Wednesday, August 22, 2018

German Foreign Minister calls for economic system independent of US: Maas wants EU own SWIFT system

    Wednesday, August 22, 2018   No comments

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It is also important to correct fake news because it can quickly result in the wrong policies. As Europeans, we have made it clear to the Americans that we consider the withdrawal from the nuclear agreement with Iran to be a mistake. Meanwhile, the first US sanctions have come back into force.

In this situation, it is of strategic importance that we make it clear to Washington that we want to work together. But also: That we will not allow you to go over our heads, and at our expense. That is why it was right to protect European companies legally from sanctions. It is therefore essential that we strengthen European autonomy by establishing payment channels independent of the US, a European monetary fund and an independent SWIFT [payments] system. The devil is in thousands of details. But every day that the Iran agreement lasts, is better than the potentially explosive crisis that threatens the Middle East otherwise.



A balanced partnership also means that, as Europeans, we bring more weight to bear when the US withdraws. We are concerned about Washington’s withdrawal of affection, in financial and other terms, from the UN — and not only because we will soon be on the Security Council. Of course we can’ t fill all the gaps. But together with others, we can cushion the most damaging consequences of the thinking that says success is measured in dollars saved. That is why we have increased funding for relief organizations working with Palestinian refugees and sought support from Arab states.

We are striving for a multilateral alliance, a network of partners who, like us, are committed to sticking to the rules and to fair competition. I have made my first appointments with Japan, Canada and South Korea; more are to follow. This alliance is not a rigid, exclusive club for those with good intentions. What I have in mind is an association of states convinced of the benefits of multilateralism, who believe in international cooperation and the rule of the law. It is not directed against anyone, but sees itself as an alliance that supports and enhances a global, multilateral order. The door is wide open — above all to the US. The aim is to tackle the problems that none of us can tackle on our own, together — from climate change to fair trade.

I have no illusions that such an alliance can solve all the world’s problems. But it is not enough just to complain about the destruction of the multilateral order. We have to fight for it, especially because of the current trans-Atlantic situation.

Ed Isr

About Ed Isr

Islamic Societies Review Editors

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