Why the EU’s Quest for ‘Dollar Autonomy’ Is a Long Shot—for Now

Large copies of the new 100 and 200 euro notes with new and better security features are unveiled at the European Central Bank in Frankfurt, Germany, Sept. 17, 2018 (AP photo by Michael Probst).
Large copies of the new 100 and 200 euro notes with new and better security features are unveiled at the European Central Bank in Frankfurt, Germany, Sept. 17, 2018 (AP photo by Michael Probst).

Just weeks before the Trump administration reimposes sanctions against Iran in November, a growing gulf has emerged between the United States and Europe. Denouncing Washington’s ability to dictate with whom they can trade, European politicians have declared their desire to build alternate institutions to bolster Europe’s financial autonomy. However, Europe will find few meaningful options to insulate itself from a largely U.S.-run global financial and trading system. So far, the discussions about European economic autonomy have proposed action along two lines of attack. To begin with, European leaders, including European Commission officials as well as ministers from member states, have […]

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