The European Union is seeking new ways to widen use of the euro and counter the ...
BRUSSELS - The European Union is seeking new ways to widen use of the euro and counter the dollar’s global dominance, top EU officials said on Thursday, as the bloc tries to salvage Iran’s nuclear deal by helping companies bypass U.S. sanctions.
Because the dollar is the world’s dominant currency, European officials and businessmen are aware that financial threats by the United States cannot be overlooked, even when they rest on controversial legal grounds.Companies that trade with Iran risk being shut out from the U.S. market and could lose access to credit. Banks, insurers and other financial operators that provide support to firms breaching sanctions also face fines. The effectiveness of U.S.
“I don’t want our companies to suffer from American decisions that we do not share,” Le Maire told the conference of European financial experts. “The time has come to strengthen the international role of the euro, because the euro is also one of the best tools we have to support our European values abroad,” the EU commissioner for the common currency Valdis Dombrovskis told the conference.
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