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Aug 21, 2018

Germany calls for global payments system free of U.S. I GATA I THE GATA DISPATCH

Submitted by cpowell on 11:26PM ET Tuesday, August 21, 2018. Section: Daily Dispatches
By Guy Chazan
Financial Times, London
Tuesday, August 21, 2018
Germany's foreign minister has called for the creation of a new payments system independent of the United States as a means of rescuing the nuclear deal between Iran and the west that Donald Trump withdrew from in May.

Writing in the German daily Handelsblatt, Heiko Maas said Europe should not allow the United States 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 U.S., creating a European Monetary Fund and building up an independent Swift system," he wrote.

Maas' intervention was the "strongest call yet for European Union financial and monetary autonomy vis-a-vis U.S., said Thorsten Benner, director of the Global Public Policy Institute, a Berlin-based think-tank. ...
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