European Union seeks to challenge USD, boost EUR

European Union seeks to challenge USD, boost EUR

Mubasher: The European Commission has published on Wednesday a number of proposals to support the role of the Euro in the global economy.

The non-binding proposals seek to increase the use of the European currency in international payments and reserves to challenge the dominance of the United States Dollar.

“The decision to use a currency is ultimately made by market participants,” the EC said on Wednesday.

In the current context of trade conflicts, and extra territorial sanctions by the US, the market participants are looking for alternatives, European Union economics affairs commissioner Pierre Moscovici said at a news conference in Brussels.