De-Dollarization: EU Faces U.S. Coercion Risk
The European Central Bank warns about U.S. financial coercion risks and this has made de-dollarization within the EU a critical mission currently. Current U.S. payments systems expose European markets to economic vulnerability and create issues for international money transfers yet the creation of digital euros seeks to defend against rising European Union financial system weaknesses. Also Read: China’s 5.4% Growth vs U.S. 2.4%: Why Trump’s Trade War Backfired ECB’s Digital Euro and the EU’s Push for Financial Sovereignty Source: OMFIF Europe’s Payment System Vulnerability ECB Chief Economist Philip Lane highlighted the de-dollarization challenge facing the European Union during his March speech in Ireland. Lane stated: “Europe’s reliance on foreign payment providers has reached striking levels. This dependence exposes Europe to risks of economic pressure and coercion and has implications for our strategic autonomy, limiting our ability to control critical ...