14/02/2019 (Agence Europe) – On Thursday, 14 February, the European Commission decided to consult interested parties on the role of the euro in energy transactions until 31 March 2019. The use of the euro in these transactions remains modest, even though – with an average annual energy bill of €300 billion – the European Union is by far the largest importer of oil and gas. However, less than 20% of its energy imports are invoiced and paid for in euros. In December 2018, the Commission published a communication outlining the benefits of the euro having a strengthened international role and proposed initiatives to enhance its role in strategic sectors such as energy, raw materials, food commodities, and transport (see EUROPE 12153). It also adopted a recommendation on the international role of the euro in the field of energy. (LC)