French president Macron calls ECB’s measures today ‘insufficient’
|French President Macron says coronavirus epidemic is "most serious health crisis that France has known in a century".
Key notes
- Macron calls ECB’s measures today ‘insufficient’.
- Macron: to do whatever it costs to protects companies & their employees from virus.
- French pres. Macron calls ECB’s measures today ‘insufficient’.
- France's Macron to massively increase hospitals' capacity to deal with coronavirus.
- Urges elderly people and those with health issues to stay at home for as long as possible.
- Says municipal elections in France to go ahead.
- From monday, education establishments to close.
- Will ask businesses to allow staff to work from home.
- Public transport to stay open.
- State will take on salaries of those who have to work from home.
- Taxes due in march to be postponed.
- ECB measures today are not sufficient.
- Will discuss with Trump from tomorrow a G7 initiative on coronavirus.
- If necessary, we will close frontiers but only in co-ordination with EU.
FX implications
The markets ar risk-off which is a supportive factor to the euro due to the unwind of the carry trade. However, the ECB disappointed which weighed heavily on the euro, which only managed a recovery in New York due to dollar fundamentals. More on that here: EUR/USD collects a strong NY bid from Fed market operations and prospects of Fed QE
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