BRUSSELS — After years of reducing its reliance on Russian gas, the European Union is moving to turn off the taps completely within the next two years.
The European Commission (EC) on May 6 presented a detailed roadmap to fully sever the European Union’s energy dependence on Russia by 2027.
Completely agree that the purchasing alone would not drive the value of the dollar down but the change in policy reflects a global loss of trust in the dollar.
Being a reserve currency, means most of its value is in the global trust in it being a “stable” store of value.
Trust is quick to destroy and very slow to build. No country unloading their position wants the value to crash but they all are actively starting to unwind their dollar positions.