EU seeks to boost financial autonomy despite winds of change in Washington

After the violence that blighted Capitol Hill this month, Joe Biden’s inauguration on Wednesday will be accompanied by sighs of relief across much of Europe. 

The impending departure of Donald Trump has been welcomed in Brussels as an opportunity for a “new agenda for transatlantic and global co-operation” on topics including Covid-19, bilateral trade, biodiversity, 5G technology and artificial intelligence. 

But for all the hopes of a new era following the bitterness of the Trump years, European leaders have by no means ditched their ambitions for greater EU “strategic autonomy” in an age of great power rivalry.

To the evident irritation of Biden aides, the EU at the end of last year struck a deal with China on a new investment treaty. And on Tuesday, the European Commission will sign off on a paper spelling out Brussels’ determination to curb Europe’s exposure to Washington’s ability to weaponise the US dollar. 

Officials are well aware of the…

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