EU Pushes for Wider Use of Euro in Global Mar­kets

Iran News - - FRONTPAGE -

BRUS­SELS (Reuters) - The Euro­pean Com­mis­sion pub­lished on Wed­nes­day non-bind­ing pro­pos­als to boost the role of the euro in in­ter­na­tional pay­ments and as a re­serve cur­rency to chal­lenge the dom­i­nance of the dol­lar.

The move fol­lows the United States’ de­ci­sion to with­draw from the Iran nu­clear deal which has forced many Euro­pean com­pa­nies to stop trad­ing with Iran to avoid U.S. sanc­tions.

The EU ex­ec­u­tive Com­mis­sion called on com­pa­nies and states to in­crease their use of the euro in en­ergy con­tracts and said it would study pos­si­ble mea­sures to pro­mote the Euro­pean cur­rency in fi­nan­cial and com­mod­ity mar­kets.

“The de­ci­sion to use a cur­rency is ul­ti­mately made by mar­ket par­tic­i­pants,” the Com­mis­sion ac­knowl­edged stress­ing the most ef­fec­tive way to wi­den­ing the in­ter­na­tional role of the euro was to over­haul the 19-coun­try cur­rency union and adopt bank­ing and fi­nan­cial re­forms which have been blocked for years by con­flict­ing na­tional in­ter­ests.

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