Juncker calls for a stronger role for the euro

World
Europe

02:37

Europe should stand up for the international order and the euro should play a stronger role on the international stage, European Commission President Jean-Claude Juncker urged in his annual address to the European Parliament on Wednesday.

"By next year, we should also address the international role of the euro, which has now existed for 20 years," said Juncker.

As the euro is now the second most used currency after the dollar in the world with 60 countries linking their currencies to it, Junker campaigned that more efforts must be made to allow the single currency to play its full role on the international stage.

These efforts include developing the Economic and Monetary Union and building liquid capital markets.

"It's absurd to that Europe pays for three billion US dollars worth of energy imports, which accounts for 80 percent, in US dollars. It's absurd that European companies buy European planes by dollars, not in euros," said Juncker.

Juncker also proposed a new Alliance for Sustainable Investment and Jobs between Europe and Africa, which could create up to ten million jobs in Africa in the next five years.

He said 36 percent of Africa's trade is with the EU, but this is not enough.

"If we want to increase our investment in Africa by 23 percent, we must decide quickly," said Juncker.