Global Geopolitical Series: Germany calls for payment systems independent of U.S.

The global leaders are more becoming more vocal about ending the dollar’s hegemony in the global financial markets and about ending the United States’ dominance in global politics. German foreign minister, Heiko Mass has laid out an elaborated strategy where the European Union replaces the United States as a main global force and where the U.S. becomes ‘midwife of a revived West’ in an article written in the German Daily, Handelsblatt.

In that piece, he lays out bold observations, “That the Atlantic has become politically broader, is not just Donald Trump. The US and Europe have drifted apart for years. The intersection of values and interests that shaped our relationship for two generations is declining. The binding force of the East-West conflict is history. These changes began well before Trump's election - and will likely outlive his presidency.”

In that strategy piece, he also called on Europe to pave way for a payment system that will be independent of the United States and calls for setting up European Monetary Fund and an independent swift system, “As Europeans, we have clearly told the Americans that we consider phasing out the nuclear deal with Iran a mistake. Meanwhile, first US sanctions are back in force. In this situation, it is of strategic importance that we clearly tell Washington: we want to work together. But we will not let you act on our heads over our heads. Therefore, it was right to protect European companies from legal sanctions. It is therefore essential that we strengthen European autonomy by setting up payment channels independent of the US, creating a European Monetary Fund and building an independent Swift system. The devil is in a thousand details. But every day the deal persists is better than the high-explosive crisis that otherwise threatens the Middle East.”

The Europeans are now more serious than ever about building up a more sovereign Europe without the influence of Washington as Trump assaults on NATO nonpayment, and goods trade deficit along with exit from international accords such as Paris climate change, Trans-Pacific Partnership, and JCPoA are costing a fortune.