”.
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