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FILE PHOTO: A customer pays with a credit card at a store in Paris

EU banks to take on Visa, Mastercard with new payments system

Sixteen banks from Germany, France and three other euro zone countries on Thursday said a "truly European" payments system was expected to be up and running in 2022 to fully digitalise a region where half of all retail payments are still in cash.

FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) near Bonn

Anaemic euro zone inflation unexpectedly ticks up

Euro zone inflation unexpectedly rose in June but underlying price pressures dropped again, underscoring fears that consumer price growth will remain anaemic for years as the bloc recovers from the biggest recession in living memory.

FILE PHOTO: Spain's Economy Minister Calvino attends an EU finance...

Spain, Ireland, Luxembourg vie for Eurogroup leadership

Finance ministers of Spain, Ireland and Luxembourg are in the running to chair meetings of the powerful Eurogroup of euro zone finance ministers, with euro zone officials saying it is likely to be a close race between the Spanish and Irish contenders.

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