January 18th – Financial Times website on the 18th, “The European Union formulates plans to reduce dependence on the dollar in the post-Trump era”. The article is summarized as follows:
As the U.S. government changes its term of office, Brussels is ready to warn that global markets are overly dependent on the dollar and challenge its dominant position as the EU seeks to reduce Europe’s vulnerability to U.S. sanctions and other financial risks.
The draft European Commission policy document seen by the Financial Times shows that the European Union is deeply disappointed with the Trump administration’s policy of emphasizing the dominance of the United States and the dollar in the global financial system.
The document emphasizes that it is difficult for the EU to maintain its independence in the face of US sanctions against Iran.
This proves the need for the EU to “protect” itself from such “illegally extraterritorial measures”.
The U.S. Iran strategy has a direct impact on Europe’s financial infrastructure, such as the SWIFT payment information system and securities depository institutions such as the European Clearing Bank and Mingxun Bank.
The document said: “The EU should take measures to protect EU operators from forcing third countries to force the financial market infrastructure located in the EU to comply with its unilateral sanctions.”
The document emphasizes that the EU is eager to further self-reliance in a range of fields, such as finance.
The EU also needs to learn from the coronavirus epidemic and find ways to make the euro play a bigger role.
The EU has long sought to expand the use of the euro, such as in commodity contracts, in order to strengthen financial and economic autonomy.
The EU believes that giving the euro a greater role in the world will “protect the EU economy from foreign exchange shocks and reduce dependence on other currencies”.