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.