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Dutch Foreign Minister Stef Blok said on Wednesday, “the Netherlands has very serious concerns with the size of the fund and the way it is funded,” as cited by Politico.

“We believe a number of points in the European Commission’s budget proposals need significant change,” Blok added.

European Union’s (EU) 750 billion-euro ($846 billion) coronavirus recovery package is facing stiff headwinds from budget hardliners, with the Netherlands, a part of the ‘frugal four’ (Austria, Denmark, Finland, Netherlands).

Despite the concerns, Germany believes an agreement can be swiftly reached on the recovery fund.

Market reaction

The negative comments fail to deter the EUR bulls, as EUR/USD challenges daily highs at 1.1370, up 0.24% on the day.

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