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Juncker vows to turn euro into reserve currency to rival dollar

Section: Daily Dispatches

By Mehreen Khan and Jim Brunsden
Financial Times, London
Wednesday, September 12, 2018

Jean-Claude Juncker has vowed to turn the euro into a global reserve currency that could rival the dollar as part of the European Union's drive to reduce its financial dependence on the United States. 

In his last "State of the Union" speech to members of the European Parliament in Strasbourg today, the president of the European Commission said it was an "aberration" that the EU paid for more than 80 percent of its energy imports in U.S. dollars despite only 2 percent of imports coming from the U.S.

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Most of the dollar-denominated imports are from Russia and the Gulf states. 

"We will have to change that. The euro must become the active instrument of a new sovereign Europe," said Mr. Juncker, whose five-year tenure as commission president is due to end next year.

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