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EU Eyes Dollar’s Global Dominance in Bid to Bolster the Euro

  • Commission to back plans for more economic, financial autonomy
  • Plans include strengthening international role of the euro
European Commission President Ursula von der Leyen Delivers State of the Union Address
Photographer: Geert Vanden Wijngaert/Bloomberg
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The European Union wants to boost its position in the global economic stage by strengthening the international role of the euro as it seeks to erode the dominance of the U.S. dollar and to insulate the bloc from financial risks, including American sanctions.

In a blueprint presented Tuesday, the European Commission, the EU’s executive arm, outlined how the region can fortify its economic and financial resilience by bolstering the single currency’s architecture and through growing markets like green finance.