In Europe, a Growing Push To Escape the Shadow of the U.S.
Aug 22, 2018 | 22:08 GMT
- The German foreign minister's bold demand to create independent financial and defense mechanisms will lend greater political weight to France's earlier call to reclaim Europe's sovereignty from the United States.
- In addition to earlier moves, the European Union could go further by formalizing an economic bailout fund to lower dependency on the International Monetary Fund and expanding the scope of an EU-centric payment and settlements system to insulate itself from U.S. secondary sanctions over Iran.
- More consequentially over the longer term, the European Union could pursue discussions with China and Russia to create a global, blockchain-based financial payment and settlements system that would severely erode the United States' financial clout.