French President Macron thinks Europe must minimize US Dollar dependence

By: Henry Felix

April 10, 2023 5:53 AM

According to French President Macron, Europe must minimize its reliance on the US dollar.

"The worst thing would be for us Europeans to believe that we must become followers on this matter and adapt to the American pace or a Chinese overreaction," he remarked.

To minimize its reliance on the United States, Europe must better support its defense sector, expand nuclear and renewable energy, and reduce its reliance on the US dollar, he added.

In comments to the French newspaper Les Echos, Macron said Europe should not escalate the dispute but instead take its time to establish itself as a third pole between China and the US.

Macron has recently returned→ from a three-day state trip to China, in which President Xi Jinping reportedly gave him a warm welcome.

This Monday, China and Brazil agreed to trade in their respective currencies, eliminating the US dollar as an intermediary.

"The assumption is that this will lower expenses... stimulate increased bilateral trade, and enable investment," the Brazilian Trade and Investment Promotion Agency (ApexBrasil) stated.