The head of the European Commission advocated the reduction of dollar-denominated payments in the EU :: Economy :: RBC

Jean-Claude Juncker said that the Euro share in international trade to increase, and promises to introduce initiatives aimed at achieving this goal by the end of the year

Jean-Claude Juncker

(Photo: Vincent Kessler / Reuters)

European Commission President Jean-Claude Juncker, speaking in Strasbourg his annual address to the European Parliament on the situation in the EU stated the need to increase the share of the Euro in the calculations of the EU for energy supplies and other foreign trade transactions, thus reducing the share of the us dollar. Speech Juncker (.pdf) published on the official website of the European Commission.

“It is absurd that Europe pays 80% of energy imports — €300 billion — in U.S. dollars, when only 2% of our imports come from the United States. It is absurd that the European companies are buying European planes in dollars, not euros,” he concluded.

Juncker said that before the end of the year the European Commission will present initiatives to strengthen the role of the Euro in international trade.

“The Euro has become the face of the tool and a new, more sovereign Europe. To do this, we must first clean up their own house, strengthening our economic and monetary Union that we already started to do. Without this we will not be means to strengthen the international role of the Euro,” he said.

In Europe, began to discuss independent of the US payment system

Economy

In late August, German and French politicians began to discuss the establishment of a Europe independent of the US payment system that would protect European businesses from the extraterritorial sanctions of Washington. According to the foreign Minister of Germany Heiko Maas, Europe should not allow the United States to act without the consent of Brussels and at the expense of the Europeans.

“We need to strengthen European autonomy by establishing independent US payment channels, the establishment of a European monetary Fund, and maintain an independent payment system SWIFT”, — the Minister wrote in his article for the newspaper Handelsblatt.

The Minister of economy and Finance of France Bruno Le Mayor during the meeting with the Association of economic and financial journalists on 27 August said that Paris agreed to establish Berlin as a European or a separate Franco-German financial system for these purposes.

On such measures of protection from the United States, European politicians spoke after President Donald trump has signed a decree on the restoration of sanctions against Iran. The first package entered into force on 7 August. It implies, in particular, a ban on trade with Iran in various spheres of economy. On the same day the European Commission issued a Directive that prohibits residents of European countries to comply with the provisions of the United States.

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