Germany Calls for Global Payment System Independent of the US (Source Zero Hedge)
Germany’s foreign minister Heiko Maas called for the creation of a new payments system independent of the US that would allow Brussels to be independent in its financial operations from Washington and as a means of rescuing the nuclear deal between Iran and the west. Maas said
“Europe should not allow the US to act over our heads and at our expense. For that reason it’s essential that we strengthen European autonomy by establishing payment channels that are independent of the US, creating a European Monetary Fund and building up an independent Swift system,” he wrote, cited by the Financial Times.
Maas said it was vital for Europe to stick with the Iran deal.
“Every day the agreement continues to exist is better than the highly explosive crisis that otherwise threatens the Middle East,” he said, Europe no longer wants to be a vassal state to US monopoly over global payments, and will now aggressively pursue its own “Swift” network that is not subservient to Washington’s every whim. Swift, a Belgium-based global payment network, enables financial institutions worldwide to send and receive information about financial transactions. The German foreign minister’s article highlights the depth of the dilemma facing European politicians as they struggle to keep the Iran deal alive while coping with the fallout of US sanctions imposed by Mr Trump against companies doing business with Tehran. Maas also called for the creation of a “balanced partnership” with the US in which the Europeans filled the gaps left where the US withdrew from the world. Europe must, he said, “form a counterweight when the US crosses red lines”.