The European Union Wants To Become Less Dependent On The Dollar

Marco Green
January 20, 2021

"It is about the European Union's place in the world, as an economic and financial powerhouse with an effect appropriate to our size".

Brussels is ready to warn that global markets are too dependent on the dollar as they seek ways to limit Europe's vulnerability to United States sanctions and other financial risks, in a challenge to the supremacy of the currency few just days before Joe Biden was inaugurated as president.

"The United States are back, and Europe stands ready to reconnect with an old and trusted partner to breathe new life into our cherished alliance", she told European Union lawmakers, hours before Biden was to be sworn in at his inauguration ceremony in Washington, DC.

European Council President Charles Michel arrives for a video conference with European Commission President Ursula von der Leyen, German Chancellor Angela Merkel, French President Emmanuel Macron and Chinese President Xi Jinping, in Brussels, Belgium December 30, 2020.

"We have our differences and they will not magically disappear".

To do so, he invited Joe Biden who is set to be sworn in as president of the US on Wednesday to Brussels for a summit.

The EU launched a long-term plan back in 2018 for the wider use of the euro in the global economy to "better protect citizens and companies against external shocks", rendering the worldwide finance and monetary system more resilient, according to Bloomberg.

Other reports by Click Lancashire

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