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On January 19, a video conference of economic and finance ministers of the EU countries took place, at which a plan for the development of the new financial system of the European Union was announced. According to the statements of the European Commission Vice-President Valdis Dombrovskis, the new financial system will focus mainly on ensuring that the single European currency in the international financial arena only strengthens its leading position. To this end, the conference members outlined plans to expand global cooperation, business, and trade. At the same time, the protection of interests, rights, and values of the European Union from any criminal attack is highlighted. Dombrovskis also added that multilateral cooperation remains the fundamental principle for the European Union in any area and activity, however, the emphasis will now be shifted to achieving maximum independence for the European community when needed. This new political course has been called "open strategic autonomy."
At present, the euro is the second most common currency in the world. The plan proposed by the European Commission drafts a new strategy, according to which the international role of the euro should significantly increase in the long term. The global economy will become less dependent on a particular currency and thus less vulnerable during periods of economic and political turmoil. At the same time, various companies from the European Union will greatly simplify their trade around the world due to lower transaction costs, insurance, and financing. According to Dombrovskis, the strengthening of the euro in the international financial arena is beneficial not only to the member states of the European Union but also to the entire global community.
The European Commission, led by the European Central Bank, has already begun to create a digital currency. A joint technical group is already being created to discuss the political, legal, and technical aspects of the likely introduction of the digital euro.
Also, the European Commission intends to promote green bonds to finance the large investments that are needed to successfully achieve the climate goals and the European Green Deal. Thus, more than half of all global green bonds are denominated in euros, and 30% of investments through the Next Generation EU post-crisis economic development plan are planned to be financed through green bonds.
Aside from strengthening the euro and creating a digital euro, the European Commission intends to strengthen its financial system and infrastructure. Here, the important EU leaders see the management of the risks associated with the withdrawal from the European Union of the largest financial center in Europe - the UK.
Moreover, the heads of the EU are developing their own restrictive measures against global influence. If countries that are not members of the union illegally impose sanctions against the operators of the EU, the EU undertakes to respond decisively. Dombrovskis, in this regard, said that the EU is going to defend alliances with partners, but at the same time plans to protect its interests from unfair and offensive actions that may be imposed from outside.
The euro is moving towards the status of the base currency for the energy and resource industries, which has already become noticeable in the field of energy markets in recent years. Thus, the share of euros in natural gas contracts has already increased to 64% (in 2018 this figure was 38%). And this trend, according to the plans of the European Commission, will continue in emerging markets, such as the hydrogen market, including strategic renewable energy markets.
It is worth noting that the European People's Party has welcomed the initiative of the European Commission to strengthen European financial centers.
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