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Comment by swiftcoder | Hacker News Reader

Unfortunately decoupling payments within the EU is insufficient if the US can just threaten to sanction your bank, and in doing so force the bank to drop you as a customer. Even in the presence of an internal European payments network, those banks still need to transact with the US and other US-sphere countries...

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No but then you can have local bank that will not have US interactions but can still serve you. Since the French judge of the IPC was sanctioned, it’s clear that the EU must completely decouple from the US.

The more times the US uses this as a weapon, the less power it holds and the more effort other countries go through to decouple.

The payment system has to be decoupled first, and then banks can have nothing to fear from US sanctions.

> The payment system has to be decoupled first, and then banks can have nothing to fear from US sanctions.

I'm not sure the payment system is most banks primary concern. Being able to buy/sell US securities turns out to be a fairly fundamental part of the modern economy

Any EU back that's holding US securities deserves to fail. And then have its leader get jailed.

For now, but not forever. Skate to where the puck is going to be. Decoupling continues, with the target being independence. Quote this comment five years from now.

Not forever but long enough: there's no foreseeable future where the USA becomes an economy small enough to not be worth trading in.

For most banks the ability to sell financial instruments which end up interacting with the US financial institutions is fundamental.

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