The COVID-19 pandemic has caused a slowdown in the activity of many economic sectors and, at the same time, is giving rise to a significant shift in the global balance of power. In this context, the EU is looking for an appropriate strategy to strengthen its role as a global economic player, with policies aimed at boosting the international role of the euro, strengthening the resilience of EU financial market infrastructures and improving the implementation of sanctions imposed on third countries.

Against this backdrop, the European Commission has presented a Communication on The European economic and financial system: fostering openness, strength and resilience, aimed at better enabling Europe to play a leading role in the global economic and financial system, while protecting the EU from unfair and abusive practices of third countries and companies based in them. The content of this Communication was analysed in a public hearing organised by the European Economic and Social Committee with a view to drawing up an opinion on this matter.

In her keynote speech, Danuta Maria Hübner, Member of the European Parliament and rapporteur for a report on Strengthening the international role of the euro, explained that "geopolitical shifts and global challenges, including the COVID-19 pandemic, have highlighted the need for an enhanced resilience of the EU's economy" and said that "a stronger international role for the euro would tend to be supported by a more liquid financial system in the EU, which could also contribute to reducing vulnerability to future crises".

Tomasz Wróblewski, rapporteur for the EESC's opinion on The European economic and financial system: fostering openness, strength and resilience, summarised the main points of the debate: "We need bold and unconventional measures to strengthen the international role of the euro. This will be crucial for setting our economy on a growth path in the post-pandemic world". (dgf)