In pursuit of the eurobarrel

The markets say they do not want oil prices in euros. But denominating internationalcrude prices in euros is a political ambition the European Union seems determinedto pursue – starting with Russia. MariaKielmas reports

It is the biggest euro-ambition of all. Ever since the euro’s creation in 1999 there has been regular speculation about the possibility ofdenominating international crude oil prices in euros. The latest bout of speculationcame in October when Germany’s Chancellor Gerhard Schröder, France’sPresident Jacques Chirac and Russia’s President Vladimir Putin suggestedthat euro oil barrels may be a good idea for the future. Even Wim Duisenberg,the president of the European Central Bank (ECB)

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