Europe’s largest asset manager Amundi is reducing its exposure to US dollar assets and turning to European and emerging markets, its chief executive has said.
Valerie Baudson, whose firm has €2.4 trillion of assets under management, said Amundi would advise clients to shift away from the greenback over the coming year, warning that if US economic policy remains unchanged, “we will go on seeing a [weakening] of the dollar”.
The loss in trust may be permanent, but I think there is still a real desire to develop new good relations. If the US were to pass meaningful reforms and approach old allies on a more equal footing in real negotiation and not primarily the role as the big bad bully, I think a new framework of trust could be slowly built again.
Joining the ICC and not threatening invasion if they dare try to hold an American accountable would be a good start.