Make Kitco Your Homepage

UPDATE 1-EU's Juncker wants bigger global role for euro

Kitco News

(Adds details, quotes after speech)


STRASBOURG, Sept 12 (Reuters) - European Commission President Jean-Claude Juncker called on Wednesday for the European Union to promote the euro as a global currency to challenge the U.S. dollar.


"We must do more to allow our single currency to play its full role on the international scene," Juncker told the European Parliament in Strasbourg as he presented his annual programme.


"It is absurd that Europe pays for 80 percent of its energy import bill – worth 300 billion euros a year – in U.S. dollars when only roughly 2 percent of our energy imports come from the United States," he said.


"It is absurd that European companies buy European planes in dollars instead of euro," he added.


While Norway prices its substantial supplies to the EU in euros, an EU official said, other countries use dollars. Among the most important of these are Gulf states and Russia.


"The euro must become the face and the instrument of a new, more sovereign Europe," Juncker said, as he called for the bloc to become more of a global player and exert more influence internationally with a unified stance.


(Reporting by Alastair Macdonald; editing by Philip Blenkinsop)

alastair.macdonald.thomsonreuters.com@reuters.net))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News

Holiday Promo Bullion Coins