FOLLOWING RUSSIA, EUROPE IS NEXT TO ABANDON THE USD

HomeNewsFOLLOWING RUSSIA, EUROPE IS NEXT TO ABANDON THE USD

The EC President Jean-Claude Juncker addressed the European Parliament with a proposal: next coming year the EU leadership should take additional steps to increase the prominence of the European currency in the global financial arena.

According to the EC top man, the annual settlement of the 80% of energy imports by the EU in US dollars is absurd (this is some EUR 300 billion per year). Moreover, only 2% of these imports represent the share of the United States. Junker also sees as absurd the acquisitions in USD by the European airlines of the aircraft made in Europe, whereas it would suite all parties to have these settlements in Euros.

The EC President called for an urgent plan to be devised by the end of this year to strengthen the role of Euro in the world. “The euro should become the face and instrument of a new, more sovereign Europe,” the politician said.

Last September, the management of Bank of America – Merrill Lynch made a forecast of a high probability for Europe to become the epicentre of a new global financial crisis that might also affect the US. The bankers believe that the measures to strengthen the euro could become one of the causes of this crisis. By the end of summer 2018, the media reported Russia's increased purchases of gold and selling off the US bonds. Thus, the Russian Federation has embarked on the implementation of the plan to get rid of the US dollar dominance.