Emmanuel Macron, the President of France, has suggested that all of Europe should work toward lessening its reliance on the dollar in the United States. In a new interview with Politico, President Macron said that European leaders should focus on avoiding getting involved in a potential conflict between China and the United States over Taiwan rather than strengthening their connections to the United States.
Following a three-day journey to China and a high-profile meeting with Chinese President Xi Jinping, Macron made these comments after returning to France. Macron has made it clear that he believes Europe should reduce its reliance on the “extraterritoriality of the US dollar” when it comes to the issue of the global economy’s dependency on the dollar.
We won’t have the time or the means to maintain our strategic autonomy, and as a result, we’ll end ourselves as vassals if the rivalry between the two superpowers escalates.
Since the beginning of time, the United States Dollar has been the sole reserve currency in the world, which has given it a pivotal place in international commerce and the global monetary system.
It is by far the most important currency on the market for foreign exchange, and it is the currency that is utilized in the vast majority of financial dealings involving many countries.
Recent efforts on a global scale, on the other hand, have been concentrated on finding ways to free the world from its decades-long reliance on the dollar.
According to recent reports, a coalition of countries that have a similar economic trajectory and are collectively referred to as the BRICS are getting ready to create an alternative currency that would compete with the dollar.
The value of the new currency might be tied to the value of precious metals or some other form of hard asset. The acronym BRICS refers to the five emerging economies of Brazil, Russia, India, and China, as well as South Africa.
According to recent reports, a number of foreign countries, including Saudi Arabia, Argentina, Iran, Indonesia, Turkey, and Egypt, have shown interest in becoming members of the alliance.
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