EU plans to limit U.S. dollar reliance and boost euro

Section:

By Kit Rees and Viktoria Dendrinou
Bloomberg News
Saturday, January 16, 2021

The European Union has set out plans to strengthen the international role of the euro as it seeks to erode the dominance on the U.S. dollar and lessen the bloc's vulnerability to financial risks, including U.S. sanctions.

The plan includes measures to help protect against currency shocks and allow greater scrutiny of foreign takeovers, according to a draft of the proposal obtained by Bloomberg. The plan to foster "openness, strength, and resilience" was earlier reported by the Financial Times.

... Dispatch continues below ...



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“The extra-territorial application of unilateral sanctions by third countries has seriously affected the EU's and its member states' ability to advance foreign policy objectives, to honor international agreements, and to manage bilateral relations with sanctioned countries," the document says. "At times, unilateral actions by third countries have compromised legitimate trade and investment of EU businesses with other countries." ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2021-01-16/eu-draft-sets-out-pla...

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