French President Macron says that Europe must reduce dependence on US Dollar

4/9/2023

French President Macron says that Europe must reduce dependence on US Dollar.

"The worst thing would be to think that we Europeans must become followers on this topic and adapt to the American rhythm or a Chinese overreaction," he said.

Europe must better fund its defence industry, develop nuclear and renewable energy and reduce dependence on the U.S. dollar to limit its reliance on the United States, he further said.

Macron said Europe should not accelerate the conflict but take the time to build its position as a third pole between China and the United States in comments to French newspaper Les Echos.

Macron has just returned from a three-day state visit to China, where he received a warm welcome from President Xi Jinping, per Reuters.

Last week, China and Brazil reached a deal to trade in their own currencies, ditching the US dollar as an intermediary.

"The expectation is that this will reduce costs... promote even greater bilateral trade and facilitate investment," the Brazilian Trade and Investment Promotion Agency (ApexBrasil) said.

Read more: https://unusualwhales.com/news/china-and-brazil-have-reached-a-deal-to-trade-in-their-own-currencies-ditching-the-us-dollar-as-an-intermediary

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