EESC urges EU leaders to strengthen international role of the euro

In a recently adopted opinion, the EESC has called on EU leaders to step up efforts to strengthen the international role of the euro. A strong euro would contribute to the wellbeing of EU citizens and businesses, uphold common values and promote common interests, the EESC argues.

It also maintains that further measures to enhance economic growth and resilience and the adjustment capacities of the euro area economies would eventually lead to a stronger international role for the euro. The EESC opinion puts forward recommendations which go beyond the European Commission proposals.

Enhanced social cohesion, economic convergence, competitiveness and innovation should be the basis for a stronger euro area economy that supports the common currency. Divergences among and within Member States must be reduced, since these limit EU economic performance.

The EESC also calls for a more unified approach in international diplomacy and a more pro-active stance to promote common interests. This could result in more trade opportunities.

The completion of the Economic and Monetary Union and the Banking Union is another clear priority for the EESC. On this front, the Committee recommends investigating options for creating more liquid and safer euro assets. These could counter the current fragmentation of the euro area's sovereign bond market, which harms market confidence in the single currency.

Find out more about the EESC recommendations to enhance the international use of the euro and the numerous benefits this would bring to EU citizens and businesses. (jk)