Europe is thinking about undermining dollar hegemony, writes Foreign Policy

© AP Photo / Virginia mouflage the EU and the USA at the European Parliament building in Brussels<img src="/wp-content/uploads/sites/5/2018/09/2c01b6959e2e26a205a7e116af44280d.jpg" alt="Europe is thinking about undermining dollar hegemony, writes Foreign Policy" />© AP Photo / Virginia Mayo

Europe is discussing ways to undermine the hegemony of the dollar and the American financial domination because of dissatisfaction with the sanctions policy of Washington, as reported by the American magazine Foreign Policy.

German and French officials are increasingly looking for ways to counter the financial dominance of the United States, which only confirms the presence of serious contradictions between Europe and the United States, the newspaper notes.

Earlier, reminds Foreign Policy, about the necessity of gaining Europe financial independence was declared by the German foreign Minister, Heiko Maas, according to the magazine, could be the beginning of the return of freedom of action in European foreign policy.

The same sentiment, adds the author, can be traced and the Minister of Finance of France Bruno Le Mayor, who has called for the creation of a «fully independent for financial instruments» and expressed a desire to make Europe «the continent’s sovereign, not a vassal.»

As a measure to solve the financial independence of Europe, points of Foreign Policy, it was proposed to create an alternative payment system, and to increase the role of the European currency, and to organize Fund for trade with the sanctioned countries.

Earlier similar measures were taken by countries such as Russia, China and Venezuela, but now, as the newspaper notes, such «maneuvers» are going to hold a «key American allies».

The relationship between the US and the EU deteriorated amid Washington’s nuclear deal with Iran, and the imposition of trade duties on steel and aluminum. The European Union from 7 August introduced legislation repealing in its territory the action of extraterritorial U.S. sanctions against Iran.

In addition, in response to the introduction of tariffs Brussels has imposed additional duties of 25 percent on the import of certain goods from the United States.