EU will reduce the dollar’s preponderance in international trade
The European Commission presented a plan to reduce the dominance of the dollar in international exchanges and strengthen the role of the euro, specifically in the transactions of the energy sector
The euro should reflect the political, economic and financial weight of the area, to which belong 19 countries of the European Union (EU), as stated by the Vice President of the Commission, Valdis Dombrovskis.
The European executive will initiate consultations with market players, especially on imports of oil, gas and other raw materials such as metals, minerals and agricultural products.
Miguel Arias Cañete, European Commissioner for Energy, assured the importance of consolidating the role of the euro as a tool to minimize the risk of supply ruptures and stimulate the autonomy of European companies.
For example, in aviation, where airplanes are sold in dollars even if they are built by the European Airbus. In this connection, Brussels will begin a consultation to analyze possible alternatives to promote the role of the euro.
However, the European Commission recognizes that the decision to use one currency instead of another corresponds to the market players.
L.Sáenz
Source. Banca&Negocios
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