>Right now when Spain buys oil from Norway (EU member and European Economic Area member) they (have to?) use US Dollars, which is insanity from the perspective

>Right now when Spain buys oil from Norway (EU member and European Economic Area member) they (have to?) use US Dollars, which is insanity from the perspective of both countries. Instead of converting from Krone to Euros and vice versa, you convert into the largest, most stable, most liquid currency on the planet. What is insane? >Ghadaffi wanted to trade oil for Euros and we all know how it end up. Ah yes, Ghadaffi, Sadam Hussein...good men overthrown because they wanted to "trade oil for Euros". Wait; why couldn't they again? What, precisely was stopping them from dealing in Euro, besides the seller or buyer of oil demanding to be use USD? Right, nothing. The idea that the US forces people to trade in USD as opposed to it working out that way because it's a stable currency of a powerful nation is a fallacy that won't die. Just like within the country, you are free to trade in whatever the hell currency you want...if you can find a willing counter-party.