- PressTV Published on Dec 5, 2018
The European Commission has unveiled its plans to reduce the E-U dependence on the U-S dollar and to strengthen the role of the euro. The commission called on companies and states to increase their use of the euro in energy contracts. It said it would study possible measures to promote the E-U currency in financial and commodity markets. According to the commission, the share of the euro in global holdings of foreign exchange reserves currently stands at around 20 percent. The U-S dollar, by comparison, is over 60 percent. The move follows the U-S withdrawal from the 20-15 Iran nuclear deal. That has forced many European companies to stop trading with Iran to avoid U-S sanctions.