EU debate on US sanctions against the ICC highlights need for financial sovereignty and a digital euro – Positive Money Europe

Press release

Brussels

20 October

EU debate on US sanctions against the ICC highlights need for financial sovereignty and a digital euro – Positive Money Europe

Today, at 1600 CET, the European Parliament will debate how the EU will support international justice and give its response to US sanctions against the International Criminal Court (ICC).

This comes after the US government (9 October) announced sanctions against the ICC, accusing it of politicisation and of unfairly targeting US nationals for war crimes prosecutions. 

The United States has already imposed sanctions on 17 individuals affiliated with the ICC and looks to freeze any ICC assets held within US jurisdiction.

The impact of US behaviour like this shines a light on wider future vulnerabilities in our economic system.  

Private enterprise is also impacted - one of the EU’s biggest banks, ABN Amro, which handles the finances of the International Criminal Court (ICC) in The Hague, could face heavy US penalties if it keeps doing so once American sanctions take effect.

Laura Casonato is Head of Policy for Positive Money Europe, a Brussels based organisation that campaigns for a fairer and cleaner economy.

"With a safe and secure publicly-backed digital euro, our payment systems could never be shut down by foreign powers. The truth is that as they are fearful of losing access to US financial networks and markets, European banks can always choose compliance with foreign sanctions over EU rules. That is why the digital euro cannot rely only on commercial banks to guarantee true European sovereignty. It must be backed by guaranteed public distribution as an independent payment instrument. Only then can we ensure that foreign political pressure can never shut down people, institutions or businesses around Europe."

“In Europe, at the moment, we rely almost entirely on foreign payment monopolies. The example of US aggression like this shows exactly why we need critical public infrastructure. It’s staggering that foreign politicians can unilaterally press a button and freeze the bank accounts of human rights institutions operating in Europe. We need the public infrastructure and regulations to keep our financial system safe, stable, and truly independent.”

++ENDS++

Positive Money Europe is a research and advocacy nonprofit organisation, working on the economic system for social justice and a liveable planet.

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