Germany and Italy agree on the basic structure of the EU-proposed recovery fund, German Chancellor Angela Merkel said on Monday, as reported by Reuters.
However, Merkel further added that she can’t say if they are going to be able to reach an agreement on the EU budget and the recovery fund at the summit.
Meanwhile, Italian Prime Minister (PM) Giuseppe Conte noted that he was expecting negotiations on the EU package to be very difficult.
Market reaction
The EUR/USD pair retreated slightly from the daily high it set at 1.1271 after these remarks. As of writing, the pair was still up 0.55% on the day at 1.1360.
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