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EU Commission pushes for wider use of euro in global markets

Reuters  |  BRUSSELS 

(Reuters) - The published on Wednesday non-binding proposals to boost the role of the in international payments and as a reserve to challenge the dominance of the dollar.

The move follows the United States' decision to withdraw from the nuclear deal which has forced many European companies to stop trading with to avoid U.S. sanctions.

The EU Commission called on companies and states to increase their use of the in and said it would study possible measures to promote the European in financial and commodity markets.

"The decision to use a is ultimately made by market participants," the Commission acknowledged stressing the most effective way to widening the international role of the was to overhaul the 19-country currency union and adopt and financial reforms which have been blocked for years by conflicting national interests.

(Reporting by Francesco Guarascio; editing by Jan Strupczewski)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 05 2018. 16:55 IST