EU financial firms should reduce dependency on US tech, Dutch supervisor says
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European banks and financial firms should take steps to reduce their heavy reliance on US technology providers for critical digital services, according to a senior national supervisor. Steven Maijoor, chair of supervision at the Dutch central bank, warned that dependence on a small group of mainly American suppliers creates serious concentration risks for Europe’s financial system.
Maijoor said that if a major provider were unable to deliver services such as cloud computing or software support, the consequences could be severe operational disruption for banks across the continent. The warning comes amid growing concern in Europe over its near-total dependence on US technology, a vulnerability brought into sharper focus by strained transatlantic relations under former US president Donald Trump.
While Europe lacks a mature home-grown alternative to US tech giants, Maijoor argued that developing a stronger European digital ecosystem is essential for both financial stability and long-term competitiveness. He noted that lock-in contracts with US providers could ultimately undermine European banks’ ability to compete.
Recent incidents have exposed these risks, including the collapse of Amsterdam Trade Bank in 2023 after its US IT provider withdrew services, and the 2024 CrowdStrike outage. Maijoor also cautioned that EU rules under the Digital Operational Resilience Act may unintentionally steer firms towards large non-European providers, calling for a reassessment of the regulatory approach to better address geopolitical and operational risks.
