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The EU is considering consolidating dollar reserves from non-US countries in order to reduce dependence on the Fed.
Golden Finance reports that European financial stability officials are discussing a plan to establish an alternative liquidity support mechanism to the Fed by integrating dollar reserves held by central banks outside the United States. The aim of this move is to reduce dependency on the U.S. during the Trump administration. Relevant consultations are still at the working group level and have not yet reached the decision-making level of the European Central Bank, involving multiple central banks both within and outside the Eurozone.