Europe Is Working On Alternative To SWIFT For “Financial Independence” From The US

German foreign minister Heiko Maas

 

In the aftermath of a report that Germany was working on a global payment system that is independent of the US and SWIFT, on Monday Germany and France said they’re working on financing solutions to sidestep U.S. sanctions against countries such as Iran, including a possible role for central banks, Bloomberg reported.

“With Germany, we are determined to work on an independent European or Franco-German financing tool which would allow us to avoid being the collateral victims of U.S. extra-territorial sanctions,” French Finance Minister Bruno Le Maire said Monday during a meeting with press association AJEF. “I want Europe to be a sovereign continent not a vassal, and that means having totally independent financing instruments that do not today exist.”

The discussions, which also involve the U.K., are a signal that European powers are trying to get serious about demonstrating a greater level of independence from the U.S. as President Donald Trump pursues his “America First” agenda.

Germany Wants to Dump Dollar, SWIFT System

As Global Geopolitics has noted for years, Bible prophecy tells you where relations between both America and Germany are heading. No book or news outlet is as up-to-date as the Bible.

 

(Photo Credit: Society for Worldwide Interbank Financial Telecommunication)

 

This would be the first tangible sign of Berlin breaking away from Washington.

In a move meant to “strengthen European autonomy” in the wake of the U.S. walking away from the 2015 Joint Comprehensive Plan of Action nuclear deal with Iran and its opposition to the Nord Stream 2 pipeline project, Germany’s government is seeking an end to the dollar’s dominance as a global exchange currency.

Commission lays out vision to complete euro

The EU executive is proposing a two-phase calendar to complete the architecture of the economic and monetary union. (Photo: Hannelore Foerster)

 

The European Commission presented on Wednesday (31 May) its proposal to “move forward” on eurozone integration with a treasury, a finance minister and several instruments to make the financial sector less vulnerable to crises.

The document, which is part of an ongoing reflection about the future of the EU, aims to “fill the gaps” in the single currency and to help the eurozone economies to converge.

“We cannot and should not wait for another crisis,” said commission vice president Valdis Dombrovskis, who admitted that “doubts remain about the full stability and safety of the system”.

Italy in favour of European Monetary Fund

Italy is in favour of tighter European integration and the creation of a European Monetary Fund, its finance minister said Tuesday.

“The monetary union will sooner or later have to be based on common elements… in my opinion a European monetary fund, an insurance mechanism against the shocks of the labour markets, shared budget resources,” Pier Carlo Padoan said.