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Brussels recruits energy suppliers to trade in euros
The European Union has begun implementing a broad strategy aimed at reducing reliance on the US dollar across key economic sectors. Finance ministers from the euro area are preparing a plan to expand the use of the single currency in international payments and debt instruments to mitigate risks associated with excessive dependence on the American financial system.
According to a draft document seen by Bloomberg, the European Commission intends to renew an assertive dialogue with firms in strategic industries such as energy, raw materials, aerospace, and defense. Brussels plans to persuade major energy suppliers to settle transactions in euros, a move intended to lower transaction costs and reduce volatility for European importers.
The proposal places special emphasis on financial security. EU officials fear a scenario in which the United States could restrict access to dollar liquidity in the event of a global crisis. As countermeasures, the euro area plans to:
- offer partners alternative mechanisms for accessing euro liquidity;
- encourage third countries and global corporations to issue bonds denominated in euros.
European Central Bank president Christine Lagarde confirmed that the regulator is working to make its instruments more attractive to central banks outside the union.
The initiative is being actively promoted by French President Emmanuel Macron. He is expected to present measures to bolster the euro as a core element of Europe’s "strategic autonomy" at the upcoming EU leaders’ summit, amid intensifying competition between Washington and Beijing.
Lagarde stresses that a shift toward greater use of the euro in international trade would not only strengthen the bloc’s geopolitical standing but also provide a natural hedge for European exporters against sharp swings in the dollar exchange rate.
Published 19 February 2026
© InstaFintech Group
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© InstaFintech Group
