The European Union ordered to live long dollar. Too costly for the Europeans the U.S. currency. In every sense of the word — and as a means of payment, and geopolitically. What made clear the President of the European Commission Jean-Claude Juncker.
In his address to the European Parliament on Wednesday, he called absurd the fact that 80% of energy imports Old world has to pay $ (an amount equal to 300 billion Euro per year). Despite the fact that the US accounts for only 2% of imports. He also cited the example of the aircraft: having their own strong monetary unit of account, pay for them European airlines exclusively bucks. “The Euro should be a tool face and a new, more sovereign Europe,” said Juncker, encouraged colleagues in the European Parliament that before the end of the year will be presented the initiatives to strengthen the international role of the Euro.
This statement is not the last in the EU has become a sensation in the West. Because the dollar dominates the world economy more than 70 years since 1944, succeeding in this “post” is the British pound, and with time become almost untouchable.
Meanwhile, signs of dissatisfaction with the dollar hegemony came not just as one of those countries that are in the world top twenty, and economically less developed. Turkey, for example, two years ago openly stated desire as quickly as possible to move to settlements in national currency with its trading partners. Iran with Russia and Russia with China have recently moved to this payment method. Cheaper and faster — no need to pay Commission for conversion.
And after in may, Russian President Vladimir Putin, speaking at the St. Petersburg international economic forum in 2018, invited colleagues from the East to pay in rubles, this offer has interested in Japan. “The obstacles that create our American partners as measured in dollars, big mistake on their part, — said Vladimir Putin. — Trying to solve the current market and political issues, they undermine the credibility of its currency… And without exception, States are beginning to think about how to get rid of this monopoly.”
By the way, about Japan. In the just-concluded in Vladivostok, Eastern International economic forum, Russia and China, lured island neighbor in “bendalloy center”, as they are half in jest call their “Union of national currencies”.
Is this a fact, or the impudence of John Bolt, adviser to the President of the United States national security, addressing threats to the International criminal court in the Hague, investigating, among other crimes of the us military in Afghanistan in 2003-2008, pushed Jean-Claude Juncker to the statement about the “absurd dollars” isn’t important right now.
It is important that the stone in the American “financial garden” is thrown, and this is done publicly, publicly.
And then the international rating Agency Moody’s released the results of its study of the prospects for the use of the dollar in global trade.
According to the Agency, development of regional trade and new currency reserve status would allow countries to abandon the reserve currency of the geographically distant States. And, hence, the need for dollars may decline.
Now it accounts for 63% of foreign exchange reserves. 20% in euros. In third place with a 5% Japanese yen. It would seem that the gap between “winner” and “winners” is large enough. However, the Euro will be able to significantly increase its share in the reserves if will be in demand in Asia and Latin America, believe in Moody’s. And, judging by the report of the head of the European Commission Juncker, the EU is well understand and begin what is called “move”.
Not far behind and Asia. The proclamation of the President of China XI Jinping, the new global “center of force”, evidence. Large economic ring North-East Asia, which included China and Russia, Japan, both Koreas and Mongolia, as stated by the Chinese leader, “fully resourced and Finance, and will be based on the principles of justice and the best consideration of the interests of its members”. Note that the share included in the new Union of States account for 23% of the world’s population and 19% of world GDP.
Europe at this bold challenge to the “Eastern six” said a statement Juncker. Americans long silence. Looking for someone else to “nail” sanctions? What to scare?
Anti-Russian sanctions are not the best way affect the European economic situation, can take the dollar in Russia. Painfully becomes troublesome to deal with him.
— The American government uses the policy of sanctions to protect their interests but actually harm the sanctions in the first place by himself, undermining their authority in the world, causing irritation and rejection of even the European allies, — said Anatoly Bajan, doctor of economic Sciences, head of Department of economy research Institute. — In fact the whole policy of sanctions Washington held only on the fact that the European Union of its parts. As soon as he refuses to support, they will become meaningless. And in Brussels have long been dissatisfied with the sanctions policy dictated from overseas. The European economy suffers great losses. The world is tired of the global dominance of the US dollar as the universal reserve currency. From the fact that every “sneeze” from the White house directly affects the fluctuations of national currencies.
“SP”: — I Think the EU is seriously going to challenge the dollar?
Have meaning for them. The European currency is interested in circulation in the world. And it can be much more profitable dollar terms of lending. But it is not only in purely economic preferences. The weakening of the dollar could become a sort of punishment against the American government for its policy of global domination. And as soon as the dollar hegemony will come to an end, the US will lose superpower status.
“SP”: — something long they are there in the EU, thought the Euro for the past 18 years as “in Vogue”…
— Politics, you know, a delicate matter. Didn’t seem to irritate their overseas partners. But painfully, they began cheeky!.. If the EU will ensure that oil and gas contracts paid in euros, it will be a big victory.
“SP”: — In your opinion, why do leading Nations for so long suffer the hegemony of the dollar? Of course, in 1944, when he “came to the fore,” the world, you might say, lay in ruins — the Second world war was still going on, and the dollar became the financial Savior. But now, at the end of the second decade of XXI century?..
— The main reason is the high economic potential of the United States. But China is the second power of the economy. And according to some indicators, in particular for the production of products took the lead. On the “approach” of India. Many countries are beginning to store their financial reserves not only in dollars but in euros, pounds sterling, yen. Not long ago Shanghai stock exchange began trading oil futures in yuan. In the Chinese currency is going to launch futures on metals London metal exchange (LME). But to displace the dollar is still not strong enough, it takes time.
“SP”: — the “green” have not confirmed gold reserves. The Americans themselves admit it.
— Gold is not a panacea, but simply an additional resource in the financial market. It is possible, for example, it is advantageous to sell. If we talk about a global currency, it needs to rely on a world-class production.
“SP”: — the Chinese, as we hear constantly, that kind of production. Let’s declare the dominant reserve currency the yuan.
In global trade, China still trails the US. But China has already partially moved to settlements in national currency. Can be considered, the first step is to press the “pedestal” of the American dollar made. Move slowly, but in such cases speed is impossible. On the yuan, demand is growing and the middle East, and Europe. As for our native “wooden”, its “brake” not allowed economic problems. Poorly developed production, that’s the trouble.
Currently, the country is virtually helpless in the face of the global financial system.
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