European Central Bank (ECB) Vice President Luis de Guindos told Der Spiegel that bank have a profitability problem and the pandemic will worsen this situation.
Additional quotes:
- German economic stimulus program is very positive.
- Germany has the financial wiggle room to quickly react to the crisis.
- I think a pan-European fiscal reaction to the pandemic is necessary.
Meanwhile, the headlines did little to influence the shared currency or provide any meaningful impetus to the EUR/USD pair, which was last seen trading with modest gains near the 1.1200 mark.
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