17:42 - 5.12.2018

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December 5, Fineko/abc.az. The European Commission urges for more active use of the euro in strategic sectors of the economy, the Organization said.

The EC press release says that despite its position of large buyers, as well as important producers, the European business as previously trades in US dollars in key strategic markets, often even among themselves.

"This exposes the markets to political and currency risks and makes them dependent on unilateral decisions that directly affect dollar-denominated transactions. In this context, the European Commission adopted a recommendation today to promote the wider use of the euro in international energy agreements and transactions," the press release specifies.

The EU leaders were invited to discuss the international role of the euro in December.

In addition, the EC intends to hold consultations on the wider use of the European currency in oil and gas transactions. The results will be reported in the summer of 2019.