Delegation of the European Union to Trinidad and Tobago

Commission takes further steps to foster the openness, strength and resilience of Europe's economic and financial system

Brussels, 19/01/2021 - 11:50, UNIQUE ID: 210120_1
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EU News 12/2021

The European Commission today presented a new strategy to stimulate the openness, strength and resilience of the EU's economic and financial system for the years to come. This strategy aims to better enable Europe to play a leading role in global economic governance, while protecting the EU from unfair and abusive practices. This goes hand in hand with the EU's commitment to a more resilient and open global economy, well-functioning international financial markets and the rules-based multilateral system. This strategy is in line with President von der Leyen's ambition for a geopolitical Commission and follows the Commission's May 2020 Communication “Europe's moment: Repair and Prepare for the Next Generation”.

This proposed approach is based on three mutually reinforcing pillars:

  1. Promoting a stronger international role of the euro by reaching out to third-country partners to promote its use, supporting the development of euro‑denominated instruments and benchmarks and fostering its status as an international reference currency in the energy and commodities sectors, including for nascent energy carriers such as hydrogen.
  2. Further developing EU financial market infrastructures and improving their resilience, including towards the extraterritorial application of sanctions by third countries.
  3. Further promoting the uniform implementation and enforcement of the EU's own sanctions.
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