Euro-based financial relationship channel with EU easy to apply: economy expert

Tehran, Oct 7, IRNA - While Some scholars are skeptical of the effectiveness of the European financial aid channel with Iran, a professor of economics at the University of Tehran said the creation of this euro-based mechanism is easy to apply with the will of the European side.

With the departure of the US from the nuclear deal with Iran, the remaining four countries, after holding a meeting with Iran on the sidelines of the United Nations General Assembly in New York, have created a mechanism for special financial communication with Iran in the time new round of sanctions in November 4th.

Economic expert Albert Bugzian explained on Sunday about the operation of this special mechanism, 'Although Europe does not intend to replace its single currency with the dollar and take on the role of the dollar in the global economy, it can cover receiving and paying currency payments with the euro.'

He reminded that after the Second World War, when the European economy had fallen, the dollar took on several tasks, including conducting currency transactions in the world, and maintaining the country's reserves and assets, and the United States accepted to play these roles. That's why today the financial transactions are done based on dollar.

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