France’s political and business establishment has hit out against the hegemony of the dollar in international transactions following a $9bn fine handed out by US authorities to BNP Paribas for helping countries such as Sudan avoid US sanctions.
In an interview with the Financial Times, Michel Sapin, the French finance minister, called for a “rebalancing” of the currencies used for global payments, saying that the BNP Paribas case should “make us realise the necessity of using a variety of currencies”.
“We [Europeans] are selling to ourselves in dollars, for instance when we sell planes. Is that necessary? I don’t think so,” he said on the sidelines of a weekend economics conference.
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