Commission launches consultation on strengthening the global role of the euro in the field of energy

The Commission has today opened a consultation to explore views on how to implement the Commission Recommendation on the international role of the euro in the field of energy. Launched at a workshop organised in Brussels, the move follows the Commission's Communication “Towards a stronger international role of the euro, adopted on 5 December 2018, which outlined benefits of a strengthened international role of the euro for the EU and the international system and proposed initiatives to boost the euro's role.

Commissioner for Climate Action and Energy Miguel Arias Cañete said:

Strengthening the international role of the euro in the field of energy investment and trade will help reduce the risk of supply disruptions and promote the autonomy of European businesses. The vast majority of the long-term contracts of our energy imports are not denominated in euros. This is clearly not sustainable and it does not reflect the role the euro should have worldwide. 

The EU is the world's largest energy importer with an annual energy import bill averaging €300 billion in the last five years. Roughly 85% of this amount is paid in US dollars, even though the euro is a stable, reliable and globally recognised currency widely accepted for international payments. Strengthening the euro's role in the field of energy trade and investment, while preserving general economic efficiency, will reinforce the international position of the euro and support the EU's objective to build an Energy Union that ensures that Europe's energy supply remains safe, viable and accessible to all. The Euro Summit took note of this Communication and encouraged work to be taken forward. Today's consultation follows a number of consultations in other sectors and aims to determine where more fine-tuned initiatives can be taken. The consultation will remain open until 31/03/2019. The Commission will report on progress by the summer