Friday June 5, 2020

Trump's Iran actions spark search for post-US financial networks

Regardless of whether it succeeds in bending Iran to its will, the Trump administration has strengthened other countries’ incentives to bypass the US financial system altogether

24th July, 2019
Europe wants to reduce dependence on US financial system. Pic: iStock

In today’s world, access to global networks is a critical source of power, but the resulting interdependence can also generate vulnerability. The power flows from centrality: being a hub that connects all (or most) other nodes.

The threat of denying access to such hubs can be a powerful sanction against bad actors. But if that power is abused – if asymmetrical interdependence is weaponised – participants in a network may decide to create...

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