Very interesting development... and makes a lot of sense too. Why should the EU countries continue buying energy in dollars when the dollar is expensive and said energy comes from non-US countries, like Russia who are dumping dollars?
source: https://www.politico.eu/article/jean...rade-currency/
European Commission President Jean-Claude Juncker will argue the euro should become the global currency for trade instead of the U.S. dollar in his State of the Union speech Wednesday morning.
Addressing the European Parliament in Strasbourg, he will make a pitch for the EU to “punch above its weight, not below,” according to an EU diplomat briefed on the speech. Juncker’s message will be that with the Trump administration withdrawing the U.S. from the world, there is an opportunity for Europe to fill the gap. “There’s no logic at all in paying energy imports in dollar not euro,” an EU diplomat said.
Addressing the European Parliament in Strasbourg, he will make a pitch for the EU to “punch above its weight, not below,” according to an EU diplomat briefed on the speech. Juncker’s message will be that with the Trump administration withdrawing the U.S. from the world, there is an opportunity for Europe to fill the gap. “There’s no logic at all in paying energy imports in dollar not euro,” an EU diplomat said.
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