1 Big Thing: Europe's challenge to US hegemony
The Iranian sanctions have deepened a rift between the US and its European allies, principally because Europe has stronger business ties to Iran and new sanctions hurt that business. The New York Times reports the foreign ministers of Britain, France, Germany and the European Union saying in a joint statement, “we are determined to protect European economic operators engaged in legitimate business with Iran.”
Yesterday, I wrote that "the coming re-imposition of US sanctions on Iran gives you a sense of the broad power of the US government to impose its will on foreign actors". And now, we are going to put that power to the test because the EU has instructed member companies to defy US sanctions.
European firms have been instructed that they s...
As this site is now reader-supported via Patreon, the remainder of this article is only available to subscribers at a specific patronage level. Articles at patronage levels BRONZE, SILVER, and GOLD are denoted by the categories in blue capital letters above the post. Posts categorized DAILY are available to both SILVER and GOLD patrons.
Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.