US election might shake up global money system - here's what Europe plans
Global financial system faces big changes as US election approaches. European countries prepare back-up plans to protect their money interests while BRICS nations create new payment methods
As Nov 5th election gets closer many experts think about dollars place in world finance. If Donald Trump wins he might use US money power to hit companies that work with countries he dont like
BRICS group (which includes big countries like China and India) already made their own money-transfer system; they dont want to use western-made SWIFT anymore. This new set-up could change how world trade works — its a real challenge to US money control
The euro-using countries feel extra worried: Emmanuel Macron and Olaf Scholz remember how about 6 years ago Trump broke Iran deal and hurt EU firms that did legal business there. EU tried to make its own euro payment system but it didnt work well (everyone still used dollars)
Now EU leaders talk about de-dollarization again: they want to protect their business from US pressure. Euro is pretty strong already — it makes up 19% of world money trades; but to get bigger EU needs to do some hard work
- Make better investment rules
- Create shared money pot
- Print more EU bonds
Germany isnt happy about these ideas but if Trump wins they might have no choice: Brussels will need to think about it real quick
