EU Plans to End Dollar Dominance in Global Markets- Report

The European Union (EU)  plans to fight the dominance of the U.S dollar in global markets, according to the Financial Times.

The newspaper pointed out in its article, citing sources in the European Commission, that one of the documents confirms that the global financial markets depend heavily on the US dollar, and that the issue of dependence on the greenback will be raised shortly before the inauguration of US President-elect Joe Biden.

The newspaper emphasized that the document is related to overcoming difficulties similar to those faced by the European Union after Trump reinstated sanctions against Iran, as well as the need to protect the EU from the consequences of the illegal use of such sanctions outside regional borders.

The newspaper quoted a representative of the European Commission as saying: "The years of the Trump presidency have revealed our weaknesses, and we must eliminate them ... We are talking about the position of the EU in the world and the ability to possess sufficient economic and financial strength."

The article touched on the European Union's need to find ways to enhance the role of the euro on the global stage, through the lessons learned from the corona pandemic.