EU leaders push for stronger euro as international payment currency

European leaders have called for a more substantial role for the euro as an international payment currency in the world to reduce the EU’s dependence on US dollar transactions in strategic sectors. 

This statement came at the end of the first video conference  on Thursday (25 March) with Eurogroup President Paschal Donohoe and European Central Bank President Christine Lagarde on strengthening the euro's international role against the dollar.  The President of the European Council Charles Michel had earlier decided, due to the deteriorating coronas situation in many member states, that meeting will take place by video link and not physically in Brussels.

According to Dutch Prime Minister Mark Rutte, the impact of the European single currency since its introduction on 1 January 2002 "is about the same as it was from the start." Some 20 per cent of transactions worldwide take place in euros and 60 per cent in dollars, Rutte said.

Donohoe said the prerequisites for a more robust international role for the euro are first and foremost a sustained economic recovery from the current COVID-19 pandemic and improved economic resilience.

In view of the further digitalisation of society, the EU must also continue to work on an innovative digital financial sector and more efficient, robust payment systems, the leaders of the 27 EU member states said in their concluding statement. Work on the possible introduction of a digital euro will continue, it was announced.

Source: commonspace.eu with agencies

Related articles

Editor's choice
News
Borrell tells the European Parliament that the situation in Afghanistan was critical, but the EU will remain engaged

Borrell tells the European Parliament that the situation in Afghanistan was critical, but the EU will remain engaged

Borrell underlined that the European Union will make every effort to support the peace process and to remain a committed partner to the Afghan people. "Of course, we will have to take into account the evolving situation, but disengagement is not an option.  We are clear on that: there is no alternative to a negotiated political settlement, through inclusive peace talks.
Editor's choice
News
LINKS Europe announces the names of all the chairpersons of the five thematic groups for the development of the Armenia-Azerbaijan dialogue

LINKS Europe announces the names of all the chairpersons of the five thematic groups for the development of the Armenia-Azerbaijan dialogue

LINKS Europe has successfully completed the first phase of its project to develop the Armenia-Azerbaijan dialogue as part of its commitment within the EU4Peace III programme, funded by the European Union. In this first phase, which lasted from September 2024 to April 2025, LINKS Europe conducted an assessment of Armenia-Azerbaijan relations and mobilised the personnel necessary for delivering the project output. LINKS Europe Foundation is pleased to announce the names of the chairs/co-chairs of the five thematic groups within the initiative.  

Popular

Editor's choice
News
LINKS Europe announces the names of all the chairpersons of the five thematic groups for the development of the Armenia-Azerbaijan dialogue

LINKS Europe announces the names of all the chairpersons of the five thematic groups for the development of the Armenia-Azerbaijan dialogue

LINKS Europe has successfully completed the first phase of its project to develop the Armenia-Azerbaijan dialogue as part of its commitment within the EU4Peace III programme, funded by the European Union. In this first phase, which lasted from September 2024 to April 2025, LINKS Europe conducted an assessment of Armenia-Azerbaijan relations and mobilised the personnel necessary for delivering the project output. LINKS Europe Foundation is pleased to announce the names of the chairs/co-chairs of the five thematic groups within the initiative.