European Union considers consolidating non-U.S. dollar reserves in hopes of reducing dependence on the Federal Reserve

European financial stability officials are discussing plans to create an alternative to the Federal Reserve's liquidity support facility by consolidating dollar reserves held by central banks outside the US, a move aimed at reducing reliance on the US under the Trump administration. The talks are still at working group level, have not yet reached the decision-making level of the European Central Bank, and involve several central banks inside and outside the euro zone.