Make Kitco Your Homepage

EU Commission pushes for wider use of euro in global markets

Kitco News

BRUSSELS, Dec 5 (Reuters) - The European Commission published on Wednesday non-binding proposals to boost the role of the euro in international payments and as a reserve currency to challenge the dominance of the dollar.


The move follows the United States' decision to withdraw from the Iran nuclear deal which has forced many European companies to stop trading with Iran to avoid U.S. sanctions.


The EU executive Commission called on companies and states to increase their use of the euro in energy contracts and said it would study possible measures to promote the European currency in financial and commodity markets.


"The decision to use a currency is ultimately made by market participants," the Commission acknowledged stressing the most effective way to widening the international role of the euro was to overhaul the 19-country currency union and adopt banking and financial reforms which have been blocked for years by conflicting national interests.


(Reporting by Francesco Guarascio; editing by Jan Strupczewski)

287 68 17;))
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