EU Plans to Reduce Dependence on US Dollar in “Post-Trump Era”

According to the Financial Times, when the U.S. President-elect Biden is about to take office, a reporter from the newspaper obtained a policy draft of European Commission stating that the European Union will warn the global market of over-reliance on the U.S. dollar and plan to reduce reliance on the US dollar in “post-Trump” era by seeking countermeasures that are not afraid of US sanctions and other financial risks, challenging the dominant position of the US dollar.

The draft said that the Trump administration’s four-year term has greatly disappointed the EU, because this US government has been using the dominant position of the United States and US dollar in the global financial system to make other countries more fragile and frustrated while exposing to US sanctions and other financial risks.

It specifically mentioned the Iran issue, pointing out that the EU was unable to maintain its independence in the face of Trump’s increasing sanctions on Iran, and thus emphasizing that the EU should protect itself from illegal and out-of-scope measures by other countries in the future.