Russian Oil in Euros Oct03
Russia's decision to consider selling oil in Euros should be
welcomed by the European Union. I suggested a year ago that the EU should
persuade oil producing counties to give the EU Member states option to buy
oil in Euros. I published my ideas in the British press and the Saudi Oil
Minister referred to this issue in a speech in April 2003 when the Euro
jumped by 10 cents against the dollar. I repeated my idea in the EPP-ED
Group meeting in Madrid 2 weeks ago where it was very well received by
parliamentarians from all member states.
The EU has everything to gain from oil being sold in euros as the
revenue received by the oil producers will either be held as reserve
currency, international trade or direct investment. This is what the EU
needs to stimulate and sustain rapid economic growth.
It is time that leaders of EU member states, specially those in the eurozone, are proactive in realising important projects.