European Commissioner for Economy Paolo Gentiloni stressed on Tuesday a "stronger international role of the euro" would protect the Eurozone's economy from "foreign exchange shocks and reduce reliance on other currencies" and lead to a "more stable and diversified global currency system."

"Together with the recovery plan [from the crisis caused by the coronavirus pandemic], promoting sustainable finance is an opportunity to develop EU financial markets into a global 'green finance' hub, bolstering the euro as the default currency for the denomination of sustainable financial products," he said.

Gentiloni added the bloc would support the use of green bonds as "tools for financing the massive investments needed to achieve the EU's 2030 energy and climate targets" and expressed its expectations the "global prominence of euro-denominated green bond issuance" would "grow significantly."