Germany to explore creation of alternative to SWIFT payment system
French Finance Minister Bruno Le Maire agreed, saying, “With Germany, we are determined to work on an independent European or Franco-German financing tool which would allow us to avoid being the collateral victims of U.S. extra-territorial sanctions. I want Europe to be a sovereign continent, not a vassal, and that means having totally independent financing instruments that do not today exist.”
One of the most concrete of these is a plan to create a European rival to the swift international payment system. “If that does happen, it could possibly lead the way towards Europe redefining itself geopolitically in terms of its military and strategic independence,” wrote Pepe Escobar for the Asia Times.
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