EU draft sets out plans to limit US dollar reliance: Report

A draft European Commission policy paper highlights the European Union’s vulnerability to US sanctions and to financial risks.

The European Union has set out plans to limit its reliance on the US dollar, the Financial Times reported on Saturday, citing a draft European Commission policy paper.

FILE PHOTO: U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. REUTERS/Lee Jae-Won (REUTERS)

The paper highlights the European Union’s vulnerability to US sanctions and to financial risks, as the bloc looks to assert its independence both economically and financially, according to the Financial Times.

Other proposed measures include stricter policing of foreign takeovers and plans to promote use of the euro currency in financial markets. The document is set to be adopted by the European Commission on Jan. 19, the day before US President-elect Joe Biden’s inauguration.