Financial Tribune

The discussions, which also involve the UK, indicate that European powers are getting serious about demonstrating a greater level of independence, as their frustration at mollifying US President Donald Trump hell-bent on pushing his “America First” agenda has given rise to widespread anger.

“With Germany, we are determined to work on an independent European or Franco-German financing tool which would allow us to avoid being the collateral victims of US extraterritorial sanctions,” French Finance Minister Bruno Le Maire said on Monday during a meeting with the press association AJEF. 

“I want Europe to be a sovereign continent not a vassal, and that means having totally independent financing instruments that do not today exist.”