EU seeks to strengthen euro’s global role

BRUSSELS, The European Commission Wednesday presented proposals to strengthen the role of the euro in the international financial system.

Presenting the initiative at a press conference, Valdis Dombrovskis, EU Commissioner for the Euro and Social Dialogue said “The euro is a young but successful currency. The time has come for the euro to develop further its global role.” “Today’s proposals are there to start a journey, which can only succeed if there is a joint effort from the EU, Member States, market participants and other actors,” he said.

On his part, Miguel Arias Canete, EU Commissioner for Climate Action and Energy, told the joint press conference that “the EU is the world’s largest energy importer with an average import bill of 300 billion euro (USD 339 billion).” “Strengthening the international role of the euro in the field of energy investment and trade will help reduce the risk of supply disruptions and promote the autonomy of European businesses. It can therefore make an important contribution to our objective to ensure security of supply in the Energy Union,” he noted.

Pierre Moscovici, EU Commissioner for Economic and Financial Affairs said “a wider use of the euro in the global economy yields important potential for better protecting European citizens and companies against external shocks and making the international finance and monetary system more resilient”.

Source: Kuwait News Agency