Eurozone finance ministers are set to deliberate on options to promote the use of the euro in issuance and transactions, as part of the bloc's efforts to enhance the currency's global role and demonstrate European financial independence. A document prepared by the European Commission for the finance ministers' meeting noted that it is necessary to reopen dialogue with key industry participants in sectors such as energy, critical raw materials, air transport, and defense. This would involve reassessing the potential for greater use of the euro in invoicing, pricing methods, public procurement processes, and payment preferences.

EU policymakers have repeatedly called for Europe to expand the international role of the euro to reduce dependence on the U.S. dollar. Increasing the use of the euro in transactions is also seen as a way to mitigate the impact of currency fluctuations. European Central Bank President Christine Lagarde stated last autumn that greater use of the euro in trade settlements would help lower transaction costs for exporters and shield eurozone prices from exchange rate volatility.

Regarding trade pricing, the European Commission document, seen by Bloomberg, indicated that the EU should focus on its largest energy exporters. The document also emphasized the importance of cooperating with third countries and companies to encourage sovereign and corporate issuers to issue debt denominated in euros.

EU leaders will convene on Thursday to discuss ways to reduce vulnerabilities in key sectors and enhance autonomy by lowering national barriers within the single market, including in financial services. Last week, sources familiar with the matter informed Bloomberg that French President Emmanuel Macron plans to raise the issue of euro strength against the U.S. dollar at this meeting, as one of several topics aimed at boosting the economy and reducing vulnerabilities.