Commission aims Wednesday to champion its currency as a defense of its companies and values. Brussels is ramping up plans to take on the U.S. dollar’s global influence by boosting use of the euro through financial markets, trade and foreign policy.
The European Commission is set to announce its intentions as soon as
Tuesday in a policy paper unveiling few new initiatives since a 2019 staff document.
But under new leadership, the EU executive body is bringing fresh
urgency after Brexit and disputes with the U.S. over trade and
sanctions, according to a draft obtained POLITICO.
The plan “allows the EU to defend its interests internationally and
stand up for its values,” said the 18-page draft, which is still subject
to change before commissioners adopt it.
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.
The announcement delivers a rude welcome gift to President-elect Joe
Biden, who will be sworn in Wednesday, and serves as a reminder of
disputes during Donald Trump's four years in office.
Biden’s assurances of improving relations will not lessen Brussels’
desire for a greater role for the euro, which stands to be helped by EU
plans to issue €850 billion in bonds for its pandemic recovery fund and unemployment reinsurance program.
The Commission will also lobby financiers and industries to conduct
their commerce in euros, the draft said, highlighting the world’s
markets in energy, commodities, healthcare and aircraft.
POLITICO
© POLITICO
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article