The European Commission intends to strengthen the role of the Euro in the international arena. In Brussels on Wednesday, December 5, were presented the measures to ” increase the value of the Euro in a changing world.” According to the European Commission, the Euro currency should be used primarily for energy imports, which annually amounts to about 300 billion euros.
Basically, EU countries pay for oil and other energy resources, for example, from Russia and the Middle East in us dollars. In this regard, observers note that the new initiative of the European Commission may cause discontent in Washington.
Diplomatic and technical means to promote the Euro
To strengthen the role of the Euro, it is necessary, in particular, to strengthen the economic and monetary unions and complete the creation of the EU banking Union, the European Commission said. It is noted that only 7 out of 40 relevant proposals submitted to the European Parliament and the EU Council have been approved so far. The European Commission also proposes to take measures to deepen the pan-European financial sector, expand diplomatic efforts to facilitate the transition to the Euro, and develop technical means to improve access to this currency for residents of non-European countries.
The increase in the value of the Euro will contribute to the stability of the international financial system, as market participants around the world will have a wider choice and the world economy will be less prone to shocks, the European Commission is convinced. The spread of the Euro in the world will reduce the costs and risks of European companies, as well as interest rates for private households, according to Brussels.
Agreed on the reform of the Euro zone
On the eve of the EU Finance Ministers reached an agreement on the reform of the European monetary Union. In particular, they agreed on the development of a security mechanism for banks in crisis and on the main points of the reform of the European stabilization mechanism (ESM). In addition, consultations will continue on the creation of the Eurozone’s own budget, which Germany and France insist on.
Currently the Eurozone consists of 19 of the 28 countries of the European Union. The Euro is also in circulation in a number of countries outside the EU.