Volledig verslag van de vergaderingen

Woensdag 24 maart 2021 - Brussel

29. Versterking van de internationale rol van de euro (korte presentatie)

  Puhemies. – Esityslistalla on seuraavana lyhyt esittely Danuta Maria Hübnerin mietinnöstä euron kansainvälisen aseman vahvistamisesta [2020/2037(INI)] (A9-0043/2021).

  Danuta Maria Hübner, rapporteur. – Madam President, in 20 years of its existence, the euro has become a positive symbol of Europe’s unity, integration and economic strength. Two-thirds of Europeans see the euro as a good thing. The starting point for this report has been the observation that the international role of the European currency remains below its potential and that it is in our strategic interest to reap all possible benefits from a stronger role of the euro in the world.

For far too long, the use of the position of the euro internationally was entirely left to market forces. Recently we have realised that with supportive policies the euro can become a currency that is widely welcomed, used and trusted all over the world. Geopolitical shifts and international trade challenges, including the disruption of value chains, technological developments, digital transformation, the rise of China’s economic power, geopolitical challenges to multilateralism, and last but not least the pandemic and its consequences, have triggered reflection and action on building the necessary resilience of our economy.

The President of the European Commission in his State of the Union address at the end of 2018 highlighted the strategic importance of the euro, and the need to ensure that the single currency plays its full role on the international stage. After the elections in 2019, the European Parliament accepted my proposal to start working on our position on this issue. The Commission, in its communication issued on 19 January 2021, encourages wider use of the euro as part of a broader strategy to enhance the Union’s leading role in the global economy and its governance.

Parliament’s report comes just before the euro summit on Friday 26 March, set to discuss how to enhance the euro’s weight as an international reference currency. In preparation for the summit, the Eurogroup contemplated last week how the international role of the euro can contribute to the EU’s open strategic autonomy and resilience, while boosting the EU’s openness and global engagement. The ECB too has departed from its historically neutral stance regarding promotion of the euro. Beyond its active contributions to the discussions in preparation to launch the digital euro, the ECB has taken actions attesting its support for the euro currency’s international role.

An example here can be the extension of swap lines to a number of central banks outside the euro area. The global nature and severity of the pandemic have highlighted the world’s interdependence, bringing new impetus to the project. The push for action towards a stronger international role of the euro comes in the moment of high relevance of policies enhancing the EU’s geopolitical resilience and its new trade agenda. But a stronger role for the euro internationally will also provide additional choice to market operators globally, contributing to the stability of international finance and trade. It will lead to deeper and more liquid European financial markets, providing for more reliable access to finance for European businesses and governments. It will make the world economy less vulnerable to monetary shocks.

As mentioned, the European currency can facilitate building a multipolar, international monetary system. However, the decision to use a currency is ultimately determined by market participants’ preferences. Our policies should be supporting market-driven shifts in this direction. The report proposes, in this context, focusing on a number of particularly relevant policies governing areas of international trade, financial services, capital markets and payment systems, but also climate change, the digital transformation, energy, and foreign and security policies.

The report leaves no doubt: the euro is irreversible as a European currency and a strengthened international role will allow the EU to improve the well-being of citizens and promote an international system based on multilateral cooperation and good global governance.

  Virginijus Sinkevičius, Member of the Commission. – Madam President, it’s my pleasure to address the House on the international role of the euro. The Commission welcomes the report prepared by Danuta Hübner. I would like to thank the rapporteur for the significant work accomplished. This debate is very timely. Tomorrow, the euro area leaders will discuss the same topic at the euro summit.

As your report rightly points out, we have indeed witnessed an increasingly multipolar, geopolitical context over the last years. But the EU has the capacity to help shape the system of global economic governance. The EU has remained open to the rest of the world and continues to advocate for a rule—based multilateral system with well-functioning international financial markets and a more resilient and open global economy.

In order to continue enjoying the benefits of our openness we have to make our economic and financial system even stronger and more resilient. For this purpose, the Commission set out a dedicated strategy. The first key action that we set out in our communication is to further deepen economic and monetary union. Your valuable report attaches great importance to strengthening our domestic capital market. Indeed, completing banking union and making further significant progress on capital markets union are immediate steps to take.

As you noted, we also need to ensure the swift and ambitious implementation of the reforms and investments embedded in the Recovery and Resilience Facility to make the economy more resilient and inclusive, and a sustainable recovery and enhance economic resilience are preconditions for a strong international role of Europe. We fully agree with you that the sizable issuance of euro-denominated bonds to finance Next Generation EU will help achieve these objectives. These bonds will add depth and liquidity to the debt securities market denominated in euro.

Next to this, the EU also needs to pursue other more targeted actions to strengthen the international role of the euro. This includes fostering the use of the euro in trade and in financial instruments, as well as in energy markets, consolidating the leading role of the euro as a denomination currency of sustainable finance products, conducting outreach to third-country partners to encourage a wider use of the euro, and cooperating with the ECB on the possible introduction of a digital euro.

The second area of targeted action is on financial market infrastructures. We need to make sure that we are not over-reliant on third-country infrastructure, as the EU needs to be able to control potential risks to financial stability. We will also work to secure the uninterrupted flow of essential financial services between the EU and its trading partners, and to shield the legitimate operations of EU operators targeted by the extraterritorial application of third-country sanctions.

The last pillar of our strategy relates to our sanctions policy. Our institutions share the same approach. First, we need to ensure the uniform and effective implementation of EU sanctions across Member States. In this regard we propose to better coordinate Member States’ authorities and increase the flow of information among them and the Commission. Second, we need to continue to agree on legally binding provisions with partners implementing EU funds to ensure that EU funds and economic resources are not used in violation of EU sanctions. And third, we need to continue our work in promoting new and more effective tools to counter the extraterritorial application of non-EU sanctions.

In parallel, we will continue with dialogue and cooperation with our international partners on sanctions which we believe is the most effective way of strengthening our sanctions policy and reducing the nefarious effects of the extraterritorial application of third-country sanctions. The areas of action that we are discussing today are of course interconnected and mutually reinforcing. We count on your support in carrying this work forward.

The euro is the currency of the Union. But it is more than just a currency. It’s a symbol of unity and prosperity of Europeans. The euro is an attractive currency. That is also demonstrated by the efforts that Bulgaria and Croatia are making towards the adopting the euro. Last summer the two countries joined ERM II. The Commission counts on the European Parliament’s cooperation in supporting Bulgaria and Croatia on the road to joining the euro area once the criteria are met.

  Puhemies. – Asian käsittely päättyi.