Daily Management Review

Europe wants to strengthen the euro to protect the union against Trump


09/14/2018


The European Union wants to strengthen the global role of the euro in efforts to avoid pressure from US President Donald Trump, said Spanish Foreign Minister Josep Borrell.



Josep Borrell | by Piutus
Josep Borrell | by Piutus
This is the last indication that European leaders are trying to establish greater autonomy amid Trump's desire to change the world order, writes Bloomberg.
 
"We must find a way to circumvent US threats," Borrell said in an interview in his office in Madrid this week.
 
"This is another way to circumvent the sanctions," he said, referring to Trump's May decision to withdraw from the Iranian nuclear deal that the EU is trying to preserve.
 
As reported by Vesti.Economika, in August the German telecom operator Deutsche Telekom and the Deutsche Bahn railway operator, two companies with state participation, announced termination of operations in Iran due to the threat of US sanctions. Earlier similar decisions were made by German motor-car manufacturer Daimler and French oil and gas giant Total.
 
French Finance Minister Bruno Le Maire and German Foreign Minister Heiko Maas suggested that the EU countries create US-independent payment systems to circumvent the sanctions.
 
European Commission Chairman Jean-Claude Juncker on Wednesday called the absurdity the fact that the EU pays 80% of its energy bills in dollars, although the US accounts for only about 2% of imports. It's ridiculous that European companies buy European planes in dollars, instead of doing it in euro, Junker said.
 
"The euro should become the face and tool of a new, more sovereign Europe," he stressed.
 
By the end of this year, the European Commission plans to present a number of initiatives to strengthen the role of the single European currency of the euro in the world. The head of the European Central Bank Mario Draghi also expressed support for these plans.
 
"We are ready to work with the European Commission and member states to strengthen the role of the euro, although, as you know, this is not provided for by our mandate," he said at a press conference following the meeting of the Governing Council on Thursday
 
The contradictions between the US and the EU are connected with Trump's attacks on the world trading system.
 
"Europeans are making great efforts to maintain a multilateral approach to trade," Borrell said. "Diplomacy is not the best feature of the Trump administration."

source: bloomberg.com






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