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EU Sets Out Plans to Limit U.S. Dollar Reliance, Boost Euro

  • U.S. sanctions, financial risks cited in draft paper
  • EU looks to promote euro, increase scrutiny of foreign deals
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The European Union has set out plans to strengthen the international role of the euro, as its seeks to erode the dominance on the U.S. dollar and lessen the bloc’s vulnerability to financial risks, including U.S. sanctions.

The plan includes measures to help protect against currency shocks, and allow greater scrutiny of foreign takeovers, according to a draft of the proposal obtained by Bloomberg. The plan to foster “openness, strength and resilience,” was earlier reported by the Financial Times.