Introduction The United States’ brinkmanship over Greenland has spotlighted Europe’s fragile economic ties with Washington. As Brussels weighs responses to what some officials describe as US aggressiveness, the continent contemplates a range of tools—from targeted market access restrictions to the unprecedented offloading of US debt held in European portfolios. While a Davos-backed framework failed to crystallize, the mood remains wary, and EU leaders are mapping potential steps should tensions flare again. The episode underscores a shifting financial order, with implications for stablecoins, liquidity in Treasury markets, and the global reach of dollar-denominated assets. Key Takeaways European leaders are openly considering responses that could include restricting US access to EU markets and potentially unloading US debt held in Europe as leverage. The feasibility of dumping trillions in US Treasuries is uncertain, given the complex mix of official and private holders and the limited...