EU officials said that it is no easy task to break the US dollar’s dominance, as Commission President Jean-Claude Juncker pledged in September during his State of the EU speech.
Plans to boost the euro’s profile at international level will be released in December, just as the single currency prepares to celebrate its 20th anniversary.
One of the options being put on the table by the EU executive is promoting the euro as an international payment currency.
In that context, the Commission is considering developing new pan-European payment instruments based on the infrastructure of the Single Euro Payments Area (SEPA).
As part of the new solutions, officials are looking at the opportunities provided by FinTech, although they did not disclose further details as the plans are still under discussion.
The Commission is looking for incentives in order to convince more market players to use the euro and countries to hold its reserves in the European currency.
Part of this charm offensive also includes the promotion of the euro as a stable currency.
In order to increase the monetary union’s resilience and to increase its attractiveness for investors, sources stressed the importance of completing the capital markets union, as well as the banking union and taking steps toward a fiscal union.
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