The European Commission is discussing with the EU countries the possibility of using the euro in payments for energy. Only 20% of contracts for the supply of oil and gas to European countries are denominated in euros, although the European Union is their largest importer in the world. The main currency in payments for energy remains the US dollar. The only exception is gas imported from Norway, for which payment is made in euros and pounds sterling. The European Commission points to the risks associated with changes in exchange rates that European companies are exposed to. Brussels’s concern is also caused by US-imposed import duties and quotas. The transition to the euro in payments for energy will contribute to a wider use of the euro in international trade, which, in turn, will strengthen the EU's influence on third countries.
Financial markets saw record heights earlier on Friday, with the Euro continuing its 21-month gain streak and gold prices hitting its highest level amid a weakened Dollar. The Euro soared above the Dollar by 1.7%, trading at $1.1616 for the ...
The Dollar fell on Tuesday, with the Euro and the British Pound Sterling gaining strength on the back of news that European Union leaders have agreed to roll out additional recovery funds in the region. New hopes for a potential COVID-19 vaccine ...
The euro reached its highest level since early March after the European Union agreed on a deal for a massive stimulus package to support the bloc’s economy from the coronavirus pandemic. The deal was finalized after a round of compromises ...
The euro steadied at four-month highs on the dollar after investors pinned hopes on the EU economic rescue fund as European leaders are expected to break a deadlock and agree on a deal. EU leaders had differing stands on the proposed 750 billion ...
The euro hit a four-month peak against the dollar on Wednesday on hopes that the European Union would implement economic stimulus and deeper fiscal integration to support the economy amid the pandemic. The euro rose to $1.1423, its highest ...