Brussels is to set out plans to increase the use of the euro in “strategic sectors” such as energy, commodities and aircraft manufacturing, in a bid to challenge the dominance of the US dollar as the world’s reserve currency.
The European Commission will on Wednesday publish a blueprint to promote a “stronger international role” for the euro, saying policies pursued by Donald Trump have underlined the need to increase the EU’s economic sovereignty.
In a draft seen by the Financial Times, Brussels will stress the need to act faced with “recent challenges” to “international rules-based governance and trade” — a veiled reference to the Trump administration’s aggressive trade policies.
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