by The European Union recently announced a new economic plan, focused on strengthening the euro as a world reserve currency opposed to the dollar, including in its project targets such as the issuance of special euro bonds and the creation of a digital euro. All the countries in the bloc are called upon to foster the growth of the euro as a method of protecting the European financial system. Although the decrease in the use of the dollar is a recent global trend, it is necessary to investigate which factors influenced European decision most directly. Undoubtedly, the American sanctions policy is among these factors, considering that such sanctions immediately affect the European market. The constant measures of economic restrictions on people, companies, organizations, or states that do
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Monetary sovereignty and monetary autonomy.The European Union recently announced a new economic plan, focused on strengthening the euro as a world reserve currency opposed to the dollar, including in its project targets such as the issuance of special euro bonds and the creation of a digital euro. All the countries in the bloc are called upon to foster the growth of the euro as a method of protecting the European financial system.
Although the decrease in the use of the dollar is a recent global trend, it is necessary to investigate which factors influenced European decision most directly. Undoubtedly, the American sanctions policy is among these factors, considering that such sanctions immediately affect the European market. The constant measures of economic restrictions on people, companies, organizations, or states that do business with Washington's enemy countries, such as Iran, or with projects like Nord Stream 2, could have pushed the European bloc to the limit of tolerance, therefore having urged the EU to develop an economic plan that provides for greater autonomy. For this, however, monetary autonomy is essential.…
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EU announces de-dollarization plan
Lucas Leiroz, research fellow in international law at the Federal University of Rio de Janeiro