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European officials consider pooling dollars to lessen Fed reliance after Trump shocks, Reuters says
By Elisa Martinuzzi, Balazs Koranyi, Stefania Spezzati, Mathieu Rosemain, and Giuseppe Fonte
Reuters
Thursday, November 13, 2025
European financial stability officials are debating whether to create an alternative to Federal Reserve funding backstops by pooling dollars held by non-U.S. central banks in a bid to reduce their reliance on the U.S. under the Trump administration, five officials familiar with the matter said.
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The talks, reported here for the first time, are a reaction to policies under U.S. President Donald Trump that have upended long-standing ties, put the Fed's independence in doubt, and underlined the dominant role the U.S. plays in global finance.
The Fed's facilities lend dollars to other central banks and function as a lifeline during bouts of market stress, ensuring global financial stability is maintained.
Interviews with more than a dozen European central banking and supervisory officials show that they worry the facilities could be weaponized by the Trump administration. ...
... For the remainder of the report:
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