The European Union is set to unveil plans for challenging the dollar's dominance in global markets, including energy, as it seeks to strengthen the international role of its currency and become more independent from the U.S. amid a widening rift in transatlantic ties.
The EU must develop “a full range of trustworthy interest rate benchmarks” in financial markets, and a fully integrated instant payment system, according to a draft set of initiatives due to be released later this week by the European Commission. The bloc's executive arm will also explore the possibility to further develop the role of the euro in foreign exchange markets.
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