As America retreats from global multilateral systems, the European Union is seeking to fill the vacuum. Today, Brussels launched another salvo against U.S. dominance, this time over the dollar's hold over world’s financial transaction system. The EU is questioning why the dollar should still be the currency used worldwide in international payments. The plan, presented by the European Commission, targets energy as the main sector in which the euro can quickly and most effectively replace the dollar as the transactional currency. “The European Union is the world's largest energy importer: around 90% of the oil it needs ... (full story)