The European Commission to present plan on Tuesday, which will describe how the European Union (EU) can strengthen the internationalization role of the euro and thus reduce the dollar’s dominance, Bloomberg reports, citing a draft of the plan.
The EC measure is considered likely to insulate the bloc from financial risks.
Highlights from the draft document:
“The extraterritorial application of unilateral sanctions by third countries has seriously affected the ability of the EU and its member states to promote foreign policy objectives, respect international agreements and manage bilateral relations with sanctioned countries.”
“At times, unilateral actions by third countries have compromised legitimate trade and investment by EU companies with other countries.”
“The plan too includes measures to help protect against currency shocks and allow greater scrutiny of foreign acquisitions. “
“Promoting sustainable finance is an opportunity to turn the EU financial markets into a global hub for ‘green finance’, reinforcing the euro as the default currency for naming sustainable financial products“.
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