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Central banks’ main objective on climate risks should be focusing on allowing markets to correctly assess them, European Central Bank (ECB) Governing Council member Paolo Hernandez de Cos said on Tuesday.

Regarding the policy outlook, de Cos argued that the monetary policy could be more effective if supported by a more expansive fiscal policy.

Euro reaction

Although it’s unclear if these comments had a significant impact on the euro’s market valuation, the EUR/USD pair retreated from session highs in the last hour and was last seen trading at 1.0845, losing 0.06% on a daily basis.