The European Parliament’s Economic and Monetary Affairs Committee believes that “the euro’s global potential has not been fully reached”, according to the draft report by Danuta Hübner (EPP, Poland), which it adopted by a large majority (42 votes in favour, 7 against, 10 abstentions) on Thursday 4 March.
If the single currency played a greater international role, the EU would enjoy greater financial sovereignty and stability and European businesses would have easier access to sources of finance, according to MEPs. Hence the importance, they stress, of completing the union of capital markets and banking union.
The committee believes that the EU should also become a “world leader” in issuing ‘green’ bonds and in setting standards for these financial securities, says a statement. In 2019, the EU issued more than half of the world’s ‘green’ bonds. The Commission intends to issue this type of bond up to €250 billion (30% of the total) as part of the Next Generation EU Recovery Plan (see EUROPE 12561/6).
The ‘Hübner’ draft report is the European Parliament’s response to the communication that the European Commission presented in January on the international role of the euro (see EUROPE 12639/5). (Original version in French by Mathieu Bion)