Commission presents ways to further strengthen the euro's global role

In light of the upcoming European Council and Euro Summit in December, the Commission presents actions to strengthen the role of the euro in a changing world.

In his State of the Union Address in September 2018, President Juncker highlighted the strategic importance of the euro and the need to ensure that the single currency can play its full role on the international scene. Supported by upcoming decisions to strengthen Europe's Economic and Monetary Union, complete the Banking Union and advance on the Capital Markets Union, the euro needs to develop its global role and fully reflect the euro area's political, economic and financial weight. To this end, the Commission in a Communication today outlines the benefits of such a strengthened international role of the euro for the EU and the international financial system, and proposes initiatives to boost the role of the single currency. As part of this effort, the Commission has adopted a Recommendation on the international role of the euro in the field of energy, promoting a wider use of the euro in this strategic sector.

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Promoting the euro's international role is part of Europe's commitment to an open, multilateral and rules-based global economy and trade. This comes at a time where the recent global trends, the emergence of new economic powers along with the development of new technologies are supporting a potential shift towards a more diversified and multipolar system of several global currencies.