January 19th local time, the European Commission adopted a strategy document aimed at strengthening the status of the euro and the construction of the financial system at its plenary session, which was regarded by public opinion as a direct target for the hegemony of the dollar and unilateral extraterritorial sanctions of the United States.
At a time when the U.S. government is about to change its term and the European Union is trying to change the status quo of transatlantic relations, this move undoubtedly attracted many attention.
Donbrowskis, Vice President of the European Commission for Economic and Trade Affairs, said at the press conference on the same day that in today’s era of multipolarity, upgrading the international status of the euro will help reduce the global economy’s dependence on the single currency and vulnerability to shocks.
In this regard, the European Commission proposed that on the basis of deepening the construction of the European Banking Union and the Capital Market Union, it is necessary to increase the transaction of creditor’s rights, energy and commodities in euros, develop digital euros to supplement cash payments, and issue green bonds to finance large-scale investment projects.
McGuinness, member of the Finance Affairs Committee of the European Commission, pointed out that the rules-based multilateral global governance system is now challenged by certain countries to pursue unilateral short-term interests, especially extraterritorial sanctions that violate international law, which hinder legitimate trade and investment activities.
To this end, the European Commission will conduct a comprehensive analysis of the vulnerability of EU financial markets to such sanctions with the European Central Bank and relevant regulators, and consider developing policy tools to prevent and eliminate the impact of sanctions.
And when EU entities and individuals are targeted by unilateral extraterritorial sanctions by third-party countries, the European Commission will also seek ways and means to ensure that the necessary financial services, including payments, will not be interrupted.
