ECB’s de Cos calls for enhanced coordination at European level to mitigate impact of coronavirus
|Mitigating measures taken in Spain, other European countries led to "very severe" disruption of economic activity, said the European Central Bank (ECB) Governing Council member Pablo Hernandez de Cos on Friday.
He further calls for enhanced coordination at the European level to mitigate the impact of coronavirus.
Additional quotes
Asset purchase program to be completely flexible.
Limits on asset purchases can be relaxed if needed.
ECB to do 'whatever it takes' to respond to virus impact.
There are still no clear data to precisely assess intensity of coronavirus impact.
Coronavirus pandemic is a transitory episode.
Public policy is crucial to avoid temporary effect becoming more permanent.
Scale of shock requires higher ambition for common European fiscal policy.
Coordination at the European level is "not an option" but "a necessity".
EUR/USD reaction
EUR/USD is reversing its recovery gains to now trade at 1.0775, still up 0.80% so far.
The spot rebounded from a three-year low of 1.0653 and reached as high as 1.0832 before turning south again. The US dollar dynamics continue to lead the way amid further stimulus expectations and incoming coronavirus updates.
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