And it can help reduce vulnerabilities, such as the potential to be denied access to the financial and payment systems of others.1 Of course, autonomy should be seen not as an alternative but as a robust complement to global cooperation, which is of utmost importance.
But in Europe’s case, while the international use of the euro has stabilised in recent years, it still lags some way behind the dollar, even for European trade. Around half of the euro area’s international trade is invoiced in euro. Most of the oil we buy is denominated in foreign currency.