In the most blatant and transparent reaction to Washington's continued vassal-ization, the European Commission has reportedly formulated a plan to reduce the role of the dollar in international trade.
Amid increasing tensions between Trump and various European leaders (cough Macron cough) and the ongoing threats of sanctions and tariffs, the European Commission plans to outlineinitiatives to develop the international role of the euro, according to a draft document obtained by Bloomberg.
As Viktoria Dendrinou reports, the plan has three dimensions including the European financial sector, the international financial sector and key strategic sectors such as energy...
“Member states should promote wider use of the euro in relations with third countries in field of energy, including in contracts within the framework of bilateral and multilateral international agreements,”
“The Commission calls on member states to include in their intergovernmental agreements with third countries a model clause, developed by the Commission, related to the use of the euro as default currency”
“Participants in European energy markets should use more energy-related contracts denominated in euro”
“Price reporting agencies should facilitate the launching of euro-denominated price benchmarks for crude oil”
“Commodity exchanges should facilitate the further development of euro-denominated derivative contracts on crude oil and refined products”
With Russia actively de-dollarizing, along with Iran, and China slowing its Treasury purchases (while publicly proclaiming support) but promoting its petroyuan contracts, Europe's shift away from the petrodollar could be more posturing or could be the end of the beginning of the end as the dollar's reign as reserve currency ends slowly at first then all at once.
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