EU to strengthen plans to promote euro as international trading currency – reports

The European Commission is expected to strengthen plans to establish the euro as the leading international currency through financial markets, trade and foreign policy.

Political news portal Politico revealed today that the EU executive is preparing a policy paper unveiling a number of new initiatives. While the EU has been contemplating such move for months, Brexit and recent trade disputes with the United States have accelerated the process.

According to a draft leaked to the same portal, the plan “allows the EU to defend its interests internationally and stand up for its values.”

Boosting the euro could help lure financial dealing away from the City of London and shield European companies from U.S. sanctions on matters such as Iran’s nuclear program or Russia’s gas pipeline.

Among the proposals in the draft, the Commission is expected to take a more proactive role in encouraging financiers and industries to conduct their commerce in euros, the draft said, highlighting the world’s markets in energy, commodities, healthcare and aircraft.

via Politico