Consultation on the role of the euro in the field of energy

EU Member States, Central Stockholding Entities (under Directive 2009/119/EC - minimum stocks of crude oil and petroleum products) and obligated economic operators, participants in European energy markets, price-reporting agencies, commodity exchanges, European companies providing financial services, consultancies, academia and energy intensive industries.

Consultation outcome

Strengthening the International Role of the Euro - SWD - 2019

Objective of the consultation

Despite being a stable, reliable and globally recognised currency, the use of the euro in energy commodity transactions remains modest. With an average annual bill of 300 billion euro, the EU is by far the largest importer of oil and gas, yet less than 20% of our energy imports are priced and paid in euro. In December 2018, the Commission released a Communication outlining the benefits of such a strengthened international role of the euro and proposed initiatives to enhance its role in key strategic sectors including energy, raw materials, food commodities and transport. It also adopted a Recommendation on the international role of the euro in the field of energy, accompanied by a Staff Working Document. This targeted public consultation aims at gathering stakeholders’ views on the best ways to implement the Recommendation.

The Commission is also consulting experts on other aspects related to strengthening of the international role of the euro. Interested parties are invited to respond to these consultations as well, if appropriate:

Consultation on the role of the euro on liquidity in foreign exchange markets

Consultation on the role of the euro in non-energy non-agricultural raw materials (metals and minerals)

Consultation on the role of the euro in international trade of agriculture and food commodities

Consultation on the role of the euro in transport means

How to submit your contribution

We welcome contributions from the addressed target group via the online questionnaire. It includes 40 questions (exact numbers depend on the specific profile of the respondent).

Please make sure you use the save button as you proceed with the questionnaire to avoid losing information that was already inserted – especially in the case of questions with open-ended replies.

At the end of the survey you will have an opportunity to provide broader, more general comments and to upload documents for areas which you believe are not sufficiently presented in this survey.

In the summer of 2019, the Commission will publish an analysis of the results of the various consultations and examine possible follow up actions.

We would draw your attention to the specific privacy statement for this consultation regarding the collection and use of your personal data provided on this occasion and the rights and obligation deriving therein.

Reference documents

Communication “Towards a stronger international role of the euro”

Recommendation on the international role of the euro in the field of energy

Promoting the international role of the euro in the field of energy - Staff Working Document

Contact

Responsible service: DG Energy, Unit A4 Economic analysis and financial instruments

Postal address:

European Commission

Directorate General for Energy

Unit A4 - Economic analysis and financial instruments

1049 Brussels

Belgium

Email: ENER-EMOSec [dot] europa [dot] eu (ENER-EMOS[at]ec[dot]europa[dot]eu)