French FinMin Le Maire: France is seeking stability pact suspension in 2021
|French Finance Minister Bruno Le Maire said in a statement on Friday, the government is urging the European Union (EU) to suspend its strict budgetary rules for member states for 2020 and 2021 in the face of the coronavirus pandemic induced economic blow.
Key quotes
"Nothing would be worse than to relaunch the economy while putting the brakes on public spending."
“That's the mistake we made in 2009," he added, referring to the aftermath of the 2008 financial crisis.”
"We hope that the stability pact rules will be suspended for 2020 and also for 2021.”
Market reaction
The shared currency remains unperturbed by the above comments, as EUR/USD remains mainly driven by the US dollar dynamics.
The greenback remains broadly underpinned by the haven demand, as fresh tensions over the Hong Kong security laws deepen the US-China woes. At the press time, the major trades at 1.0922, losing 0.24% on the day.
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