News

The Buck Stops Here: Europe Seeks Alternative to U.S.-Dominated Financial System. Germany and France Complain That the U.S. Is Abusing Sanctions Power to Bully Even Its Allies.

In a sign of how serious the breach between Europe and the United States is during the Trump era, senior officials in France and Germany are increasingly planning ways to sidestep U.S. financial dominance and the global sanctions power that goes with it.

German Foreign Minister Heiko Maas late last month called for Europe to achieve financial independence from Washington as a prelude to restoring its freedom of maneuver in foreign policy, and other German officials are reportedly mulling ways to minimize U.S. dominance of the global financial system, which enables it to impose sanctions on banks and individuals almost anywhere in the world.