Tuesday, September 25, 2018

EU and other partners in Iran Deal agreement defying Trump in setting up ulterior payment system to continue to trade with Iran

Even as President Trump pressures world leaders today at the UN over Iran, the European Union and its fellow cohort in the JCPOA are defying the U.S. leader by creating a new payment system to deal solely with Iranian trade.

The European Union will set up a legal entity to facilitate legitimate financial transactions with Iran to allow for continued trade, EU High Representative for Foreign Affairs and Security Federica Mogherini said after the ministerial meeting of Joint Comprehensive Plan of Action (JCPOA) participant nations Monday. 
"The JCPOA participants reconfirmed their commitment to its full and effective implementation in a good faith and in a constructive atmosphere," EU High Representative for Foreign Affairs and Security Federica Mogherini said on Monday. – Sputnik News
Yet even more than just defiance against President Trump and any potential blowback via economic sanctions, this move by the EU is just another step in the ongoing de-dollarization movement that is seeking to negate the power of the dollar hegemony.
As such, de-dollarization for Beijing, Moscow and Tehran has become a strategic priority, but it becomes more of a problem when leading European Union politicians like the EU President Junkers are also voicing the same opinion as they have seen the extra-territorial reach of the US financial system when they are desperately and fruitlessly trying to ensure that the Iran nuclear accord can be put on a life support system without the use of the US dollar. 
For all these countries, eliminating the unlimited spending capacity of the US Central Bank in printing dollars means limiting US political reach and diminishing global destabilization. Since printing paper money is nothing short of counterfeiting, the issuer of the international currency must always be the country with the military might to guarantee control over the system. - Alarabiya

0 comments:

Post a Comment