Juncker advocates stronger euro

CNC
Added On September 14, 2018

 European Commission President Jean-Claude Juncker has called for a bigger role of euro as a global trade currency to displace the primacy of the U.S. dollar.

 
The European Commission president said the euro must become the face and the instrument of a new, more sovereign Europe.
 
Juncker made the comments on Wednesday, when he was giving his last annual address on the Union to the members of European Parliament.
 
He noted that, despite criticism, the European single currency had "come a long way" in its 20-year history.
 
SOUNDBITE (French):  JEAN-CLAUDE JUNCKER, European Commission President
"It is now the second most used currency in the world, with 60 countries linking their currencies to the euro in one way or another. But we must do more to allow our single currency to play its full role on the international scene."
 
The European Commission is expected to present new initiatives before the end of the year, to strengthen the international role of the euro.
 
And Juncker is calling for the Economic and Monetary Union to be completed in order to pave the way for an international euro.
 
One of Juncker's goals for the euro includes shifting dependency away from the U.S. dollar as a global trade currency for Europe.
 
SOUNDBITE(French): JEAN-CLAUDE JUNCKER, European Commission President
 "It is absurd that Europe pays for 80 percent of its energy import bill - worth 300 billion euros a year - in U.S. dollars when only roughly 2 percent of our energy imports come from the United States. It is absurd that European companies buy European planes in dollars instead of euros. That must be changed."
 
Juncker said the European Commission would present new initiatives before the end of the year to strengthen the international role of the euro currency.
 
The euro is the official currency of the European Union. Among its 28 member states, 19 use the euro as their official currency, and make up a group known as the eurozone.
 
Behind the U.S. dollar, the euro is currently the second most-traded and second-largest currency in foreign exchange markets.