Xinhua
20 Jan 2021, 09:54 GMT+10
BRUSSELS, Jan. 19 (Xinhua) -- The European Commission on Tuesday unveiled a new strategy to strengthen the economic and financial system of the European Union (EU), and protect the bloc from unfair and abusive practices.
A main pillar of the strategy is to promote "stronger international role of the euro by reaching out to third-country partners to promote its use," according to a Commission statement.
It also proposed support for the development of euro-denominated instruments and benchmarks and its status as an international reference currency in the energy and commodities sectors.
Emphases were given to further developing EU financial market infrastructures and improving their resilience against unilateral sanctions by other countries, as well as further promoting the uniform implementation and enforcement of the EU's own sanctions.
European Commission's executive vice-president Valdis Dombrovskis said that while championing multilateralism and working closely with its partners, the EU should cement its international standing in economic and financial terms.
"This strategy sets out key ways to do this, notably by boosting global use of the EU's common currency -- the euro," he said.
Paolo Gentiloni, the commissioner responsible for the economy, added: "Strengthening the international role of the euro can shield our economy and financial system from foreign exchange shocks, reduce reliance on other currencies and ensure lower transaction, hedging and financing costs for EU firms."
The EU document did not name any third country, but the bloc has several times accused the United States for the threat of unilateral sanctions against European interest.
Earlier on Tuesday, EU finance ministers met for the first meeting under the Portuguese presidency of the EU Council, focusing on the EU's economic recovery and the foundations for sustainable growth and job creation.
Get a daily dose of Orlando Echo news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Orlando Echo.
More InformationBEIJING, China: Actions taken last week by the Chinese People's Political Consultative Committee (CPPCC) and the National People's Congress (NPC) ...
WASHINGTON D.C.: Officials report that 100,000 people seeking to enter the United States were detained at the Mexican border in ...
SAO PAULO, Brazil: Just as Buenos Aires, Argentina is opening up its economy after what is seen as the city's ...
MINNEAPOLIS, Minnesota -- Barring last-minute changes, court proceedings begin Monday in the trial of the former Minneapolis police officer charged ...
LONDON, England: In a bid to reduce Covid infections among overweight Britons, Prime Minister Boris Johnson is promoting his own ...
VANCOUVER, Canada: Lawyers for Huawei chief financial officer Meng Wanzhou have sought a dismissal of the extradition case against her, ...
WASHINGTON D.C.: Officials report that 100,000 people seeking to enter the United States were detained at the Mexican border in ...
AUSTIN, Texas: Aviation and aerospace company SpaceX is expanding its presence to align with global demand by setting up a ...
TALLAHASSEE, Florida - A controversial anti-rioting bill championed by Gov. Ron DeSantis is moving quickly toward passage in the House, ...
The Houston Astros officially signed right-hander Jake Odorizzi on Monday, the team announced. According to multiple media reports, the two-year ...
The Chicago Blackhawks are one step closer to possibly getting forward Kirby Dach back during the regular season. Dach, who ...
Isaiah Wilson, the Tennessee Titans' first-round pick in the 2020 NFL Draft, tweeted last month that he was "done" with ...