EU wants energy industry to tackle dollar dominance
The EU is the world’s largest annual energy importer with an import bill averaging €300bn — 85% of which is paid in dollars
Brussels/London — The EU has convened a wide-ranging industrial group to work on promoting the euro and fighting the monopoly of the dollar in oil and commodities trading, reflecting broader tensions with Washington over trade and sanctions. The group, which involves executives from European oil firms such as OMV and Eni, and gas and power firms such as Fluxys and Engie, will meet behind closed doors in Brussels under the auspices of the European Commission on Thursday. The workshop is part of an EU push to challenge the dominance of the dollar, with an EU official saying such a shift must be market-led. Participants are invited to dig into “constraints on [market-initiated] alternatives to the use of the dollar through wider use of the euro, in spite of the benefits of such a change”, the Commission said in materials prepared for the meeting. The meeting, part of a consultation process until mid-2019, is expected to provide new input to EU plans for promoting the euro in energy tra...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.