EU Wants to Reduce Dependence on USD

The European Commission, the executive body of the European Union (EU) seeks to increase the international role of the Euro (EUR), building more independence away from the dominance of the U.S. Dollar (USD), Reuters reported.

“With the withdrawal of the UK from the EU, there is a strong need and opportunity to develop domestic market infrastructures,” said the European Commission in a document addressing EU member countries, as well as the European Parliament and the European Central Bank (ECB).

The Commission will also encourage trade in EUR-denominated instruments.

It is worth noting that the EU is set to issue EUR 750 billion of debt to fund its plan to help the European economy recover from the Coronavirus pandemic.