The EU has a plan to challenge the dollar. It’ll be hard.
Forumul Economic Mondial de la Davos
Europe’s plan to free itself from dependence on Donald Trump’s United States is extending to money. For years, the dollar has been the dominant currency on international markets — the favorite way to pay for everything from oil to long-term debt. This has given the U.S. an economic advantage: Desire for the dollar abroad means lower borrowing costs and cheaper imports, no exchange rate costs in international trade, and the ability to exert geopolitical influence. But fears are growing that an
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