Monday, August 27, 2018

Germany now confirms that the EU is working on an alternative to SWIFT payment system to be able to disconnect from dollar

Last week, Germany's Foreign Minister stated that the Union needed to begin plans towards creating their own payment system to help European economies come out from under the control and authority of the United States.  And now on Aug. 27 it appears this plans to build an alternative to SWIFT have been confirmed within the EU.

German Foreign Minister Heiko Maas says Europe has started work on creating a system for money transfers that will be autonomous from the currently prevailing Society for Worldwide Interbank Financial Telecommunication (SWIFT). 
“That won’t be easy, but we have already started to do that,” Maas said at the annual Ambassadors Conference in Berlin on Monday, as quoted by RIA Novosti. “We are studying proposals for payment channels and systems, more independent from SWIFT, and for creating European monetary fund.” 
Maas also announced plans to reveal a new foreign policy strategy towards the US.
 “It’s high time to recalibrate the Transatlantic Partnership – rationally, critically, and even self-critically,” the FM said as cited by the agency. 
Last week, Maas called for European autonomy to be strengthened by creating payment channels that are independent of the United States, establishing a ‘European Monetary Fund’.
China and Russia already have their own payment system alternatives in place, and they are going to be tested very quickly as the showdown with the U.S. over Iran will begin as early as November when new sanctions are activated.

Europe is coming late to the party when it comes to separating themselves from U.S. and dollar hegemony as they allowed Union members to experience the brunt of lost revenues due to going along with sanctions against Russia.  But it appears that the tide is turning, especially since the world is quickly moving towards bi-lateral trade agreements, and very soon America's use of the dollar as a weapon will become less potent in the future.

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