Europe Must Reduce Dollar Dependence, Declares French President Emmanuel Macron
According to French President Emmanuel Macron, Europe must reduce its reliance on the U.S. currency.
In a recent interview with Politico, President Macron suggests that European leaders should soften ties with the United States and concentrate on avoiding a potential conflict between China and the United States over Taiwan.
Following Macron’s three-day travel to China and high-profile encounter with Chinese President Xi Jinping, he made these remarks.
Macron claims that Europe should reduce its reliance on the “extraterritoriality of the US dollar” when it comes to the dollar’s global dominance.
“We shall be reduced to vassals if hostilities escalate between the world’s two superpowers because we will have neither the time nor the means to maintain our strategic autonomy.”
As the primary reserve currency, the dollar has played a prominent role in global commerce and the global monetary system for decades.
It is by far the most popular currency for international transactions and the most prevalent currency on the foreign exchange market.
Recent international efforts have centered on ending the world’s longstanding reliance on the dollar. Reportedly, the BRICS group of economically-aligned nations is preparing to establish an alternative currency that would circumvent the dollar.
The value of the new currency could be fixed on precious metals or other tangible assets. According to reports, several additional countries, including Saudi Arabia, Argentina, Iran, Indonesia, Turkey, and Egypt, have expressed interest in joining the alliance.