Reducing Europe’s Reliance on the US Dollar: Macron’s Warning Amidst Geopolitical Shifts
In a recent interview with Politico, French President Emmanuel Macron suggested that Europe should work towards reducing its reliance on the US dollar.
He believes that European leaders should loosen their ties to the US and focus on remaining neutral in the event of a potential conflict between China and the US over Taiwan. President Macron made these remarks subsequent to his recent trip to China, where he held a high-profile meeting with Chinese President Xi Jinping.
President Macron emphasizes the need for Europe to decrease its reliance on the US dollar’s “extraterritoriality” amidst escalating tensions between the US and China.
He warns that if a conflict were to arise, Europe would not have the time or resources to maintain its strategic autonomy and would become subservient to one of the superpowers.
For many years, the US dollar has dominated global trade and the international monetary system. However, recent efforts have focused on ending the world’s reliance on the dollar.
The BRICS countries – Brazil, Russia, India, China, and South Africa – reportedly plan to introduce an alternative currency that would bypass the US dollar. This new currency could be linked to precious metals or other hard assets.
Other countries, such as Saudi Arabia, Argentina, Iran, Indonesia, Turkey, and Egypt, have also expressed interest in joining the BRICS alliance.