The European Commission issued a recommendation on Wednesday urging EU member states to expand the use of the euro in transactions with third parties in such strategic sectors as energy
BRUSSELS (Pakistan Point News / Sputnik - 05th December, 2018) The European Commission issued a recommendation on Wednesday urging EU member states to expand the use of the euro in transactions with third parties in such strategic sectors as energy.
"The Commission has adopted today a Recommendation to promote the wider use of the euro in international energy agreements and transactions. This will allow European businesses to benefit from stronger autonomy and finance themselves with reduced exposure to legal actions taken by third country jurisdictions. This will support the EU's objective to build an Energy Union that ensures safe, viable and accessible energy supply," the statement of the EU Commission said.
The Commission notes that European businesses still trade in the US Dollar in key strategic markets.
"This exposes businesses to Currency risks and political risks, such as unilateral decisions that directly affect dollar denominated transactions," the statement said.
The Commission also announced plans to launch a series of consultations in summer 2019 with interested parties regarding a broader use of euro-denominated transactions in oil, refined products and gas.
