EUROPEAN SWIFT IS SOMETHING UNIQUE

Europeans are threatening to create an alternative financial space if the US ignores their opinion. Someone has to back off because the situation is bad…

Trying to understand the idea of the European independent payment system, first of all, it is worth remembering that SWIFT is formally not an American system; although it is almost completely “dollarized” (80% of world trade is served through SWIFT in dollars). The system, by the way, is located in Belgium. It means that it operates under the jurisdiction of the European Union. The role of EU or even the UN is more important for its global functioning, rather than the role of the US. It is unlikely that anyone will be able to make the unilateral decision about the creation of the SWIFT number 2. It would be difficult to agree on that even at the pan-European level.