On December 5, 2018, the Commission adopted a Communication and a Recommendation on a stronger international role of the euro, following President’s Juncker State of the Union address in September 2018, in which he highlighted the strategic importance of the euro.
Since then, the Commission has run a series of consultations and stakeholder dialogues to determine the potential obstacles to a broader use of the euro. The consultation activities targeted stakeholders in the sectors of foreign exchange markets, energy, raw materials, agricultural commodities and transport.
The Staff Working Document summarizes the responses received to the sectoral consultations. It finds that:
- There is broad support for increasing the international role of the euro and reducing dependence on a single dominant global currency.
- The euro is the only currency with the necessary attributes that would allow market participants to use it as an alternative to the US dollar.
- The energy sector will remain a key currency driver of use of the euro, with scope to further increase its use, in particular in the natural gas sector.
- The EU can use the euro to reinforce its economic sovereignty and play a more important global role to benefit EU business and consumers.
The Staff Working Document also includes information on initiatives to develop the international use of the euro, the prominence of the euro in global trade, the need for coordinated action, and sector-specific considerations.
The Commission and the European Central Bank aim to continue working with the member states and stakeholders to support the efforts to increase the international role of the euro.
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