EU Seeks to Cut Reliance on US Dollar, Other Financial Centers
By Jan Strupczewski
January 19, 2021, Reuters
The European Commission said on Tuesday it would seek to boost the international role of the euro and build European financial infrastructure so that the EU becomes more independent of outside financial centres and the dominance of the US dollar.
The initiative, which is an announcement of a long-term strategic direction rather than a action plan, follows Britain’s EU departure, which took Europe’s biggest financial hub — the City of London — outside the EU’s jurisdiction.
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