EU wants euro to challenge dollar supremacy

Europe is too vulnerable to the global power of the dollar and must ensure the international standing of its euro currency to challenge US dominance, the EU executive urged Tuesday. The European Commission made its pitch in a plan that sets out ways to help build the power of the euro and chip away at Washington's supremacy, though the 19-page proposal rarely refers to the United States by name. After their traumatic experience with the Trump administration, Europeans would like to mitigate that dominance and the paper released on Tuesday sets out several ways to achieve that, though most will be difficult to attain. "The EU will always champion alliances with like-minded partners. This is our absolute preference. We are committed to multilateralism, openness and beneficial partnerships," said EU executive vice president Valdis Dombrovskis.  "But given the more confrontational geopolitical landscape, we have to be ready to protect ourselves against unfair and abusive practices imposed from elsewhere – and to bolster our defences against them." The effort comes a day before the inauguration of president-elect Joe Biden, who many in Europe assume will turn the page from the...