EU pushing for euro to challenge dollar’s role

The European Commission is expected to publish a blueprint to promote a “stronger international role” for the euro in the face of policies pursued by the Trump administration, it was reported on Monday.

The Financial Times says that a draft of the document stresses a need to address recent challenges to “international rules-based governance and trade.”

As part of this, the plan calls for political pressure to make contracts denominated in the euro. This includes contracts concluded, “within the framework of intergovernmental energy agreements.”

The effort comes amid a European push to preserve the Iran nuclear deal, which was unilaterally abrogated by the United States, the same country that spearheaded the negotiation of the agreement under President Donald Trump’s predecessor.